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According to the latest research, the global Gensets market size was valued at USD 36112.1 million in 2022 and is expected to expand at a CAGR of 3.29% during the forecast period, reaching USD 43856.2 million by 2028.
Genset is a device that converts mechanical energy into electrical power for various electrical operations. Genset consists of a motor and an alternator which are coupled and inserted in a base with other elements. The other major components of genset include batteries, fuel tank, control panel, and automatic transfer switch. Genset is a cost-effective device with high efficiency and reliability in operation. Gensets are majorly used as backup device to deal with any power failure situation within the industry, grid, and construction site.
Impacts from the short-term
Gensets' downstream buyers are mainly factories and commercial sectors. Affected by COVID-19, downstream buyers are worried about the delay in the supply chain, which may promote Gensets sales in a short time. However, most factories have not yet been fully operational, which limits the overall supply in the Gensets market, thereby reducing the industry's ability to deal with the backlog and quickly recover from losses. The uncertainty of economic recovery in many countries and the possibility of another global crisis may affect Gensets' business in the coming months.
Impacts from the long-term
The reduction in transactions caused by COVID-19 has also been extended to distribution networks and service channels. To mitigate these risks, Gensets suppliers should work closely with their main suppliers and service providers to ensure high quality and consistency, and smaller companies can also maintain solvency. In the long run, as Gensets suppliers strengthen their supply chain, end users will turn to automated production to reduce the risk of future factory output, so there are still many opportunities in the Gensets market.
Electricity demand in emerging economies
The power demand of emerging economies usually exceeds the maximum power generation, leading to power shortages. This situation opens up markets for other sources of power generation (such as gensets). Economic conditions are representative of market sentiment. A positive economy means that the market is booming, while the industrial sector etc. are booming. Generating sets usually require additional power to support and sustain this growth, which is ideal for meeting power demand quickly. Therefore, positive economic conditions have promoted the development of the genset business.
Constraints on certification requirements
Many countries have relevant policy restrictions on the import of gensets, which limits the free sales of the genset industry to a certain extent. For example, products exported to EU countries must pass CE safety certification; diesel gensets exported to the United States must pass U.S. EPA emission certification, some American importers also require products to obtain UL safety certification; India has also implemented emissions and safety for imported diesel gensets Vietnam has regulations restricting the import of single-cylinder diesel gensets; Nigeria requires SONCAP conformity assessment.
Technical requirements
The genset market has continuously improved product requirements. In addition to increasing requirements for economy and power, the requirements for product life and reliability are also increasing. For example, developed countries in Europe and the United States have higher requirements for vibration and noise; Africa and the Middle East have put forward anti-aging and moisture-proof requirements for the cooling system of single-cylinder diesel gensets; while low-temperature areas have higher requirements for starting performance. In addition, due to rising oil prices, low fuel consumption has also been mentioned by most customers.
Region Overview:
North America dominated the Gensets market in 2022, with a market share of 33.99%.
Company Overview:
Caterpillar is one of the major players operating in the Gensets market, holding a share of 8.51% in 2023.
Caterpillar
Caterpillar is a heavy industrial equipment manufacturing company headquartered in Deerfield, Illinois, USA. Its main products include agricultural, construction and mining engineering machinery and diesel engines, natural gas engines and gas turbine engines.
VESTAS
Vestas is the energy industry's global partner on sustainable energy solutions. They design, manufacture, install, and service wind turbines across the globe, and with more than 108 GW of wind turbines in 80 countries, they have installed more wind power than anyone else.
Segmentation Overview:
By type, Diesel segment accounted for the largest share of market in 2022.
Application Overview:
By application, the Industrial segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Gensets industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Gensets. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Gensets Market Report Include:
Market Size Estimates: Gensets market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Gensets market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Gensets market
Segment Market Analysis: Gensets market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Gensets market situations and prospects in major and top regions and countries
Gensets Market
Gensets Industry Chain: Gensets market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Gensets Industry News, Policies by regions
Gensets Industry Porters Five Forces Analysis
Key players in the global Gensets market are covered in Chapter 2:
Sole Diesel
Kohler
Deutz
Cummins
GE ENERGY
Wärtsilä
ABB
Caterpillar
Daihatsu Diesel
Siemens
Volvo
GOLDWIND
Man Diesel & Turbo
Rolls-Royce Power System
Shanghai Electric group
VESTAS
In Chapter 6 and Chapter 9, on the basis of types, the Gensets market from 2018 to 2028 is primarily split into:
Diesel
Natural Gas
Wind
In Chapter 7 and Chapter 10, on the basis of applications, the Gensets market from 2018 to 2028 covers:
Residential
Commercial
Industrial
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Gensets market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Gensets industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Gensets market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Gensets industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Gensets market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Gensets market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Gensets market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Genset is a device that converts mechanical energy into electrical power for various electrical operations. Genset consists of a motor and an alternator which are coupled and inserted in a base with other elements. The other major components of genset include batteries, fuel tank, control panel, and automatic transfer switch. Genset is a cost-effective device with high efficiency and reliability in operation. Gensets are majorly used as backup device to deal with any power failure situation within the industry, grid, and construction site.
