Generator Set Market to Generate $27,863 Mn Revenue by 2030, Globally says P&S Intelligence
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NEW YORK, March 16, 2021 /PRNewswire/ -- Several developing countries in Africa, such as Ghana and Nigeria, are plagued by transmission losses, which lead to a significant deficit in the amount of electricity being supplied. As a result, the generator set market size, which was $17,592.6 million in 2019, is projected to witness a CAGR of 5.8% between 2020 and 2030, to reach $27,863.0 million by 2030, according to P&S Intelligence.
This is because the huge electricity demand–supply gap has created a strong need for alternative power production systems, such as generator sets. In this regard, the high capital required for the setting up and maintenance of grids, several natural forces, and low-volume production of energy in the region are also acting as key drivers for generator market.
Key Findings of Global Generator Set Market
- 5 kVA–75-kVA gensets account for highest sales volume
- Gas gensets to witness fastest increase in installations
- Large-scale construction activities key opportunity for market players
- APAC countries remain largest users of gensets
- MEA most-lucrative region for genset market investments
- Companies engaging in acquisitions to widen their portfolio
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The COVID-19 pandemic has hurt the generator set market growth prospects, as the lockdowns implemented around the world have led to a stoppage in the manufacturing of such systems. In addition, construction activities have come to a standstill with laborers going back home, which has further reduced the demand for such systems during construction. The resulting delay in the commissioning of such projects will further lead to a low demand for genset for backup power purposes.
The diesel category will continue to hold the largest share in the market in the coming years, on the basis of fuel. Compared to gasoline (petrol) and natural gas, diesel is more-widely available across the globe. Moreover, due to the poor supply of gas in emerging economies, the expensive diesel gensets are popular.
In the past, the 76 kilovolt Amperes (kVA)–375 kVA category, based on power rating, dominated the genset market, in term of value. These variants are widely deployed at commercial offices, small industrial complexes, hotels, and telecom towers. Additionally, with the increase in construction activities, the demand for 76–375-kVA gensets is rising.
Browse detailed report with COVID-19 impact analysis on Genset Market Research Report: By Fuel (Diesel, Gas, Gasoline), Power Rating (5 kVA–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, Above 750 kVA), Application (Commercial, Industrial, Residential) - Global Industry Share Analysis and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/genset-market
Asia-Pacific (APAC) has dominated the generator market till now, and it will likely continue doing so in the near future. The government in regional countries is pouring huge sums in advancing its manufacturing and telecommunications infrastructure, which is leading to the rising genset sales. In addition, the surging number of power outages in Southeast Asia is propelling the demand for such systems.
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Cummins Inc., AB Volvo, Caterpillar Inc., Kohler Co., Denyo Co. Ltd., General Electric Company, Escorts Limited, Siemens AG, Kirloskar Oil Engines Limited, and Generac Holdings Inc. are the most-prominent global genset market players.
Browse Other Related Reports
India Gensets Market - https://www.psmarketresearch.com/market-analysis/india-gensets-market-outlook
Diesel Genset Market - https://www.psmarketresearch.com/market-analysis/diesel-genset-market
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
SOURCE P&S Intelligence
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