Genset Market to Grow with a CAGR of 7.22% through 2029
Increasing demand for uninterrupted power supply, rapid industrialization & urbanization and Technological Advancements in Genset Systems are likely to drive the market in the forecast period.
According to
TechSci Research report, “Genset Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029F”, the Global Genset Market was valued at USD 30.63 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.22% through 2029.. The exponential growth of data centers and IT infrastructure globally is a significant driver of the genset market. Data centers, which house critical information and support a wide range of digital services, require an uninterrupted power supply to ensure continuous operation and prevent data loss. Any power outage in a data center can lead to substantial financial losses and disrupt services for users and businesses. As the demand for cloud computing, big data, and internet services increases, so does the need for reliable power solutions for data centers. Gensets provide a dependable backup power source, ensuring that data centers remain operational during power outages. They are an integral part of the power infrastructure for data centers, providing both emergency power and supporting load management during peak demand periods.
The proliferation of edge computing, which involves processing data closer to the source rather than relying on centralized data centers, further drives the need for gensets. Edge computing facilities often operate in remote or decentralized locations where power reliability can be a challenge. Gensets offer a practical solution to ensure these facilities have a continuous power supply, enabling real-time data processing and reducing latency. The expansion of IT infrastructure in emerging economies is contributing to the genset market growth. As these regions develop their digital capabilities, the establishment of new data centers and IT facilities increases, leading to a higher demand for backup power solutions. Gensets play a crucial role in supporting the growth of the digital economy by providing reliable power to essential IT infrastructure.
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Based on Portability,
The Stationary gensets segment held the largest Market share in 2023. Stationary gensets dominate the global genset
market due to their critical role in providing reliable and uninterrupted power
for a range of applications, from industrial operations to commercial
establishments and essential services. Unlike portable gensets, stationary
gensets are designed for fixed locations and are typically used as primary or
backup power sources for longer durations.
One of the key
reasons for the dominance of stationary gensets is their capacity to handle
higher power outputs compared to portable units. These gensets are engineered
to deliver substantial and consistent power, making them ideal for large-scale
applications such as manufacturing facilities, data centers, hospitals, and
large commercial buildings. In these settings, maintaining continuous power is
crucial to avoid operational disruptions, safeguard sensitive equipment, and
ensure safety.
Stationary
gensets also offer greater reliability and durability. They are built to
withstand demanding conditions and have longer operational lifespans, making
them a preferred choice for users who require a dependable power source over
extended period. Their robust construction and ability to handle high loads
make them suitable for critical infrastructure where power reliability is
essential.
Additionally,
stationary gensets often come with advanced features such as automatic transfer
switches (ATS) and remote monitoring capabilities. These features enhance their
functionality by allowing for automatic power switching during outages and
real-time performance tracking, which improves overall efficiency and reduces
maintenance needs.
The trend
towards increasing urbanization and industrialization further supports the
dominance of stationary gensets. As industries and infrastructure projects
expand, the demand for reliable stationary power solutions grows. Moreover,
stringent regulations on emissions are driving the adoption of cleaner fuel
options in stationary gensets, aligning with global sustainability goals.
Major companies
operating in the Global Genset Market are:
- Caterpillar
Inc.
- Cummins
Inc.
- Kohler
Co.
- Generac
Power Systems, Inc
- Rolls-Royce
plc
- Wartsila
Corporation
- Aggreko
Ltd
- Kirloskar
Oil Engines Limited
- Honda
Motor Co., Ltd
- Atlas
Copco AB
- Himoinsa
S.L.
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“The Global Genset
Market is expected to rise in the upcoming years and register a significant
CAGR during the forecast period. The global genset market presents substantial
opportunities driven by increasing infrastructure development, rising
industrialization, and heightened demand for reliable power solutions. Key
opportunities include expanding into emerging markets with growing energy
needs, particularly in regions experiencing rapid urbanization and industrial
growth. Additionally, the integration of advanced technologies such as IoT and
digital controls offers prospects for innovation in product efficiency and
remote monitoring capabilities. The shift towards cleaner energy sources,
including natural gas and biogas, also provides avenues for growth. Leveraging
these trends can position companies to capture a significant share of the
evolving genset market.” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based management consulting firm.
“Genset Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Fuel Type (Diesel Gensets, Natural Gas Gensets, Gasoline Gensets), By Power Rating (Up to 100 kVA, 100-350 kVA, 350-1000 kVA, Above 1000 kVA), By Portability (Portable Gensets, Stationary Gensets), By Application (Standby Power, Prime Power, Peak Shaving) By Region & Competition, 2019-2029F”, has evaluated
the future growth potential of Global Genset Market and provides statistics
& information on Market size, structure and future Market growth. The
report intends to provide cutting-edge Market intelligence and help decision-makers
make sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Genset Market.
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