Energia
Genset Market to Generate Revenue of $27,863 Million in 2030 Says P&S Intelligence
During the forecast period, the gas category is projected to experience the fastest growth in the genset market, at a CAGR of 5.4%, in terms of value. This would be a result of the increasing concerns regarding air pollution, which is why several countries have already implemented regulations mandating a reduction in the usage of diesel and gasoline. This is pushing the demand for gas gensets, as compared to the other two fossil fuels, natural gas is a lot cleaner.
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The 76 kVA–375 kVA division held the largest genset market share during the historical period (2014–2019), as these variants are installed in high numbers at commercial offices, small industrial complexes, hotels, and telecom towers. The demand for gensets under this power range is predicted to rise further, with the surging construction activities, increasing funding for public infrastructure development, and growing manufacturing industry.
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Asia-Pacific (APAC) is expected to be the largest genset market till 2024, owing to the rapid growth in the regional manufacturing sector, increasing investments in telecom infrastructure, and rising demand for backup power in residential facilities. Gensets are mostly used to supply auxiliary power in the region, since the power infrastructure of APAC is moderately developed. In the coming years, the Middle East and Africa (MEA) would grow the fastest in the market, as the grid infrastructure in many regional countries is quite poor. Moreover, the expanding industrial and commercial sectors in Saudi Arabia , the U.A.E., Turkey , Egypt , and other countries in the region are driving the uptake of gensets.
In recent times, to get an edge over the competition, companies in the genset market have launched several new products, which:
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The major players in the global genset market are Caterpillar Inc., AB Volvo, Cummins Inc., General Electric Company, Denyo Co. Ltd., Kohler Co., Kirloskar Oil Engines Limited, Siemens AG, Escorts Limited, and Generac Holdings Inc.
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