Genset Market growth is driven by the rising demand for continuous power supply, along with rapid industrialization and urbanization during the forecast period.
According to the TechSci Research report, “Genset Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global genset market was valued at USD 30.63 billion in 2023. It is expected to experience robust growth during the forecast period, with a compound annual growth rate (CAGR) of 7.22% through 2029. A major factor driving this growth is the rapid expansion of data centers and IT infrastructure worldwide.
Data centers, which store critical information and support a wide range of digital services, require uninterrupted power to maintain continuous operation and avoid data loss. A power outage in a data center can lead to significant financial losses and disrupt services for both users and businesses. With the growing demand for cloud computing, big data, and internet services, the need for reliable power solutions for data centers is increasing. Gensets provide a dependable backup power source, ensuring that data centers remain operational even during power outages, and support load management during peak demand periods.
The rise of edge computing, which processes data closer to the source rather than relying solely on centralized data centers, is also fueling genset demand. Edge computing facilities are often located in remote or decentralized areas where power reliability can be a challenge. Gensets offer a practical solution by ensuring these facilities have a continuous power supply, enabling real-time data processing and reducing latency. As IT infrastructure expands in emerging economies, the demand for gensets continues to grow, supporting the digital economy’s growth.
Based on portability, the stationary gensets segment held the largest market share in 2023. Stationary gensets are critical in providing reliable, uninterrupted power for various applications, including industrial operations, commercial establishments, and essential services. Unlike portable gensets, stationary gensets are designed for fixed locations and are typically used as primary or backup power sources over extended periods.
The dominance of stationary gensets is largely due to their ability to handle higher power outputs compared to portable units. These gensets are ideal for large-scale applications like manufacturing facilities, data centers, hospitals, and large commercial buildings, where continuous power is essential to avoid operational disruptions and safeguard sensitive equipment.
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Stationary gensets are also known for their greater reliability and durability. They are built to endure demanding conditions and have longer operational lifespans, making them the preferred choice for those requiring a dependable power source over extended periods. Their robust construction and capacity to handle high loads make them suitable for critical infrastructure.
Additionally, stationary gensets often feature advanced functions such as automatic transfer switches (ATS) and remote monitoring. These features allow for automatic power switching during outages and enable real-time performance tracking, improving efficiency and reducing maintenance needs.
The growing trends of urbanization and industrialization further support the increasing demand for stationary gensets. As industries and infrastructure projects expand, the need for reliable stationary power solutions grows. At the same time, stringent emissions regulations are encouraging the adoption of cleaner fuel options in stationary gensets, aligning with global sustainability goals.
Major companies operating in the Global Genset Market are:
- Caterpillar Inc.
- Cummins Inc.
- Kohler Co.
- Generac Power Systems, Inc
- Rolls-Royce plc
- Wartsila Corporation
- Aggreko Ltd
- Kirloskar Oil Engines Limited
- Honda Motor Co., Ltd
- Atlas Copco AB
- Himoinsa S.L.
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“The Global Genset Market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The global genset market presents substantial opportunities driven by increasing infrastructure development, rising industrialization, and heightened demand for reliable power solutions. Key opportunities include expanding into emerging markets with growing energy needs, particularly in regions experiencing rapid urbanization and industrial growth. Additionally, the integration of advanced technologies such as IoT and digital controls offers prospects for innovation in product efficiency and remote monitoring capabilities. The shift towards cleaner energy sources, including natural gas and biogas, also provides avenues for growth. Leveraging these trends can position companies to capture a significant share of the evolving genset market.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Genset Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Fuel Type (Diesel Gensets, Natural Gas Gensets, Gasoline Gensets), By Power Rating (Up to 100 kVA, 100-350 kVA, 350-1000 kVA, Above 1000 kVA), By Portability (Portable Gensets, Stationary Gensets), By Application (Standby Power, Prime Power, Peak Shaving) By Region & Competition, 2019-2029F”, has evaluated the future growth potential of Global Genset Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Genset Market.
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