Increasing number of power outages and rising demand for uninterrupted & reliable power supply are projected to fuel the growth of the global genset market at a CAGR of 5.64% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “global genset market” that contains the information from 2019 to 2030.

The global genset market is estimated to register a CAGR of 5.64% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global genset market — Cummins Inc., Caterpillar, Inc., Aggreko, Generac Holdings Inc., Kohler Co., Atlas Copco, John Deere, MTU Onsite Energy, Wartsila, Yanmar Co. Ltd., Himoinsa S.L., and Kirloskar Electric Company Limited

Market Highlights

The global genset market is accounted for to register a CAGR of 5.64 % during the forecast period and is estimated to reach USD 68,351.10 million by 2032.

Increased efforts to combat power outages will promote the growth of the genset market. Following the winter storm and cold wave in Texas in February 2021, a blackout affected more than four million people. Most of the population's residential and professional tasks were perilous because the power outage persisted for more than a week. Due to these situations, consumers are more conscious of needing a dependable backup power supply. Natural weather events, including lightning, rain, snow, ice, wind, and dust, frequently result in power outages. While protecting customer electrical systems from the impacts of water and dust is more challenging, it only takes a little to protect them from large power outages caused by natural disasters like floods and strong storms. Water can cause power outages and short circuits. It makes sense to make sure customers are effectively secured against water entering electrical circuits because the damage it may do can be very costly. Keeping electrical switchboards, wires, and circuits out of water is important. Additionally, excessive moisture and dampness can cause significant harm. Sealed circuit boxes can also preserve y customer expensive electrical equipment and help customer avoid unanticipated power outages. This is growing the need of market.

Access full report @ https://www.marketresearchfuture.com/reports/genset-market-1709

Segment Analysis

The global genset market has been segmented based on portability, fuel, end user, power rating and application.

Based on portability, the market is segmented into stationary and portable. The stationary segment attributed to holding the largest market share in 2023. It holds market share of 87.6 % in 2032 as estimated by MRFR analysts.

The constant standby genset meets the strict and immediate power needs of enterprises. In the event of a power loss, this device can be manually or even automatically started because it is hardwired into the main distribution panel. An automatic transfer switch isolates the electrical wiring from the utility grid in the event of a power outage and activates the genset. The genset starts supplying the lines with electricity. When the electricity comes back on, the process is reversed, the genset is put into standby mode, and the incoming feed is obtained through utility lines. Typically, the transfer takes between 10 and 30 seconds. Due to the increasing necessity to meet greater power demands over extended periods.

Based on fuel, the global genset market has been segmented into diesel, gas and others. The diesel segment hold the largest market share in 2023.

Based on end user, the global genset market has been segmented into industrial, commercial and residential. The commercial segment was expected to hold the largest market share in 2023.

Based on power rating, the global genset market has been segmented into up to 100KVA, 100-350KVA, 350-1000KVA, above 1000KVA. The 350-1000KVA segment was expected to hold the largest market share in 2023.

Based on application, the global genset market has been segmented into agricultural, construction, forestry, industrial, pumps and power generation. The construction segment was expected to hold the largest market share in 2023.

Regional Analysis

The global genset market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The global genset market in Asia-Pacific has been segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific.

The Asia Pacific genset market has undergone substantial growth and transformation in recent years, fueled by various socio-economic and technological factors. With a diverse landscape spanning countries like China, India, Japan, South Korea, and ASEAN nations, the region exhibits a mix of mature and emerging markets, each with its own dynamics and growth drivers.

One significant driver of the genset market in the Asia Pacific region is the increasing demand for reliable power supply across industries and applications. With rapid urbanization and industrialization, there is a growing need for uninterrupted electricity to sustain economic activities and support critical infrastructure. Gensets play a vital role in providing backup power during grid failures or in areas with unreliable electricity supply, thus ensuring continuity of operations for various sectors including manufacturing, healthcare, telecommunications, and commercial establishments.

The adoption of cleaner and more efficient genset technologies is emerging as a key trend in the Asia Pacific market, driven by environmental regulations and sustainability initiatives. Governments and regulatory bodies across the region are implementing stricter emissions standards, prompting industries to transition towards gas-powered and hybrid gensets. Natural gas gensets, in particular, are gaining traction due to their lower emissions profile and cost-effectiveness compared to traditional diesel gensets. According to industry analysis, natural gas gensets accounted for over 30% of the Asia Pacific genset market share in 2020 and are expected to witness significant growth in the coming years.

Key Findings of the Study

• The global genset market is expected to reach USD 68,351.10 million by 2030, at a CAGR of 5.64% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market, owing to the presence of emerging nations with growing end use applications and factors such as increasing populations.


• Based on portability, the stationary segment was attributed to holding the largest market in 2023.


• Cummins Inc., Caterpillar, Inc., Aggreko, Generac Holdings Inc., Kohler Co., Atlas Copco, John Deere, MTU Onsite Energy, Wartsila, Yanmar Co. Ltd., Himoinsa S.L., and Kirloskar Electric Company Limited