세계의 발전기 시장 예측 : 유형별, 연료 유형별, 기술별, 용도별, 최종 사용자별, 지역별 분석(-2030년)

According to Stratistics MRC, the Global Genset Market is accounted for $21.48 billion in 2023 and is expected to reach $37.31 billion by 2030 growing at a CAGR of 8.2% during the forecast period. A genset, short for generator set, is a compact unit comprising an engine and an electric generator. It's designed to provide backup power during electricity outages or where grid power is unavailable. Gensets come in various sizes and fuel types, including diesel, natural gas, and propane. Gensets automatically start when power is interrupted, supplying electricity until regular power is restored.

According to Central Electricity Authority, in FY 2022-23, the country's total renewable energy generation accounted for 203,552 million units (MU), with an annual growth rate of 19% compared to the previous year.

Market Dynamics:

Driver:

Rapid industrialization and urbanization

Rapid industrialization and urbanization augments the demand for reliable power backup solutions. Industries require uninterrupted power supply to sustain operations, driving the adoption of generator sets as backup power sources. Urbanization leads to increased infrastructure development, necessitating backup power for essential services like hospitals, data centers, and telecommunications. Moreover, urban areas often face grid instability, further emphasizing the need for gensets. Consequently, the market experiences steady growth as industries and urban centers prioritize reliable power supply to support their activities.

Restraint:

Environmental concerns

Environmental concerns regarding gensets primarily revolve around emissions of pollutants such as nitrogen oxides (NOx), carbon monoxide (CO), and particulate matter. These emissions contribute to air pollution and pose health risks. Additionally, gensets often rely on fossil fuels, leading to greenhouse gas emissions and exacerbating climate change. Stringent regulations impose compliance burdens on genset manufacturers, impacting production costs and pricing. As environmental consciousness grows, consumers increasingly favour eco-friendly alternatives, thus hindering market growth for traditional gensets.

Opportunity:

Rising investments in infrastructure projects

The infrastructure projects, ranging from construction and transportation to energy and telecommunications, require reliable backup power solutions to ensure uninterrupted operations. Gensets offer a dependable source of electricity during grid outages or in remote locations where grid access is limited. As governments and private enterprises allocate significant funds towards infrastructure development, the demand for gensets continues to surge. This trend is expected to sustain the expansion of the genset market, with manufacturers focusing on innovation and efficiency enhancements to meet evolving customer needs.

Threat:

High initial costs

Gensets entail high initial costs primarily due to the sophisticated engineering and manufacturing required to ensure reliability, efficiency, and compliance with stringent regulations. These costs encompass the purchase of high-quality components, advanced control systems, and rigorous testing to guarantee performance under various conditions. Such upfront expenses can deter potential buyers, especially in price-sensitive markets or regions with limited financial resources. The high initial costs act as a barrier to entry, potentially limiting the market growth.

Covid-19 Impact

The covid-19 pandemic significantly impacted the genset market as industries and businesses faced disruptions in operations and supply chains. Initially, there was a decline in demand due to economic uncertainties and lockdown measures. However, as businesses adapted to remote work and sought uninterrupted power supply, there was resurgence in demand for gensets, particularly in essential sectors such as healthcare, data centers, and telecommunications. This led to a shift towards increased investment in reliable power backup solutions to mitigate the risks posed by future disruptions.

The hybrid generators segment is expected to be the largest during the forecast period

The hybrid generators segment is estimated to have a lucrative growth, due to its efficiency, reduced fuel consumption, and lower emissions. By integrating components like solar panels, wind turbines, or batteries, hybrid gensets optimize power generation by utilizing renewable energy when available and relying on conventional fuel sources when necessary. This flexibility makes them ideal for off-grid applications, remote areas, or locations with unreliable grid infrastructure. Its environmental sustainability and suppleness factors make it a popular choice.

The industrial segment is expected to have the highest CAGR during the forecast period

The industrial segment is anticipated to witness the highest CAGR growth during the forecast period, due to the sustaining operations during grid outages or unstable power supply. In industries where uninterrupted electricity is essential for production processes, gensets ensure continuity and prevent costly downtime. Additionally, gensets offer flexibility in remote or off-grid locations where access to the main power grid is limited. Their usage enhances operational efficiency, safeguards against financial losses due to disruptions, and reinforces the overall resilience of industrial operations, supporting sustained productivity and competitiveness.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing industrialization, urbanization, and the need for reliable power backup solutions. Countries like China, India, and Japan are driving this growth with rapid infrastructure development and rising demand for uninterrupted power supply. The market is characterized by a wide range of players offering diverse product portfolios catering to various end-user segments. Technological advancements, government initiatives, and growing awareness about energy efficiency are further fueling the expansion of the genset market in the Asia Pacific region.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to increasing demand for backup power solutions, stringent regulations pertaining to emissions, and growing awareness regarding the need for uninterrupted power supply. The United States and Canada dominate the market, driven by robust industrial infrastructure and commercial establishments. These factors, coupled with ongoing technological advancements and innovations, are expected to sustain the growth trajectory of the genset market in the North American region.

