Huge Demand in ITeS Sector to Augur Favorably for Global Genset Market
Gensets are a portable power source used in supplying power in cases of emergencies or power outages. Latest gensets are accompanied by a software for calculating loads and providing adequate supply of electricity.
The report on the global genset market by Market Research Future (MRFR) uncovers drivers and hurdles to be faced by the industry for the forecast period (2023-2032).
Competitive Analysis
· Caterpillar
· Cummins
· Wartsila
· Siemens
· General Electric
· ABB Ltd
· PARAMAC
· Generac Holdings Inc.
· Kohler Co.
· MTU Onsite Energy
· Mitsubishi Heavy Industries
· Kirloskar Electric Company
· Yanmar Co.Ltd.
· Himoinsa S.L
Market Scope
The global genset market size is set to touch a value of USD 31.51 billion by 2032, as per the findings of MRFR. It can exhibit 5.30% CAGR over the forecast period.
Hydrogen Blends to Fuel Global Genset Market Growth
The huge demand for hydrogen generators owing to efforts to decarbonize economies and control emission rates can drive the demand in the global genset market. Commercialization of hybrid generators and retrofitting of gensets with hydrogen blends can bode well for the market. Huge potential for generators in industrial zones, manufacturing units, and data centers can drive market demand over the forecast period.
Robust Pace of Industrialization to Influence Market Sales
The robust pace of industrialization and increasing trade between nations can drive demand for gensets. Manufacturing of goods is deemed to drive demand for generators to keep pace with high demand. Integration of automation solutions as well as investments in renewable energy projects can be beneficial to the genset market. Frequent instances of power outages and increased power generation capacity of latest generators can bode well for the market. Ability to power large machines in extreme temperatures can augur favorably for the genset market.
Stringent Rules for Diesel Generators to Restrain Market Growth
Government regulations passed to curb emission rates in densely populated regions can restrict the demand for gensets over the forecast period. Penetration of gas generators and its capability of providing power for longer hours in remote areas and in construction sites can pose a challenge to market growth.
COVID-19 Impact Analysis
The global Industrial gensets market has been negatively affected by the COVID-19 pandemic. This is attributed to shutdown of manufacturing industries caused by global lockdowns. However, the functioning of hospitals and laboratories to treat patients affected by the virus requires generators. Generator companies can offer to lease them to hospital chains and other industrial sites operational during the pandemic. Recently, HIMOINSA has aimed to provide emergency power to the Research and Development Centre at Zargoza in event of grid outage.
Segmentation Analysis
Industrial End-use to Garner Significant Market Revenue
The industrial end-user is set to gain sufficient market demand due to expansion of power generation and oil & gas sectors. Rapid industrialization and huge demand for continuous power supply by industries can drive segment demand over the assessment period.
350-1000 kVA to Gain Lead in Global Market
The 350-1000 kVA segment is expected to take the lead in the genset market owing to its use in healthcare, data center, telecom, and oil & gas sectors.
Diesel Fuel to Gain Maximum Share by 2032
Diesel is expected to gain the maximum share in the genset market owing to huge demand for standby devices in remote areas and demand for reliable power supply. Continuous expansion of industrial zones and commercial facilities can drive demand for diesel generators.
Regional Analysis
APAC to Lead in Market Demand Fueled by Uninterrupted Power Supply Demand
Asia-Pacific (APAC) is expected to lead in global market demand owing to demand for hybrid gensets amid frequent power outages. The need for uninterrupted power supply and huge potential for backup solutions can drive regional market growth. Installation of diesel gensets and huge demand in the Philippines, Vietnam, and Indonesia can bode well for the market.
Industry Update
Caterpillar is set to launch generator sets that can run on 100 percent hydrogen or a mix of hydrogen in 2021.
Related Reports
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian