Global Genset Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Genset Market Growth

The total data centre storage capacity is expected to increase from 10.1 zettabytes in 2023 to 21.0 ZB in 2027, recording a 5-year CAGR of 18.5%. The United States of America has emerged as one of the primary markets for data centre colocation, with regions such as Northern California (693 MW), Phoenix (698 MW), Dallas (737 MW), and Northern Virginia (3640) boasting substantial capacity. Many European cities, such as Dublin (227 MW), London (912 MW), and Frankfurt (660 MW) are also major data centre colocation markets. This is expected to increase the demand for reliable and uninterrupted power supply solutions, thereby fuelling the genset market expansion.

Over the forecast period, leading manufacturers are expected to launch HVO-powered gensets due to their relatively higher environmental credibility. While an average diesel genset releases 2.7kg of carbon emissions upon burning 1 litre of fuel, HVO-powered gensets can cut emissions by around 85% and nitrogen oxide emissions by around 30%. As per the genset market analysis, hydrogen-powered gensets are also expected to play a critical role in the energy transition, which is expected to drive the market growth in the upcoming years.

Key Trends and Developments

Global Genset Market Trends

The demand for gensets in North America is expected to rise substantially, driven by the rising incidence of climate-related power outages, which rose by 2x from 2010 levels. As per the Energy Information Administration, an average customer of the US electricity grid lost power for around 8 hours in 2021, which is 2x longer than a decade ago. This is expected to fuel the genset market development in the region, as consumers switch towards portable and powerful solutions for securing their long-term future.

Global Genset Industry Segmentation

Global Genset Market Share

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2024-32, the market for genset in the Asia Pacific is estimated to grow at a CAGR of 6.3% due to the increasing popularity of hydrogen powered gensets and their increasing adoption in residential, commercial, and industrial spaces. As per the genset market analysis, portable gensets are expected to drive the market growth, as people switch towards easy-to-handle power generation solutions.

Leading Companies in the Global Genset Market

Major players are expected to begin manufacturing hydrogen-powered gensets on a large scale, which can boost the genset market value in the upcoming years.

Cummins Inc.

Cummins Inc. was founded in February 1919 and is headquartered in Indiana, United States. It specialises in manufacturing power generation systems, engines, and other electrical power solutions.

Aggreko Ltd.

Aggreko Ltd. was founded in 1962 and is headquartered in Dumbarton, Scotland. It specialises in producing dies...

Discovery Energy, LLC

Discovery Energy, LLC is headquartered in Utah, United States. It is engaged in providing business strategies ...

Generac Power Systems, Inc.

Generac Power Systems, Inc. was founded in 1959 and is headquartered in Wisconsin, United States. It manufactu...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the genset market report are Caterpillar Inc., Deere & Company, Siemens AG, Kirloskar Electric Company Limited, Mitsubishi Heavy Industries, Ltd., and Wärtsilä, among others.