Key players in the market

Some of the key players profiled in the Genset Market include Kohler Corporation, Cummins Inc., Tata Motors, MTU Onsite Energy, Caterpillar Inc., Wartsila Corporation, Yanmar Limited, Mitsubishi Heavy Industries, Himoinsa Limited, Atlas Copco AB, Doosan Corporation, Kirloskar Electric Company Limited, Briggs & Stratton Corporation, Wacker Neuson SE, Rolls-Royce Power Systems AG, FG Wilson, Ingersoll Rand Inc., Sterling Generators Private Limited, John Deere and Generac Power Systems.

Key Developments:

In September 2023, Kirloskar Oil Engines (KOEL) announced the launch of its range of CPCB IV+ compliant gensets. With a focus on delivering high-performance, fuel-efficient, and environmentally responsible solutions, the new gensets meet the latest emission norms set by the Central Pollution Control Board (CPCB).

In July 2023, Tata Motors, India's leading automobile company, has launched the new-generation, cutting edge range of gensets in India. Backed by the reliable and technologically advanced CPCB IV+ (Central Pollution Control Board IV+) compliant Tata Motors engines, the high-performance gensets are available in 25kVA to 125kVA configurations.

Types Covered:

• Portable Generators
• Stationary Generators
• Hybrid Generators
• Other Types

Fuel Types Covered:

• Diesel
• Natural Gas
• Biogas
• Liquid Petroleum Gas (LPG)
• Other Fuel Types

Technologies Covered:

• Renewable Energy Integrated Gensets
• Microgrid Gensets
• Smart Gensets
• Other Technologies

Applications Covered:

• Prime Power
• Standby Power
• Peak Shaving
• Continuous Power
• Other Applications

End Users Covered:

• Residential
• Commercial
• Industrial
• Utilities
• Government & Defense
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Technology Analysis
• 3.7 Application Analysis
• 3.8 End User Analysis
• 3.9 Emerging Markets
• 3.10 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Genset Market, By Type

• 5.1 Introduction
• 5.2 Portable Generators
• 5.3 Stationary Generators
• 5.4 Hybrid Generators
• 5.5 Other Types

6 Global Genset Market, By Fuel Type

• 6.1 Introduction
• 6.2 Diesel
• 6.3 Natural Gas
• 6.4 Biogas
• 6.5 Liquid Petroleum Gas (LPG)
• 6.6 Other Fuel Types

7 Global Genset Market, By Technology

• 7.1 Introduction
• 7.2 Renewable Energy Integrated Gensets
• 7.3 Microgrid Gensets
• 7.4 Smart Gensets
• 7.5 Other Technologies

8 Global Genset Market, By Application

• 8.1 Introduction
• 8.2 Prime Power
• 8.3 Standby Power
• 8.4 Peak Shaving
• 8.5 Continuous Power
• 8.6 Other Applications

9 Global Genset Market, By End User

• 9.1 Introduction
• 9.2 Residential
• 9.3 Commercial
• 9.4 Industrial
• 9.5 Utilities
• 9.6 Government & Defense
• 9.7 Other End Users

10 Global Genset Market, By Geography

• 10.1 Introduction
• 10.2 North America
  • 10.2.1 US
  • 10.2.2 Canada
  • 10.2.3 Mexico
• 10.3 Europe
  • 10.3.1 Germany
  • 10.3.2 UK
  • 10.3.3 Italy
  • 10.3.4 France
  • 10.3.5 Spain
  • 10.3.6 Rest of Europe
• 10.4 Asia Pacific
  • 10.4.1 Japan
  • 10.4.2 China
  • 10.4.3 India
  • 10.4.4 Australia
  • 10.4.5 New Zealand
  • 10.4.6 South Korea
  • 10.4.7 Rest of Asia Pacific
• 10.5 South America
  • 10.5.1 Argentina
  • 10.5.2 Brazil
  • 10.5.3 Chile
  • 10.5.4 Rest of South America
• 10.6 Middle East & Africa
  • 10.6.1 Saudi Arabia
  • 10.6.2 UAE
  • 10.6.3 Qatar
  • 10.6.4 South Africa
  • 10.6.5 Rest of Middle East & Africa

11 Key Developments

• 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 11.2 Acquisitions & Mergers
• 11.3 New Product Launch
• 11.4 Expansions
• 11.5 Other Key Strategies

12 Company Profiling

• 12.1 Kohler Corporation
• 12.2 Cummins Inc.
• 12.3 Tata Motors
• 12.4 MTU Onsite Energy
• 12.5 Caterpillar Inc.
• 12.6 Wartsila Corporation
• 12.7 Yanmar Limited
• 12.8 Mitsubishi Heavy Industries
• 12.9 Himoinsa Limited
• 12.10 Atlas Copco AB
• 12.11 Doosan Corporation
• 12.12 Kirloskar Electric Company Limited
• 12.13 Briggs & Stratton Corporation
• 12.14 Wacker Neuson SE
• 12.15 Rolls-Royce Power Systems AG
• 12.16 FG Wilson
• 12.17 Ingersoll Rand Inc.
• 12.18 Sterling Generators Private Limited
• 12.19 John Deere
• 12.20 Generac Power Systems