The Latest Genset Industry Statistics Explained
Global genset industry market size was estimated at USD 19.9 billion in 2020.
This statistic indicates that the global genset (generator set) industry had a market size of approximately USD 19.9 billion in 2020. This figure represents the total value of sales and revenue generated by companies involved in the production, distribution, and sale of gensets worldwide during that year. The market size reflects the significant demand for gensets across various sectors such as construction, manufacturing, telecommunications, healthcare, and residential applications. Factors driving the market size may include growing industrialization, increasing frequency of power outages, and the need for reliable backup power sources. The data provides insights into the scale and economic significance of the genset industry on a global level in 2020.
The Genset market is projected to reach USD 27.7 billion by 2026, at a CAGR of 5.4%.
This statistic indicates that the Genset (generator set) market is forecasted to grow significantly, with a projected value of USD 27.7 billion by the year 2026. The Compound Annual Growth Rate (CAGR) of 5.4% suggests a steady annual growth rate in the market over the specified period. This growth can be attributed to various factors such as increasing demand for reliable power sources in both developed and developing countries, growth in industrial and construction sectors, and the need for backup power solutions during emergencies. The projection implies a potential opportunity for market players in the Genset industry, signaling a positive outlook for the market in the coming years.
In 2021, Europe held a significant market share of about 30.5% in the global genset market.
The statistic ‘In 2021, Europe held a significant market share of about 30.5% in the global genset market’ indicates that Europe accounted for approximately 30.5% of all genset sales worldwide in that year. This suggests that Europe plays a prominent role in the global genset market, with a considerable portion of the total market demand originating from the region. The high market share reflects the strong presence and demand for gensets in Europe, pointing to factors such as industrial growth, infrastructure development, and energy reliability concerns driving the use of gensets in the region. The statistic underscores Europe’s importance as a key market for gensets and highlights the region as a significant player in the global genset industry.
Diesel genset industry size is set to cross $30 billion by 2026.
This statistic indicates that the total market size of the diesel genset industry is projected to exceed $30 billion by the year 2026. This suggests a significant growth trajectory in the demand for diesel gensets, which are backup power sources that use diesel engines to generate electricity. The forecasted increase in industry size likely stems from various factors such as industrial expansion, urbanization, infrastructure development, and an increased need for reliable power supply in both developed and developing regions. This statistic indicates a positive outlook for the diesel genset industry, showcasing potential opportunities for market players and stakeholders in the coming years.
In 2020, the North America genset industry accounted for over 15% of global revenue.
In 2020, the North America genset (generator set) industry held a significant market share by contributing over 15% of the total revenue generated globally within the industry. This statistic suggests that North America played a substantial role in the genset market in terms of sales and revenue generation compared to other regions worldwide. The high percentage indicates a strong presence and likely signifies robust demand for generator sets in North America, reflecting factors such as industrial growth, infrastructure development, and emergency power needs in the region. This statistic highlights the importance of the North American market within the global genset industry landscape in 2020.
Portable gensets market size exceeded USD 2.5 billion in 2020 and is anticipated to grow at a CAGR of over 6.5% between 2021 and 2027.
This statistic indicates that the market size of portable gensets, which are portable generator sets used for generating electricity, was valued at over $2.5 billion in 2020. Furthermore, it is projected that the market is expected to experience steady growth with a compound annual growth rate (CAGR) exceeding 6.5% between 2021 and 2027. This suggests that the demand for portable gensets is on the rise, likely driven by factors such as increasing power outages, growing construction and infrastructure development projects, and the need for reliable backup power sources in various industries. This expected growth in the portable gensets market signifies opportunities for industry players to expand their market share and capitalize on the growing demand for portable power solutions.
The 70 kVA-150 kVA gensets industry is expected to gain over 6% by 2027.
This statistic indicates a projected growth rate for the 70 kVA-150 kVA gensets industry over the period leading up to 2027. Specifically, the industry is forecasted to experience a gain of over 6% during this time frame. This suggests that there is expected growth and expansion within the market for generators within the specified power range. Factors contributing to this growth could include increasing demand for reliable backup power solutions, advancements in technology leading to more efficient and cost-effective generators, as well as potential shifts or developments in industries that rely heavily on such equipment. Overall, this statistic provides insight into the anticipated trajectory of the 70 kVA-150 kVA gensets industry in the coming years.
The Asian genset market is expected to grow at a CAGR of more than 3.5% during the 2020-2025 forecast period.
The statement indicates that the Asian genset market is projected to experience a Compound Annual Growth Rate (CAGR) exceeding 3.5% over the period spanning 2020 to 2025. This suggests a consistent and healthy rate of growth in the market for generators, often used as backup power sources, across various Asian countries. The CAGR provides a measure of the average annual growth rate of the market during the specified period, indicating a positive trend towards increased market demand and adoption of gensets in the region. This statistic can be beneficial for businesses, policymakers, and investors to understand the market dynamics, plan strategies, and make informed decisions considering the expected growth trajectory in the Asian genset market.
The Middle East & Africa genset market was valued at USD 1.48 billion in 2019 and is expected to reach USD 1.75 billion by 2025.
The statistic provided indicates that the market for generators (gensets) in the Middle East & Africa region was valued at USD 1.48 billion in 2019 and is projected to grow to USD 1.75 billion by 2025. This implies a forecasted increase in market size over the six-year period. The growth in the genset market can be attributed to factors such as increasing demand for reliable backup power solutions, infrastructure development, and industrial growth in the region. The projected growth suggests opportunities for industry players and reflects the importance of generators in ensuring uninterrupted power supply in the region.
