Genset Market Size Analysis | Leading Players, Industry Updates, Future Growth, Business Prospects, 2030

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Genset Market Size is projected to be worth USD 30,590.5 Million by 2030, registering a CAGR of 5.3% during the forecast period (2022 - 2030), The market was valued at USD 18.64 billion in 2020.

Genset Market Size Analysis

Genset Market Size is projected to be worth USD 30,590.5 Million by 2030, registering a CAGR of 5.3% during the forecast period (2022 - 2030), The market was valued at USD 18.64 billion in 2020.

COVID-19 Analysis

The global COVID-19 outbreak has affected the worldwide economy, with maximum players facing losses on account of the lockdowns. Businesses associated with the supply and production of gensets too is experiencing significant challenges. There has been a sharp fall in the demand for power due to closing of manufacturing facilities across the world. Companies have adopted remote working trends for business continuity at the time of the crisis. Yet the manufacturing companies that did not adopt technology solutions like AI, IoT for manufacturing, robotics, and computer vision and others have suffered severe losses for closure of factories and other government imposed restrictions. Besides, the increasing fuel prices owing to lower crude oil exports are impeding market growth.

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CAGR

  5.30% CAGR (2022-2030)

  Base Year

  2021

  Forecast Period

  2022 to 2030

  Historical Data

  2019  2020

  Forecast Units

  Value (USD Million)

  Report Coverage

  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

  Segments Covered

  Power Rating, Fuel Type, Application and End-Use

  Geographies Covered

  North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Factors Studied For Market Forecast

Drivers:

  • Growing demand for uninterrupted and reliable power supply
  • Growing demand for hybrid diesel gensets

Opportunities

Growing Use of Gas and Diesel Generators to offer Robust Opportunities

The rising use of gas and diesel generators across different end uses like agriculture, commercial, and industrial will offer robust opportunities for the market over the forecast period.

Additional factors adding market growth include increased lab and field tests, enhanced research and innovation, and product standardization.

Restraints and Challenges

Strict Government Regulations and Maintenance Issues to act as Market Restraint

Strict government regulations and maintenance issues may act as market restraint over the forecast period. Stringent government regulations against harmful emissions especially from diesel generators may impact market growth. Besides, the rising preference for renewable power also impacts market growth. Also, maintenance issues associated with gensets will also impede market growth.

Key Companies Profiled

  • Caterpillar,
  • Cummins,
  • Wartsila,
  • Siemens,
  • General Electric,
  • ABB Ltd,
  • PARAMAC,
  • Generac Holdings Inc.,
  • Kohler Co.,
  • MTU Onsite Energy,
  • Mitsubishi Heavy Industries,
  • Kirloskar Electric Company,
  • Yanmar Co.Ltd.,
  • Himoinsa S.L

Market Segmentation

The global Genset Market Size is bifurcated based on end use, application, fuel type, and power rating.

  • By power rating, the Genset Market Size is segmented into up to 100, 100-350, 350-1000, above 1000.
  • By fuel type, the Genset Market Size is segmented into natural gas, diesel, and propane.
  • By application, the Genset Market Size is segmented into Standby Power, Peak Shaving, Prime/Continuous Power.
  • By end use, the Genset Market Size is segmented into industrial, commercial, and residential.

Regional Analysis

APAC to Spearhead Genset Market Size

The APAC region will spearhead the market over the forecast period. High demand for power products in China, high economic growth rate in China, increased need for power generation equipment like gas and diesel generators, new policy reforms in India which support the growth of industries, growing need for reliable and steady power supply, growing development in data centers, massive availability of diesel, rising oil and gas activities, a relaxed approach, and lenient government regulations against gas emissions from the diesel generator are adding to the global Genset Market Size growth in the region.

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