Market Highlights :-
The demand for energy and power has been progressing rapidly in recent times. Several power grid project and many power grid projects experience a malfunction at a point, thus generators play an essential role in energy supply. Generators are a backup for power failure to any industry, grid or construction site. Increasing demand for undisrupted and continuous flow of power will boost the demand in the genset market. Gensets solve power outage issues across countries. However, there are some key restraints that undermine the market growth such as operational risk and falling oil prices. However, these factors do not leave any major impact on the market. The genset market is expected to surge steadily during the forecast period.
Hybrid genset that run on gas, diesel, solar and batteries is the new trend in the global market. Escalating demand for these gensets leads to several manufactures to develop hybrid gensets and offer better cost and fuel efficiency than the conventional gensets. They are cost-effective where the average running of the load is much below the size of installed gensets. A diesel genset paired with solar panels and dual fuel is another trend gaining momentum in the market.
Industry Top Key Players:-
- MTU Onsite Energy
- Caterpillar Inc.
- Himoinsa S.L.
- Mitsubishi Heavy Industries, Ltd.
- MTU Onsite Energy
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The Genset market has been segmented on the basis of end-user, application, and fuel type.
The end users of genset market are residential, commercial and industrial. Various end users prefer gensets as they are economical, low vibration, low noise level, and are reliable. Gensets designed for cottages, villas, and bungalows to meet with power needs all the time. In industries, gensets can supply emergency power during critical processes. This quality leads to widespread use of gensets for residential, commercial, communication, and industrial segments.
The market is also segmented on the basis of application, which is segmented into continuous, stand by and peak shave. A compelling reason genset is used for various applications is that it offers the added benefit of being able to provide power to meet all demand during a complete power outage. On the basis of fuel type, the market has been segmented as diesel and gas.
Table of Content:-
2.2SCOPE OF THE STUDY
3.4MARKET SIZE ESTIMATION
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Across the world, Asia-Pacific is the leading region in the genset market primarily due to the rapid growth in the manufacturing sector in recent times. Countries like India and China have been major contributors to the growth of the market due to steady commercial activities and industrial development. Also, gensets are predominantly used as back-up as the Asia-Pacific region has well-developed power infrastructure that supplies low-cost electricity from the utility grid.
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