Genset Market is Projected to Hit USD 30,590.5 Million at a 5.30% CAGR by 2030 – Report by Market Research Future (MRFR)
Genset Market Growth to Witness Growing Technology Alliances & Product Developments.
New York, US, Jan. 17, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Genset Market Information Report: Information by Power Rating, kVA Fuel Type Application End-Use, by Region – Global Forecast to 2030” in its recently published study report, asserts that the global market is poised to garner USD 30,590.5 Million by 2030, growing at a 5.30% CAGR during the assessment period (2022 – 2030).
Genset Market Outlook
The global genset market is growing continually, witnessing the steadily rising demand for uninterrupted and reliable power supply. The growing use of diesel & gas generators across end-use applications, such as industrial, commercial, agriculture, and others, drives the genset market sales. Increasing energy demand and frequent power outages boost the market size.
Besides, product standardization, alongside increased research & innovation activities and lab & field tests, are significant trends ensuring genset market growth. Frequent outages caused by natural calamities that can interrupt operations in industries, emergency services, homes, and commercial establishments, further escalate market growth. Huge R&D investments made by industry players in developing efficient engines that can reduce harmful gases emitted from diesel generators would influence the market growth. Emerging markets are expected to present untapped opportunities boosting the genset demand.
Key Players
List of the prominent market players in the global genset market are,
- Cummins
- Wartsila
- Caterpillar
- General Electric
- ABB Ltd
- Siemens
- Generac Holdings Inc.
- Kohler Co.
- PARAMAC
- Mitsubishi Heavy Industries
- Kirloskar Electric Company
- MTU Onsite Energy
- Yanmar Co.Ltd.
- Himoinsa S.L. and others.
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Additionally, favorable government policies for diesel gensets manufacturing in emerging countries offer vast opportunities to international players. Manufacturers increase their efforts to boost production capacities with improved cost efficiency and new possibilities offered by digitalization. They also implement targeted projects in remote areas with lightweight solutions to expand the growth area.
Conversely, near-zero emission & stringent fuel mapping regulations restrict the market growth. Despite significant growth prospects, the market witnesses major setbacks, such as stringent government regulations and maintenance issues. Stringent government regulations against harmful carbon emissions from diesel generators act as a major market restraint. Also, the growing preference for renewable power affects market growth. Moreover, maintenance issues related to gensets pose significant challenges for the genset market.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 30,590.5 Million |
| Growth Rate | CAGR of 5.30% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Growing demand for uninterrupted and reliable power supply Growing demand for hybrid diesel gensets |
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Industry Trends
Manufacturers strive to offer customers the complete solution from consultation, supply, and finance to after-sales services like AMC and supply of spare parts & accessories, soundproof enclosures, and exchanging old gensets, etc. To comply with regulatory air and sound pollution norms, manufacturers design soundproof acoustic enclosures for gensets using advanced technologies and offer quality services.
Also, genset engine manufacturers are active and continuously work to bring new expertise to the table. They also strive to create quick value for customers and focus on Total Cost of Ownership (TOC) to reduce fuel consumption. They work closely with customers and OEMs to understand their needs and develop power generation applications that run smoothly in various environments.
Segments
The genset market data is segmented based on power ratings, fuel types, applications, end-uses, and regions. Of these, the power rating segment comprises Up to 100, 100-350, 350-1000, and above 1000. The fuel type segment comprises natural gas, diesel, and propane.
Similarly, the application segment comprises standby power, prime/continuous power, peak shaving, and others. The end-use segment comprises industrial, commercial, and residential. Of these, the industrial segment accounts for the largest market share, headed by the growing industrialization and rising demand for continuous power supply. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
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Geographical Analysis
The Asia Pacific region dominates the global genset market. Rapid economic growth alongside industrialization and urbanization has fueled the demand for power generation equipment. Besides, new policy reforms in rapidly developing countries such as India offer a very lucrative market for OEM manufacturers, creating a huge demand for generators in the region.
Factors such as the growing demand for steady & reliable power supply and raising development in data centers in the region foster the market growth. Moreover, the massive availability of diesel backed by rising oil & gas activities increases the region’s market share. Furthermore, a relaxed approach and lenient government regulations against gas emissions from diesel generators positively impact the genset market size.
Competitive Landscape
The highly competitive global genset market appears fragmented, with many players forming a competitive landscape. Market players take several strategic approaches to maintain their market positions and gain a competitive advantage, such as collaborations, mergers & acquisitions, expansion, and product launches. They also make strategic investments to drive their research & development activities and expansion plans.
Considering current opportunities in the market, genset manufacturers substantially invest in innovative product developments and improving their existing product line efficiencies. They are forming alliances with key financers and shareholders involved in the refinancing. These factors, as a result, are expected to boost the genset market size cumulatively.
For instance, recently, on JUNE 13, 2022, Kirloskar Oil Engines Ltd (KOEL- India), a leading manufacturer of diesel generator sets, launched a new variant of its fuel-efficient power generators. The new iGreen Version 2.0 is powered by the R550 series engines that are compact, fuel-efficient, and offer efficiency & high power quality. The company has manufacturing units in India with sales & marketing presence in the USA, South Africa, Kenya, Dubai, Indonesia, Vietnam, and Nigeria.
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The new version comes with enhanced product life and in-built features like remote monitoring, self-diagnostics, and more. KOEL is known for its product line in the power generation industry. The Kirloskar iGreen 2.0 version will keKOEL’sL’s legacy in this market, as customer centricity is crucial for it. Like its predecessor, the iGreen 2.0 can switch on automatically once the power supply breaks off and switch off automatically once the power supply returns.
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