Global Genset Market Expected to Generate Over $20,000.0 Million Revenue by 2024

by Manish Kumar Digital Analyst

One of the biggest factors propelling the demand for gensets is the surging construction of data centers across the world. Due to a huge increase in data generation and consumption all around the world, data centers are being rapidly developed in various regions across the globe, wherein, the created data can be collected, studied, and analyzed. Moreover, the rising adoption of intelligent personal assistants, digital currencies, autonomous cars, accounting services, and internet of things (IoT) will boost the need for data centers, which will in turn, push the demand for generators that can supply continuous power to these data centers.

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The other major factor fuelling the rise in the demand for gensets is the low power production and grid uncertainty in several countries across the world. Owing to these factors, the revenue generated from the sales of gensets across the globe, is predicted to rise from $17,592.6 million in 2019 to $22,777.8 million by 2024. The global genset market is expected to progress at a CAGR of 5.2% during the forecast period (2020–2024).

 

There are mainly three types of gensets — diesel-based, gasoline-based, and gas-based gensets. Out of these three gensets, the diesel-powered gensets are expected to observe the highest usage in the next 4–5 years. This is mainly attributed to the easier availability of diesel throughout the world as compared to gasoline and gas and higher power output of the diesel-based gensets than the gas and gasoline-based variants. Although, gas-based gensets are cheaper than the diesel gensets, the diesel variants enjoy greater usage owing to the poor supply of natural gas in many regions.

 

The biggest rage presently being witnessed in the genset market is the ballooning number of measures and steps taken by the genset manufacturing companies in order to consolidate their position in the market. For instance, Mahindra Powerol Ltd., Caterpillar Inc., Cummins Inc., and Atlas Copco AB introduced new gensets in 2018 in order to expand their product portfolio. These new gensets have several features which make them much more sought-after for use in different industrial applications as compared to the older variants.

 

Across the world, the Middle East and African (MEA) region is predicted to register the fastest growth in the usage of gensets in the immediate future, owing to the fact that the grid connectivity and power supply is very poor in several countries in the region. Moreover, the soaring commercial activities and infrastructural development projects for several important world events such as the Saudi Vision 2030, 2022 FIFA World Cup (Qatar), and World Expo 2020 (Dubai) and large-scale industrialization will significantly boost the power requirements, which will in turn, propel the adoption of gensets in the region.

 

Therefore, the demand for gensets is certain to rise in the coming years, due to the burgeoning need for continuous and efficient power supply throughout the world.

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Created on Jun 8th 2020 06:56. Viewed 269 times.

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