Charting Progress Genset Market's Growth, Segmentation, and Future Forecast
The global Genset market is expected to register a CAGR of ~ 5.30%from 2023 to 2032 and hold a value of over USD 31.51 Billion by 2032.
A genset, also known as a generator set or generator, is a portable device that combines an engine, an electrical generator, and various control and auxiliary devices to generate and supply electricity. The COVID-19 pandemic has had a significant impact on the genset market, with both positive and negative effects. On the one hand, the lockdowns and restrictions on movement have led to a decrease in demand for gensets, as there has been a decrease in construction and industrial activities.
On the other hand, there has been an increased demand for gensets as backup power sources in residential and commercial buildings, as the pandemic has led to an increased need for reliable electricity supply in case of power outages.
Additionally, the healthcare sector has seen an increase in demand for gensets, as they are used to power medical equipment and facilities. In conclusion, the COVID-19 pandemic has had a mixed impact on the genset market.
Key Players
· 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
Regional Analysis
The Asia-Pacific region is expected to hold the largest share in the global genset market, due to factors such as the large population, rapidly growing economies, and increasing demand for reliable power supply in countries such as China, India, and Japan. Additionally, supportive government policies and initiatives, as well as the presence of major market players, are contributing to the growth of the genset market in the Asia-Pacific region.
Market Segmentation
The Global Genset market size has been segmented into power rating, application, and fuel type.
Based on the power rating, the market has been segmented into Up to 100, 100-350, 350-1000, and above 1000.
Based on the fuel type, the market has been segmented into Natural Gas, Diesel, and Propane.
Based on the application, the market has been segmented into Standby Power, Peak Shaving, and Prime/Continuous Power.
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