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%.
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.
Industry Top Key Player:-
- MTU Onsite Energy
- Caterpillar Inc.
- Himoinsa S.L.
- Mitsubishi Heavy Industries, Ltd.
- MTU Onsite Energy
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Genset Global Market – Segmentation
The scope of global genset market is segmented into two major segments which are explained below:
o Peak Shave
By Fuel Type
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.
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Regional Analysis of Genset Market:
Asia-Pacific is the leading region in the Genset market mainly due to the rapid growth in the manufacturing sector in recent times. Within Asia-Pacific, regions like India and China have been major contributors to the growth of the Genset market with rapid commercial activities and industrial development.