The Latin American Genset Market is anticipated to demonstrate a substantial compound annual growth rate (CAGR) of 5.5% during the review period.
The demand for the genset market in Latin America is being significantly influenced by the expansion of the construction sector. The demand for residential and commercial infrastructure is on the rise as urbanization and population growth continue, which in turn stimulates construction activities. This increase in construction is accompanied by an increase in investments in a variety of projects, such as infrastructure development, commercial complexes, and residential buildings. These projects necessitate dependable electricity sources to guarantee uninterrupted operations. The construction sites are frequently situated in underdeveloped or remote regions with restricted access to the electricity infrastructure. Consistent and dependable power is necessary for the operation of heavy machinery, tools, and lighting in large infrastructure projects, including airports, highways, bridges, railways, and residential or commercial structures. Gensets are the primary source of power in numerous instances, ensuring that critical construction activities don't experience delays because of power outages or restricted grid access.
Market Segmentation
The Latin American genset market has been divided into stationary and portable segments based on portability. In 2023, the stationary segment dominated the Latin American genset market with a value share of 87.93%. It is anticipated to experience a compound annual growth rate (CAGR) of 5.3% during the forecast period.
The Latin American genset market has been segmented into diesel, gas, and other fuels. In 2023, the diesel segment held the majority of the Latin American genset market, with a value share of 72.46%. It is anticipated to experience a compound annual growth rate (CAGR) of 4.7% during the forecast period.
The Latin American genset market has been segmented into industrial, commercial, and residential segments based on the end-user. By value, the commercial segment dominated the Latin America genset market in 2023, with a share of 44.92%. It is anticipated to experience a compound annual growth rate (CAGR) of 6.6% during the forecast period.
The Latin American genset market has been segmented into four categories: less than 50 KW, 50-280 KW, 281-500 KW, and up to 1000 KW, all of which are based on power ratings. In 2023, the 50-280 KW segment dominated the Latin American genset market with a value share of 38.63%. It is anticipated to experience a compound annual growth rate (CAGR) of 5.2% during the forecast period.
The Latin American genset market has been segmented into three categories: standby, peak reduction, and continuous, as determined by its application. In 2023, the Standby segment held the majority of the Latin American genset market, with a value share of 66.64%. It is anticipated to experience a compound annual growth rate (CAGR) of 5.5% during the forecast period.
Major Players
Cummins Inc., Caterpillar, Inc., Mitsubishi Heavy Industries, Generac Holdings Inc., Atlas Copco, MTU Onsite Energy, Wartsila, Yanmar Co. Ltd., and ABB Ltd. are the primary participants in the Latin America Genset Market.
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