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 5.5% during the forecast period 2023 to 2030

Market Research Future (MRFR) has published on the “Global Genset Market”.

The global genset market is estimated to register a CAGR of 5.5% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global genset market — Cummins Inc., Atlas Copco Holdings Ltd., John Deere, Wartsila, Caterpillar Inc., Aggreko Ltd., Generac Holdings Inc., Kohler Co., Kirloskar Electric Company, Yanmar Co. Ltd., Greaves Cotton Limited and others.

Genset Market Highlights

The global genset market is accounted for to register a CAGR of 6.0 % during the forecast period and is estimated to reach USD 34,357.3 million by 2030.

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.

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 2022 with a market share of ~80% revenue 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 was expected to hold the largest market share in 2022.

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 2022.

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 2022.

Based on application, the global genset market has been segmented into standby, peak shaving, and continuous. The continuous segment was expected to hold the largest market share in 2022.

Regional Analysis

The global genset market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America consists of US, Mexico and Canada. The Europe market comprises of UK, Norway, Italy, Denmark, and the rest of Europe. The global genset market in Asia-Pacific has been segmented into China, India, Australia, Indonesia, and the rest of Asia-Pacific. The Middle East & Africa market comprises of Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. While the South America market consists of Brazil, Argentina, and rest of South America.

The North America region’s increasing need for a consistent and dependable power supply and the increased number of power outages boost the market growth. Additionally, the rapid construction of hotels, corporate buildings, and residential buildings increases the need for power backup solutions, increasing the need for genset. The market has expanded due to the impressive technological developments in genset technologies. The main drivers of the expansion of the genset market in North America are the country's fast industrialization and the expanding need for an uninterrupted power supply.

The market for genset in Europe is anticipated to be driven by elements such as a consistent and dependable power supply, backup power during power outages, and the extended time needed to build up the transmission and distribution infrastructure. However, it is anticipated that the market will be constrained by the greater price of electricity generated by genset compared to the utility grid. Due to the use of multiple resources, decreased cost, and less reliance on a single fuel, the industry may benefit from the expanding popularity of hybrid genset and the rising reliability of the hybrid system.

The market for genset in Asia-Pacific is being driven by elements such as the rising demand for electricity, the unreliable grid infrastructure, the desire for solutions for emergency backup power, and the necessity for a consistent power supply. However, the market's expansion is constrained by high installation and maintenance costs and consumer preference for environmentally friendly alternatives (solar, fuel cells, etc.).

Key Findings of the Study

• The global genset market is expected to reach USD 34,357.3 million by 2030, at a CAGR of 5.5% 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 2022, with an approximate market share of 80%.


• Cummins Inc., Atlas Copco Holdings Ltd., John Deere, Wartsila, Caterpillar Inc., Aggreko Ltd., Generac Holdings Inc., are the key market players.