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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