The global gensets market accounted for a value of USD 13.1 billion in 2019. Gensets market is projected to register growth at a CAGR of 5.1% during forecast period.
COVID-19 has impacted all the businesses over the globe. The gensets market is impacted by corona virus outbreak and the demand is declined for gensets market. The supply chain is disrupted due to travel restriction. The end-user industries were shut down due to lockdown. The import and exports is on hold due to international border closer. The market for gensets has witness huge decline due to COVID-19.
For more details, visit: Global Gensets Market By Fuel Type (Gas, Diesel, Gasoline), By Power Rating (5KVA-75KVA, 76KVA-375KVA, others), By Application (Residential, Commercial, Telecom, Industrial, others), By Region–Forecast & Opportunities to 2026
The adoption and demand of gensets is rising immensely in the world. The frequency and intensity of weather related disasters is increasing. The natural disasters are increasing around the world due to imbalance in nature. This factors lead to growth in gensets market during forecast period.
On the basis of fuel type, the gensets market is segmented into gas, diesel and gasoline. The diesel fuel type is estimated to hold largest market share during forecast period. The diesel fuel is widely available as compared to others. The diesel gensets are costly but more efficient than other variants. This drives growth in diesel gensets market during forecast period.
On the basis of power rating type, the gensets market is segmented into 5KVA-75KVA, 76KVA-375KVA, 376KVA-750KVA and above750KVA. The 376KVA-750KVA segment is estimated to register growth at highest CAGR during forecast period. The number commercial offices, residential complexes and retail markets are increasing in the world. All these factors requires high power gensets. This drives growth in 376KVA-750KVA power rating gensets during forecast period.
On the basis ofapplication, the gensets market is segmented into residential, commercial, telecom and industrial. The industrial segmented is estimated to hold highest market share during forecast period. the oil & gas industries are major consumer of gensets. The industrialization around the world is also responsible for growth of this segment. The demand for gensets in industrial sector is growing immensely and this drives growth in industrial segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR of 6.0% during forecast period. The investment towards development and expansion of data centers which is coupled with increased cost. The adoption of gensets in various end-users industries is increasing around this region. The emission of harmful gases is increasing and government has adopted various policies to control this emission and such policies have strengthen the market presence of gensets. This drives growth in gensets market during forecast period.
The key market players in gensets market are Caterpillar, Cummins, Wartsila, Siemens, Generac Holdings Inc, PARAMAC, Kohler Co., MTU Onsite Energy, Mitsubishi Heavy Industries, Kirloskar Electric Company, Yanmar Co., Himoinsa S.L. and ABB Ltd.
- What are the expected industry trends over the next three to five years?
- Which of the gensets fuel type is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?