Information from the Genset Market Research Report is broken down by Application (Standby, Peak Shaving, and Continuous), By Fuel (Diesel, Gas, and Others), By End User (Industrial, Commercial, and Residential), By Power Rating (Up to 100KVA, 100-350KVA,

Genset Market Research Report Information by Portability (Stationary and Portable), By Fuel (Diesel, Gas, and Others), By End User (Industrial, Commercial and Residential), By Power Rating ( Up to 100KVA, 100-350KVA, 350-1000KVA, and Above 1000KVA), By Application (Standby, Peak Shaving, and Continuous) And By Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) Forecast Till 2032

The Genset Market industry is projected to grow from USD 24,567.9 Million in 2019 to USD 34,357.3 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.5% during the forecast period (2019 - 2032). A generator set or “genset” is a piece of portable equipment, consisting of an engine and an alternator/electric generator, used to provide energy. Gensets are often used in developing areas and other areas not connected to the power grid; places where power outages are frequent; and/or where an outage can cause especially significant or dangerous problems, such as deep in a mine. They can serve as the main source of energy or as a supplementary power source, perhaps during peak usage hours.

Increased efforts to combat power outages will promote the growth of the genset market. Following the winter storm and cold wave in Texas in February 2021, a blackout affected more than four million people. Most of the population's residential and professional tasks were perilous because the power outage persisted for more than a week. Due to these situations, consumers are more conscious of needing a dependable backup power supply. Natural weather events, including lightning, rain, snow, ice, wind, and dust, frequently result in power outages. While protecting customer electrical systems from the impacts of water and dust is more challenging, it only takes a little to protect them from large power outages caused by natural disasters like floods and strong storms. Water can cause power outages and short circuits. It makes sense to make sure customers are effectively secured against water entering electrical circuits because the damage it may do can be very costly. Keeping electrical switchboards, wires, and circuits out of water is important. Additionally, excessive moisture and dampness can cause significant harm. Sealed circuit boxes can also preserve y customer expensive electrical equipment and help customer avoid unanticipated power outages. This is growing the need of market.

Market Segment Insights

The Genset Market segmentation, based on portability, includes stationary and portable. Based on fuel the market is divided into diesel, gas and others. The Genset Market data has been bifurcated by end user largely into industrial, commercial and residential.

In terms of power rating the market is classified into up to 100KVA, 100-350 KVA, 350-1000KVA, and above 1000KVA. Based on end user the market is classified into peak shaving, standby, and continuous.

Region Insights

Asia-Pacific Genset Market accounted for USD 9,848.1 million in 2022 and is anticipated to register a healthy CAGR during the review period. The market for genset in Asia-Pacific is being driven by elements such as the rising demand for electricity, the unreliable grid infrastructure, the desire for solutions for emergency backup power, and the necessity for a consistent power supply. However, the market's expansion is constrained by high installation and maintenance costs and consumer preference for environmentally friendly alternatives (solar, fuel cells, etc.).

The North America region’s increasing need for a consistent and dependable power supply and the increased number of power outages boost the market growth. Additionally, the rapid construction of hotels, corporate buildings, and residential buildings increases the need for power backup solutions, increasing the need for genset. The market has expanded due to the impressive technological developments in genset technologies.

The market for genset in Europe is anticipated to be driven by elements such as a consistent and dependable power supply, backup power during power outages, and the extended time needed to build up the transmission and distribution infrastructure. However, it is anticipated that the market will be constrained by the greater price of electricity generated by genset compared to the utility grid.

Major Players

Key Companies in the Genset Market include Atlas Copco Holdings Ltd., Yanmar Co. Ltd., Cummins Inc., John Deere, Caterpillar Inc., Wartsila, Kohler Co., Kirloskar Electric Company, Aggreko Ltd., Generac Holdings Inc., and Greaves Cotton Limited.