In the dynamic landscape of 2022, the global genset market has achieved remarkable growth, reaching a substantial value of US$ 41,666.2 million. Projections for the future are equally promising, with an anticipated 6.6% Compound Annual Growth Rate (CAGR) expected to elevate the market value from US$ 44,234.2 million in 2023 to an impressive US$ 69,218.4 million by 2033.
The surge in demand is propelled by the rising costs associated with power outages, particularly affecting IT-enabled service firms and data centers. Consumer awareness regarding the necessity of a reliable emergency power source further fuels this growth. Additionally, the market is significantly impacted by the increasing vulnerability of grid power plants to catastrophes induced by regionally variable weather patterns.
Initiatives for rural electrification play a pivotal role, targeting remote and underserved communities. In this context, diesel gensets emerge as a viable and cost-effective solution, effectively bridging the accessibility gap to essential services and enhancing the quality of life for residents. Furthermore, the demand for gensets in military and defense infrastructure is fueled by the critical imperative of ensuring uninterrupted power supply, influenced by various key factors.
Navigating Challenges, Embracing Resilience: The Evolution of the Global Genset Market
In the period spanning from 2018 to 2022, the sales of gensets experienced a steady Compound Annual Growth Rate (CAGR) of 5.3%, culminating in a market revenue of approximately US$ 41,666.2 million in 2022. Looking ahead, the forecast indicates a robust industry growth at a CAGR of 6.6%.
The global genset market encountered a phase of deliberate expansion during the aforementioned timeframe. This measured growth was influenced by multifaceted factors, including economic uncertainties, geopolitical tensions, and the disruptive impact of the COVID-19 pandemic. Supply chain interruptions and project delays across diverse sectors contributed to the restrained pace of market development.
Businesses, adopting a prudent stance in the face of uncertainties, exhibited caution in capital expenditures. Consequently, investments in power generation equipment were deferred. Simultaneously, a discernible shift towards sustainable energy solutions and an increased focus on environmental regulations prompted certain industries to explore alternative power sources, momentarily affecting the immediate growth trajectory of traditional genset markets.
Despite these challenges, the genset market exhibited resilience. With the stabilization of global economic conditions, a renewed emphasis on energy resilience and reliability emerged, steering the recovery and resurgence of the global genset market.
Key Players Operating in the Industry:
- Cummins Inc.
- Caterpillar Inc.
- Rolls-Royce Power Systems AG
- John Deere
- Mitsubishi Heavy Industries Ltd.
- Atlas Copco
- Kohler Co.
- Doosan Corporation
- Himoinsa
- Harrington Generators International
- Fischer Panda
- Generac Power Systems
- Yanmar Co., Ltd.
- KIRLOSKAR oil engines Ltd
- Wuxi Kipor Power Co., Ltd.
- Deutz AG
- Ettes Power Lovol
- Lister Petter
Genset Market Segmentation Analysis:
By Power Range:
- Below 55 kW
- 56 to 130 kW
- 130 to 330 kW
- 330 to 560 kW
- 560 to 750 kW
- 750 to 1000 kW
- 1000 to 3000 kW
- Above 3000 kW
By End-use:
- Residential
- Commercial
- Telecom
- Healthcare
- Data Centers
- Educational Institutions
- Government Centers
- Hospitality
- Retail Sales
- Real Estate
- Infrastructure
- Others
- Industrial
- Oil and Gas
- Manufacturing
- Construction
- Electric Utilities
- Mining
- Transportation and Logistics
- Others
By Application:
- Standby
- Peak Shaving
- Prime/Continuous
By Fuel Type:
- Diesel
- Gas
- Others
By Mobility Type:
- Stationary
- Mobile
By Region:
- Europe
- North America
- Asia Pacific
- Rest of World
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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