The Indian genset market is projected to reach a market size of $2.1 billion by the end of 2026.
The statistic states that the Indian genset (generator set) market is anticipated to grow to a market size of $2.1 billion by the conclusion of 2026. This projection suggests significant growth in the demand for gensets in India over the coming years. Gensets are backup power systems that are crucial for many industries, businesses, and households in India, especially in areas where power outages are common. The increasing need for reliable electricity supply, coupled with factors like urbanization, industrialization, and escalating energy consumption, are likely driving the market expansion. The projected market size serves as an indicator of the expected economic importance and growth potential of the genset industry in India.
Gas genset market size is predicted to surpass USD 9 billion by 2026.
The statistic “Gas genset market size is predicted to surpass USD 9 billion by 2026” indicates the projected value of the global market for gas gensets, which are backup power generators fueled by natural gas. This forecast suggests a significant growth trajectory for the gas genset market, with an estimated value exceeding $9 billion by the year 2026. Factors contributing to this anticipated growth may include the increasing demand for reliable and clean energy solutions, technological advancements in gas genset technology, and a growing focus on sustainable energy practices. This statistic serves as a key metric for industry stakeholders, investors, and policymakers to assess the market’s potential and plan accordingly for future developments in the gas genset sector.
Between 2020 and 2026, the genset market in China aims to witness around 6% growth.
The statement “Between 2020 and 2026, the genset market in China aims to witness around 6% growth” indicates that industry analysts or experts anticipate a positive trend in the Chinese market for generator sets (gensets) over the specified timeframe. The expected 6% growth rate suggests a steady increase in the demand for gensets during this period, driven by factors such as urbanization, industrialization, and infrastructure development in China. This projection may influence business strategies, investment decisions, and market planning for companies operating in the genset industry in China, indicating potential opportunities for growth and expansion in the market.
By 2030, less than 1% of overall genset sales will be for prime power applications in data centers.
This statistic suggests that by the year 2030, the use of diesel generators (gensets) for prime power applications in data centers will significantly decrease, accounting for less than 1% of total genset sales. This trend signifies a shift towards more sustainable and efficient energy solutions in the data center industry, likely driven by increasing pressure to reduce carbon emissions and operational costs. The decreasing reliance on gensets for prime power applications reflects the industry’s transition towards renewable energy sources, energy storage solutions, and improved energy efficiency practices to meet the demands of a more environmentally conscious and technologically advanced future.
Residential application of gensets accounted for over 40% of the global market share in 2019.
The statistic indicates that in 2019, the use of gensets (generator sets) for residential applications, such as powering homes during electricity outages or off-grid living, constituted more than 40% of the total global market share for gensets. This suggests that a significant portion of the genset market was driven by the residential sector, highlighting the importance of these systems in ensuring reliable power supply for households worldwide. Factors contributing to this market dominance in the residential sector could include factors such as increasing frequency of power outages, growing demand for backup power solutions, and improvements in genset technology making them more affordable and efficient for residential use.
The genset industry in Latin America accounted for 6% of global revenue in 2020.
The statistic “The genset industry in Latin America accounted for 6% of global revenue in 2020” indicates the proportional contribution of the Latin American genset (generator set) industry to the total global revenue generated by the genset market in 2020. This figure suggests that Latin America played a notable role in the global genset industry, capturing a sizeable market share. It implies that the region’s demand for gensets, likely driven by various factors such as industrial growth, infrastructure development, or energy needs, had a meaningful impact on the overall performance of the global genset market during the specified period.
Construction applications of gensets is expected to grow at a CAGR of over 7% from 2020 to 2026.
The statistic presents the projected Compound Annual Growth Rate (CAGR) for the construction sector’s use of generators (gensets) over the period from 2020 to 2026. A CAGR of over 7% indicates that the demand for gensets in the construction industry is expected to increase steadily at an average annual growth rate of more than 7% during this period. This growth rate suggests a positive trend in the adoption of generators in the construction sector, likely driven by factors such as expanding construction activities, infrastructure development, and the need for reliable power sources on job sites. Overall, this statistic implies a promising outlook for the gensets market within the construction industry over the specified timeframe.
Industrial gensets market size surpassed USD 5.5 billion in 2019.
This statistic refers to the total value of the market for industrial gensets, which are devices used to generate electricity in industrial settings. In 2019, the market size for industrial gensets exceeded USD 5.5 billion, indicating the total revenue generated from the sale and distribution of these products in that year. This figure reflects the significant demand for industrial gensets within various industries, such as manufacturing, construction, and telecommunications, as businesses seek reliable power backup solutions to ensure uninterrupted operations. The growth in the market size also suggests the increasing reliance on gensets as a critical component of industrial infrastructure to mitigate the risks of power outages and ensure continuity of operations.
The global demand for gensets was approximately 26.9 GW in 2020.
The statistic that the global demand for gensets was approximately 26.9 GW in 2020 indicates the total combined power capacity required for generators across the world in that year. Gensets, short for generator sets, are crucial for providing backup power during emergencies or powering remote locations where access to the electrical grid is limited. The high demand for gensets suggests a significant reliance on such equipment for ensuring continuity of power supply in various industries, infrastructure projects, and regions with unreliable electricity infrastructure. Understanding this statistic helps shed light on the importance of gensets in maintaining critical operations and services worldwide.
Conclusion
Based on the latest statistics and trends in the Genset industry, it is evident that the market is experiencing steady growth with increasing demand for backup power solutions. The data highlights the key players, market segments, and regional distribution that are shaping the industry landscape. These insights provide valuable information for businesses and policymakers to make informed decisions and strategies for the future.
References
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