The genset market is witnessing growth as a result of the increasing number of data centers and low production of power and widespread grid uncertainties around the world. As a result, the revenue garnered by generator manufacturers is expected to increase from $17,592.6 million in 2019 to $27,863.0 million by 2030, at a 5.8% CAGR during the forecast period (2020–2030). A genset is a combination of an internal combustion engine (ICE), alternator, and numerous accessories and controls.
Commercial, residential, and industrial are the divisions of the market when it is segmented on the basis of application. During the historical period (2014–2019), commercial was the largest division, on account of the increasing investments in the development of infrastructure, rapid construction of smart cities, and rising number of shopping complexes. As a result of the increasing consumer spending, the retail sector is growing, which is leading to the construction of shopping centers. Therefore, the commercial division will also witness the fastest market growth during the forecast period.
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The increasing construction activities are a lucrative opportunity for genset market players. With the rising population and level of urbanization, countries across the world are investing in infrastructure development. During the construction stage, generators are required to power on-site lights and an array of machinery, such as elevators (lifts), power drills, concrete mixers, and nail guns. Similarly, after the project has been commissioned, gensets are required for prime and backup power purposes, especially in essential settings, such as factories, transport hubs, and hospitals.
Till 2019, Asia-Pacific (APAC) dominated the genset market due to the large-scale industrialization being done under government initiatives such as Make in India, Making Indonesia 4.0, and Made in China 2025. Thus, the increase in the number of factories is resulting in a rise in the demand for generators. The highest CAGR during the forecast period is projected to be witnessed in the Middle East and Africa (MEA), owing to the rapid industrialization in Saudi Arabia, Egypt, the U.A.E., and Turkey and preparations for upcoming global events.
Hence, the market will keep growing with the increasing pace of industrialization and construction.
