NEWARK, Del, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global genset market value is expected to increase from US$ 44,234.2 million in 2023 to US$ 69,218.4 million in 2033. Over the assessment period, global demand for gensets is projected to surge at a CAGR of 6.6%.
NEWARK, Del, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global genset market value is expected to increase from US$ 44,234.2 million in 2023 to US$ 69,218.4 million in 2033. Over the assessment period, global demand for gensets is projected to surge at a CAGR of 6.6%.
The heightened demand for reliable and uninterrupted power sources to sustain diverse commercial operations positions gensets as indispensable solutions, thus driving their dominance in the global market. The continuous expansion of the commercial sector, coupled with the need for energy resilience, further underscores the pivotal role of gensets in ensuring business continuity and safeguarding against the impact of power disruptions.
Known for their durability and reliability, gensets find application in several sectors, including standby power, prime power, and peak shaving. In contrast, gas gensets, a subsegment, employ natural gas or other gaseous fuels to power an internal combustion engine, offering cleaner emissions and lower operating costs.
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Gensets are indispensable in remote and off-grid areas where conventional grid access is limited or absent. Remote mining operations are often far from established infrastructure, making a consistent and reliable power source necessary. Diesel gensets step in as dependable electricity providers, ensuring continuous operations in the mining sector, where downtime can translate into substantial financial losses.
The residential segment's robust projected CAGR is driven by the rising adoption of smart home technologies, which often require a consistent power supply and the desire for enhanced energy security in residential settings. Factors such as extreme weather events, grid unreliability, and the need for uninterrupted power for essential household functions contribute to the heightened interest in residential gensets.
Key Takeaways from the Report:
"The electricity demand keeps up with factors including ongoing population increase, infrastructural development, and the quick industrialization of emerging nations. Gensets are advantageous because they use less fuel and have lower running expenses. As a result, they have far greater popularity in emerging nations, particularly North America and Europe,” -Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
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Competitive Landscape
The global genset market is fragmented, with leading players accounting for around 17.4% share. Cummins Inc., Caterpillar Inc., Rolls-Royce Power Systems AG, John Deere & Mitsubishi Heavy Industries Ltd, Fischer Panda, Doosan Corporation, Generac Power Systems, Kohler Co., Himoinsa & Harrington Generators International are the leading manufacturers and suppliers of gensets listed in the report.
Key gensets companies invest in continuous research to produce new products and increase their capacity to meet end-user demand. Leading players are also inclined toward adopting growth strategies, including partnerships, acquisitions, mergers, and industry expansions to strengthen their footprint.
Recent Developments in the Genset Market-
More Insights into the Diesel Genset Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global diesel genset market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.
The research study is based on power range (Below 56 kW, 56 to 130 kW, 130 to 330 kW, 330 to 560 kW, 560 to 750 kW, 750 to 1000 kW, 1000 to 3000 kW, Above 3000 kW) end use (residential, commercial, industrial) application (standby, peak shaving, prime/continuous) fuel type (diesel, gas, others) mobility type (stationary, mobile) region (Europe, North America, Asia Pacific, Rest of World).
From FMI news