Genset Market Report: Overview
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.
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 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.
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- Himoinsa S.L. (Spain)
- Mitsubishi Heavy Industries Ltd. (France)
- MTU Onsite Energy (Germany)
- Caterpillar Inc. (U.S.)
- MTU Onsite Energy (Germany)
Genset Market Regional Analysis:-
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.
- Generator manufacturing companies
- Genset service providers
- Power Generation industry Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
- Genset Suppliers
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Majpr Points of Table of Content:-
- REPORT PROLOGUE
- RESEARCH METHODOLOGY
- MARKET DYNAMICS
- GENSETMARKET, BY FUEL TYPE
- GENSETMARKET, BY APPLICATION
- GENSETMARKET, BY REGION
- COMPANY LANDSCAPE
- COMPANY PROFILE
- MRFR CONCLUSION
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