Genset Market 2021: analysis by Service Type, by Vertical

Genset Global Market – Overview

The global genset market is a very dynamic market and is expected to witness high growth over the forecast period. The increased application of generator sets across various sectors is majorly influenced by the growing demand for uninterrupted & reliable power supply. Also, the increasing number of power outages and power failure in the developing and underdeveloped countries across the world is creating a huge demand for power backup devices, which is catered through generator sets. As per the study conducted by Market Research Future, the global market for generator sets is likely to grow at the CAGR of around 5.5%.

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Electricity has become a vital prerequisite for augmenting economic activity and improving quality of life. The growing demand for uninterrupted and reliable power supply has become a necessity in today’s world. So as to support this growing need, a reliable source of power generation is required. Generator sets provide a continuous, prime and standby source of power generation at industrial, commercial and residential level. In the last decade, several technological advancements have helped upgrading generator sets which have improved their fuel efficiency, subsequently their diesel engine technology. Diesel engines have emerged as preferred choice among enterprises owing power backup equipment. The easy availability of diesel generators and their affordable price have fuelled their demand in turn positively impacting the global generator market. Also numerous modifications are made in fuel systems, besides incorporating control and digital monitoring system. These changes have upgraded diesel generators. They now offer higher performance efficiency, which is a key factor boosting the utilization of generator sets globally. However, due to growing pressure on maintaining the ecological balance through reduction of carbon footprint, the gas type generators sales is expected to showcase phenomenal growth during the upcoming decade. The rising attention towards the renewable energy power generation is substantially gaining huge investment across the world. Renewable energy systems provide sustainable and low cost power generation, but with a fluctuating power output. So, a hybrid solution can be installed with the renewable energy system, to obtain a continuous power generation from renewable energy systems. Hybrid renewable energy systems mostly utilise diesel generators as power generating unit. These are brought into operations when there is huge fluctuation in power generation through renewable systems. The economic benefit of hybrid renewable energy systems, is higher than that of conventional power plants as they utilizes diesel generators, which supplies excess load and recharges the battery during overcasts. Recently, in May 2017, Aggreko signed a 10 year deal to provide solar-diesel hybrid power to Nevsun in Eritrea. Aggreko, Glasgow-based company will supply 22 MW of diesel and 7.5 MW of solar-generated power for the Nevsun’s copper and zinc operations. Aggreko’s solar-diesel hybrid power package combines cost-effectiveness and green renewable energy with the reliability of diesel-generated power to provide uninterrupted power round the clock. The genset market is segmented based on end-user into residential, commercial, and industrial segments. The industrial end-user segment is expected to grow at the highest rate. The key driving factor will be favourable government policies for the growth of industries in various countries such as Mexico, China, Brazil, and India. The U.S. has come up with new reforms for emission norms for diesel and gas generators which will affect the growth of the market. Generators with new emission norms will reduce the emission of harmful gases such as CO2, NO2, and others in the environment. This new policy reform is expected to drive the sale of generators in the U.S. market.

Geographically, the global genset market has been divided into Europe, Asia Pacific and Rest of the World. Among these regions, Asia Pacific is the largest market by size and is estimated to grow at the highest rate due to high demand for power products in China. China’s high economic growth rate has created increased demand for power generation equipment, such as diesel and gas generators, in the country. Along with this, new policy reforms in India that support the growth of industries have made the country a very lucrative market for OEM manufacturers. This is also likely to create a huge demand for generators in the region.

Key Players:
MTU Onsite Energy (Germany), Caterpillar Inc. (U.S.), Himoinsa S.L. (Spain), Mitsubishi Heavy Industries, Ltd. (France), APR Energy (USA), Siemens Ltd. (Germany), General Electric Company (USA), Aggreko plc (U.K), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Perkins Engines Company Limited (U.K)., Cummins Inc.(U.S.), Kohler Co.(U.S), Kirloskar Group (India), Briggs & Stratton (U.S), Wärtsilä (Finland), AKSA Power Generation (Turkey) and Yanmar Co., Ltd. (Japan). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Genset Market.

Industry News
In May, 2017 – Caterpillar introduced its all new CAT RP12000 E portable generators in U.S. and Canada. The new generator fills out the top of the series, delivering 12kW of running power and new features to meet the specific needs of the “pro-sumer” – emergency home back-up, DIY enthusiasts and contractors.

In July, 2017 – HIMOINSA opens a new factory for Argentina and southern cone, located in Located in Santa Fe and occupying some 12,000 square metres, the new centre has the capacity to produce 3,000 generator sets of between 8kVA and 1745kVA each year.

In January, 2017 – APR Energy, a global leader in fast-track power solutions, and GE (NYSE: GE) announced that they have renewed their strategic alliance to provide mobile turbine technology into the fast-track power rental market.
In October, 2017 – Cummins, Inc. (NYSE: CMI) announced the new C125N6 and C150N6 models in the QSL8.9G Series. The Cummins commercial generator set is a fully integrated power generation system providing optimum performance, reliability, and versatility for stationary standby power applications.

Genset Global Market – Segmentation
The scope of global genset market is segmented into two major segments which are explained below:
Ø By Application
o Continuous
o Stand-By
o Peak Shave
Ø By Fuel Type
o Diesel
o Gas
Ø By End-User
o Residential
o Commercial
o Industrial

Genset Global Market - Competitive Analysis
The global market for genset seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

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