Market Analysis 

The global genset market is predicted to grow at a 5.50% CAGR between 2021 - 2027, reveals the latest Market Research Future (MRFR) report. Genset, simply put, is a device that converts mechanical energy into electrical power for different electrical operations. It comprises an alternator and a motor that is inserted and coupled in a base with other elements. Its other major components comprise an automatic transfer switch, control panel, fuel tank, and batteries. Genset is an affordable device that has reliability and high efficiency in operation. They are used widely as a backup device to deal with power failure situations within the construction site, grid, and industry. 

Several factors are adding to the global genset market growth. Some of these factors, according to the MRFR report, include the growing need for reliable and uninterrupted power supply, rising need for hybrid diesel gensets, increase in the power failure and power outages, particularly in developing countries, revolutionary changes in data center industry, and growing industrialization. 

On the contrary, shifting trends towards renewable power generation and high capital, maintenance, and installation cost may impede the global genset market growth over the forecast period. 

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COVID-19 Analysis 

Several industries have experienced the brunt of the COVID-19 crisis with the gensets market being no different. The demand for power has fallen significantly following the closure of manufacturing facilities worldwide. Organizations have adopted the policies of remote working for business continuity. Yet, the manufacturing firms that have not adopted technology solutions like AI, IoT for manufacturing, robotics, and computer vision are suffering massive losses for the closure of factories and other restrictions that the government authorities have imposed. Also, the increasing fuel prices owing to lower crude oil are also impacting the market growth. Following gradual relaxations, the demand for gensets is likely to grow with the demand for energy that is likely to increase with the resuming of manufacturing facilities. 

Market Segmentation 

The MRFR report highlights an inclusive segmental analysis of the global genset market based on end use, application, fuel type, and power rating. 

By power rating, the global genset market is segmented into kVA above 1000, 350-1000, 100-350, and up to 100. Of these, the 350-1000 segment will lead the market over the forecast period. 

By fuel type, the global genset market is segmented into propane, diesel, and natural gas. Of these, the diesel segment will dominate the market over the forecast period. 

By application, the global genset market is segmented into prime/continuous power, peak shaving, and standby power. Of these, the standby power segment will spearhead the market over the forecast period. 

By end use, the global genset market is segmented into residential, commercial, and industrial. Of these, the industrial segment will have the lion’s share in the market over the forecast period. 

Regional Analysis 

By region, the global genset market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will lead the market over the forecast period. High demand for power products in China, new policy reforms in India, lucrative market for OEM manufacturers, favorable government initiatives, heavy investments to develop telecommunications infrastructure, growing demand for backup power from residential units, and moderately developed power infrastructure are adding to the global genset market growth in the region. 

In Europe, the global genset market is predicted to have the second-largest share over the forecast period. Low prices of fuel, advances in the infrastructure sector, and rising preference for outdoor activities are adding to the global genset market growth in the region. 

In North America, the global genset market is predicted to have healthy growth over the forecast period. Favorable government policies to maintain energy security, mounting manufacturing capabilities, the presence of several key manufacturers, and growing investments in various end use sectors like pharmaceuticals, construction, mining, and oil and gas are adding to the global genset market growth in the region. 

In the RoW, the global genset market is predicted to have sound growth over the forecast period. 

Key Players 

The key players profiled in the global genset market report include Himoinsa S.L., Yanmar Co.Ltd., Kirloskar Electric Company, Mitsubishi Heavy Industries, MTU Onsite Energy, Kohler Co., Generac Holdings Inc., PARAMAC, ABB Ltd, General Electric, Siemens, Wartsila, Cummins, and Caterpillar. 

Industry Updates 

Krill Generadores, a Spanish rental company, has deployed Atlas Copco gensets to help power the grid and communication system in Spain during storm Filomena that resulted in Spain’s biggest snowfall. 

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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