Genset Market worth USD 26.37 Billion by 2027, registering a CAGR of 5.95% – Report by Market Research Future (MRFR)
New York, July 13, 2021 (GLOBE NEWSWIRE) — Generator Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Genset Market Research Report, Power Rating, Fuel Type, Application, End-Use and Region – Forecast till 2027” the market is projected to be worth USD 26.37 Billion by 2027, registering a CAGR of 5.95% during the forecast period (2021 – 2027), The market was valued at USD 18.64 billion in 2020.
The genset market outlook appears promising mainly due to the continually growing demand for uninterrupted and reliable power supply. Rising uses of diesel & gas generators across end-uses, such as industrial, commercial, agriculture, and others, predominantly drive the market’s growth. Besides, product standardization, enhanced research & innovation, and increased lab & field tests are significant genset market trends ensuring market growth.
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Competitive Analysis
List of the Key Companies Profiled in the Generator Market Research Report are
- Cummins
- Caterpillar
- Wartsila
- General Electric
- Siemens
- ABB Ltd
- Generac Holdings Inc.
- PARAMAC
- Kohler Co.
- Mitsubishi Heavy Industries
- MTU Onsite Energy
- Kirloskar Electric Company
- Himoinsa S.L.
- Yanmar Co.Ltd.
The genset market is experiencing implementations of several strategic approaches, such as collaboration, mergers & acquisitions, expansion, and product launches. Major players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on July 06, 2021, MWM launched new gensets V12 and V16-cylinder variants, expanding its TCG 3020 gas genset series. The new V12, V16 cylinder variants of the TCG 3020 gas engine series feature more performance and lower oil consumption. The MWM TCG 3020 gas engines are designed for various applications and gas types, such as natural gas, biogas, APG, and propane gas. The electrical efficiency of these engines amounts to 45% for natural gas and 43.6% for biogas applications.
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Increasing Energy Demand and Frequent Power Outages Boosts Genset Market Size
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 for genset uses.
Additionally, favorable government policies for diesel gensets manufacturing, 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.
Near-Zero Emission & Stringent Fuel Mapping Regulations Restrict Market
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 act as a major challenge for the market.
COVID 19 Impacts
Like most industries, the genset market was severely hit by the onset of COVID 19. Companies in the power generation sector faced different challenges for the fall in demand. With various industrial operations and public events, tourism, manufacturing, and construction coming to a standstill, the demand for gensets was affected. However, as various business and industrial activities are rapidly returning to normalcy and the demand for gensets is gradually picking up.
Also, Coronavirus vaccine campaigns in many countries being administered at government hospitals are creating significant demand for diesel gensets to counter occasional power outages. Eventually, in the later stage of vaccination campaigns taking place at private hospitals & clinics and mobile vaccination in most remote corners would need genset backups to kick in to keep the lights and computers on and oxygen machines running.
Considering these opportunities, industry players are forming agreements with all financing partners involved in the refinancing and the shareholders. Major industry players are substantially investing in innovative product developments and improving their existing product line efficiencies. All these factors are cumulatively boosting the genset market size.
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Segmentation
The genset market is segmented into power rating, fuel types, applications, end-uses, and regions. The power rating segment is sub-segmented into Up to 100, 100-350, 350-1000, above 1000. Similarly, the fuel type segment is sub-segmented into natural gas, diesel, and propane.
The application segment is sub-segmented into standby power, peak shaving, and prime/continuous power. The end-use segment is sub-segmented into industrial, commercial, and residential. Among these, the industrial segment accounts for the largest market share, heading with growing industrialization and rising demand for continuous power supply.
Regional Analysis
The Asia Pacific region has constantly been dominating the global genset market. Rapid economic growth alongside industrialization and urbanization has fueled 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 genset market growth. Moreover, the massive availability of diesel backed by rising oil & gas activities increases the region’s genset market share. Furthermore, a relaxed approach and lenient government regulations against gas emissions from diesel generators positively impact the genset market size.
Segmentation of Market covered in the research:
Information by Power Rating, kVA (Up to 100, 100-350, 350-1000, above 1000) Fuel Type (Natural Gas, Diesel, Propane) Application (Standby Power, Peak Shaving, Prime/Continuous Power) End-Use (Industrial, Commercial, Residential) and Region (North America, Europe, Asia-Pacific, and Rest of the World)
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