According to Market Research Future (MRFR), the global genset market is projected to expand at a CAGR of 5.50% from 2018 to 2023 (forecast period).
The report outlines the key factors likely to boost or hinder the global genset industry’s growth substantially. The study also casts light on the potential effect of COVID-19 on the development of the global genset industry.
Genset is a device that turns mechanical energy into electrical power for a variety of electrical operations. Genset consists of a motor and an alternator that is coupled to and inserted into a base with other elements. Other major components of genset include batteries, control panel, fuel tank, and automatic transfer switch. Genset is a cost-effective device with high performance and operational reliability. Gensets are primarily used as backup devices to deal with any power failure situations within industry, grid, and construction sites. There are many benefits of the genset that make it a popular choice for a number of applications. These benefits include the automatic load management system, the automatic operation can be started locally or remotely using the SCADA system, the parallel switchgear utility allowing automatic or manual paralleling, and the support for voltage in utility mode.
Market Dynamics
Increasing demand for an uninterrupted and stable supply of power and rising demand for hybrid diesel genset are some of the main factors driving the genset market. In addition, a growing number of power outages and power failures, particularly in developing countries, are creating a massive demand for power backup devices, of which genset is a part. In addition, transformative developments in the data center industry in emerging regions, including the Asia Pacific, will also lead to a rise in the number of installed genset in the premises. Other countries within the Asia Pacific powering the genset market include Malaysia, Singapore, the Philippines, Thailand, and Australia. The emerging economies of Indonesia, the Philippines, and Vietnam will also lead to the development of critical markets for diesel generator sets in the region.
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Market Segmentation
The global genset market has been segmented on the basis of power rating, fuel type, application, and end-use.
Regional Analysis
The global genset market by region has been segmented into the Asia Pacific, Europe, North America, the Middle East & Africa, and South America.
The Asia Pacific is anticipated to have the largest share in the forecast period due to the rising number of power outages and the immediate need for continuous power in the growing industrial and commercial sectors. The need for proper grid infrastructure in the region is also expected to push genset market demand.
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Key Players