Genset Market to Generate Revenue of $27,863 Million in 2030 Says P&S Intelligence
NEW YORK, Sept. 7, 2020 /PRNewswire/ -- In countries such as Ghana and Nigeria, the electricity infrastructure is highly inefficient, often suffering transmissions losses and leading to a huge demand–supply gap. Moreover, the high investment requirements for installing and maintaining the grids, certain natural and macroeconomic factors, old infrastructure lead to erratic power supply or low production.
The need for alternative power sources being created due to the above-mentioned factors is leading to the rising sale of generators. As a result, the global genset market, which valued at $17,592.6 million in 2019, is expected to grow to $22,777.8 million by 2024, witnessing a CAGR of 5.2% between 2020 and 2024, according to the research report published by P&S Intelligence.
During the forecast period, the gas category is projected to experience the fastest growth in the genset market, at a CAGR of 5.4%, in terms of value. This would be a result of the increasing concerns regarding air pollution, which is why several countries have already implemented regulations mandating a reduction in the usage of diesel and gasoline. This is pushing the demand for gas gensets, as compared to the other two fossil fuels, natural gas is a lot cleaner.
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The 76 kVA–375 kVA division held the largest genset market share during the historical period (2014–2019), as these variants are installed in high numbers at commercial offices, small industrial complexes, hotels, and telecom towers. The demand for gensets under this power range is predicted to rise further, with the surging construction activities, increasing funding for public infrastructure development, and growing manufacturing industry.
Browse report overview with detailed 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 Analysis and Demand Forecast to 2030 at: https://www.psmarketresearch.com/market-analysis/genset-market
Asia-Pacific (APAC) is expected to be the largest genset market till 2024, owing to the rapid growth in the regional manufacturing sector, increasing investments in telecom infrastructure, and rising demand for backup power in residential facilities. Gensets are mostly used to supply auxiliary power in the region, since the power infrastructure of APAC is moderately developed. In the coming years, the Middle East and Africa (MEA) would grow the fastest in the market, as the grid infrastructure in many regional countries is quite poor. Moreover, the expanding industrial and commercial sectors in Saudi Arabia, the U.A.E., Turkey, Egypt, and other countries in the region are driving the uptake of gensets.