Impacts from the short-term
Gensets' downstream buyers are mainly factories and commercial sectors. Affected by COVID-19, downstream buyers are worried about the delay in the supply chain, which may promote Gensets sales in a short time. However, most factories have not yet been fully operational, which limits the overall supply in the Gensets market, thereby reducing the industry's ability to deal with the backlog and quickly recover from losses. The uncertainty of economic recovery in many countries and the possibility of another global crisis may affect Gensets' business in the coming months.
Impacts from the long-term
The reduction in transactions caused by COVID-19 has also been extended to distribution networks and service channels. To mitigate these risks, Gensets suppliers should work closely with their main suppliers and service providers to ensure high quality and consistency, and smaller companies can also maintain solvency. In the long run, as Gensets suppliers strengthen their supply chain, end users will turn to automated production to reduce the risk of future factory output, so there are still many opportunities in the Gensets market.
Electricity demand in emerging economies
The power demand of emerging economies usually exceeds the maximum power generation, leading to power shortages. This situation opens up markets for other sources of power generation (such as gensets). Economic conditions are representative of market sentiment. A positive economy means that the market is booming, while the industrial sector etc. are booming. Generating sets usually require additional power to support and sustain this growth, which is ideal for meeting power demand quickly. Therefore, positive economic conditions have promoted the development of the genset business.
Constraints on certification requirements
Many countries have relevant policy restrictions on the import of gensets, which limits the free sales of the genset industry to a certain extent. For example, products exported to EU countries must pass CE safety certification; diesel gensets exported to the United States must pass U.S. EPA emission certification, some American importers also require products to obtain UL safety certification; India has also implemented emissions and safety for imported diesel gensets Vietnam has regulations restricting the import of single-cylinder diesel gensets; Nigeria requires SONCAP conformity assessment.
Technical requirements
The genset market has continuously improved product requirements. In addition to increasing requirements for economy and power, the requirements for product life and reliability are also increasing. For example, developed countries in Europe and the United States have higher requirements for vibration and noise; Africa and the Middle East have put forward anti-aging and moisture-proof requirements for the cooling system of single-cylinder diesel gensets; while low-temperature areas have higher requirements for starting performance. In addition, due to rising oil prices, low fuel consumption has also been mentioned by most customers.
Region Overview:
North America dominated the Gensets market in 2022, with a market share of 33.99%.
Company Overview:
Caterpillar is one of the major players operating in the Gensets market, holding a share of 8.51% in 2023.
Caterpillar
Caterpillar is a heavy industrial equipment manufacturing company headquartered in Deerfield, Illinois, USA. Its main products include agricultural, construction and mining engineering machinery and diesel engines, natural gas engines and gas turbine engines.
VESTAS
Vestas is the energy industry's global partner on sustainable energy solutions. They design, manufacture, install, and service wind turbines across the globe, and with more than 108 GW of wind turbines in 80 countries, they have installed more wind power than anyone else.
Segmentation Overview:
By type, Diesel segment accounted for the largest share of market in 2022.
Application Overview:
By application, the Industrial segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Gensets industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Gensets. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Gensets Market Report Include:
Market Size Estimates: Gensets market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Gensets market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Gensets market
Segment Market Analysis: Gensets market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Gensets market situations and prospects in major and top regions and countries
Gensets Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Gensets Industry Chain: Gensets market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Gensets Industry News, Policies by regions
Gensets Industry Porters Five Forces Analysis
Key players in the global Gensets market are covered in Chapter 2:
Sole Diesel
Kohler
Deutz
Cummins
GE ENERGY
Wärtsilä
ABB
Caterpillar
Daihatsu Diesel
Siemens
Volvo
GOLDWIND
Man Diesel & Turbo
Rolls-Royce Power System
Shanghai Electric group
VESTAS
In Chapter 6 and Chapter 9, on the basis of types, the Gensets market from 2018 to 2028 is primarily split into:
Diesel
Natural Gas
Wind
In Chapter 7 and Chapter 10, on the basis of applications, the Gensets market from 2018 to 2028 covers:
Residential
Commercial
Industrial
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Gensets market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Gensets industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Gensets market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Gensets industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Gensets market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Gensets market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Gensets market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
