Global Gensets Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Gensets Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Genset is a device that converts mechanical energy into electrical power for various electrical operations. Genset consists of a motor and an alternator which are coupled and inserted in a base with other elements. The other major components of genset include batteries, fuel tank, control panel, and automatic transfer switch. Genset is a cost-effective device with high efficiency and reliability in operation. Gensets are majorly used as backup device to deal with any power failure situation within the industry, grid, and construction site.

Market Overview:

The latest research study on the global Gensets market finds that the global Gensets market reached a value of USD 36112.1 million in 2022. It’s expected that the market will achieve USD 43856.2 million by 2028, exhibiting a CAGR of 3.29% during the forecast period.

Impacts from the short-term

Gensets' downstream buyers are mainly factories and commercial sectors. Affected by COVID-19, downstream buyers are worried about the delay in the supply chain, which may promote Gensets sales in a short time. However, most factories have not yet been fully operational, which limits the overall supply in the Gensets market, thereby reducing the industry's ability to deal with the backlog and quickly recover from losses. The uncertainty of economic recovery in many countries and the possibility of another global crisis may affect Gensets' business in the coming months.

Impacts from the long-term

The reduction in transactions caused by COVID-19 has also been extended to distribution networks and service channels. To mitigate these risks, Gensets suppliers should work closely with their main suppliers and service providers to ensure high quality and consistency, and smaller companies can also maintain solvency. In the long run, as Gensets suppliers strengthen their supply chain, end users will turn to automated production to reduce the risk of future factory output, so there are still many opportunities in the Gensets market.

Electricity demand in emerging economies

The power demand of emerging economies usually exceeds the maximum power generation, leading to power shortages. This situation opens up markets for other sources of power generation (such as gensets). Economic conditions are representative of market sentiment. A positive economy means that the market is booming, while the industrial sector etc. are booming. Generating sets usually require additional power to support and sustain this growth, which is ideal for meeting power demand quickly. Therefore, positive economic conditions have promoted the development of the genset business.

Constraints on certification requirements

Many countries have relevant policy restrictions on the import of gensets, which limits the free sales of the genset industry to a certain extent. For example, products exported to EU countries must pass CE safety certification; diesel gensets exported to the United States must pass U.S. EPA emission certification, some American importers also require products to obtain UL safety certification; India has also implemented emissions and safety for imported diesel gensets Vietnam has regulations restricting the import of single-cylinder diesel gensets; Nigeria requires SONCAP conformity assessment.

Technical requirements

The genset market has continuously improved product requirements. In addition to increasing requirements for economy and power, the requirements for product life and reliability are also increasing. For example, developed countries in Europe and the United States have higher requirements for vibration and noise; Africa and the Middle East have put forward anti-aging and moisture-proof requirements for the cooling system of single-cylinder diesel gensets; while low-temperature areas have higher requirements for starting performance. In addition, due to rising oil prices, low fuel consumption has also been mentioned by most customers.

Region Overview:

North America dominated the Gensets market in 2022, with a market share of 33.99%.

Company Overview:

Caterpillar is one of the major players operating in the Gensets market, holding a share of 8.51% in 2023.

Caterpillar

Caterpillar is a heavy industrial equipment manufacturing company headquartered in Deerfield, Illinois, USA. Its main products include agricultural, construction and mining engineering machinery and diesel engines, natural gas engines and gas turbine engines.

VESTAS

Vestas is the energy industry's global partner on sustainable energy solutions. They design, manufacture, install, and service wind turbines across the globe, and with more than 108 GW of wind turbines in 80 countries, they have installed more wind power than anyone else.

Segmentation Overview:

By type, Diesel segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Industrial segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Gensets market covered in Chapter 3:

GOLDWIND
Shanghai Electric group
Volvo
Man Diesel & Turbo
Siemens
GE ENERGY
Cummins
Daihatsu Diesel
Sole Diesel
Deutz
Caterpillar
Kohler
ABB
Rolls-Royce Power System
Wärtsilä
VESTAS

In Chapter 4 and Chapter 14.2, on the basis of types, the Gensets market from 2018 to 2029 is primarily split into:

Diesel
Natural Gas
Wind

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Gensets market from 2018 to 2029 covers:

Residential
Commercial
Industrial

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)