The genset market size is progressing at a 5.8% CAGR during the forecast period (2020–2030). When fuel is taken into consideration, the market is divided into gasoline, diesel, and gas, among which, the diesel division is predicted to account for the largest share of the market by 2030. Diesel in available in abundance, and its availability is wider than that of gasoline and natural gas. Although the price of power gas gensets is lower than that of diesel ones, the poor supply of gas affects the uptake.
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In terms of application, the market is categorized into residential, commercial, and industrial, out of which, the commercial category accounted for the major share of the market in 2019. The increasing construction of smart cities, expansion of the retail sector, rising funding for public infrastructure advancement, and increasing disposable are resulting in this category’s growth. The commercial category is further divided into hotels, retail establishments, telecom towers, commercial offices, and hospitals.
The Asia-Pacific region led the genset market during the historical period (2014–2019), majorly due to the growth of the manufacturing sector. The sector is being driven by different government initiatives, including Made in China 2025, Made in India, and Making Indonesia 4.0. Other than this, increasing investments for developing the telecommunications infrastructure and requirement for backup power in the region are also responsible for the growth of the market.
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Market Size Breakdown by Segment
By Power Rating
- 5 kVA–75 kVA
- 76 kVA–375 kVA
- 376 kVA–750 kVA
- Above 750 kVA
- Retail establishments
- Commercial offices
- Telecom towers
- Energy and power