Genset Market Is Anticipated to Grow at a CAGR Of 5.5 % by the End Of The Forecast Period Of 2022.

Genset Market Highlights:-

The rising attention towards the renewable energy power generation is substantially gaining huge investment across the world. Renewable energy systems provide sustainable and low cost power generation, but with a fluctuating power output. So, a hybrid solution can be installed with the renewable energy system, to obtain a continuous power generation from renewable energy systems. Hybrid renewable energy systems mostly utilise diesel generators as power generating unit. These are brought into operations when there is huge fluctuation in power generation through renewable systems. The economic benefit of hybrid renewable energy systems, is higher than that of conventional power plants as they utilizes diesel generators, which supplies excess load and recharges the battery during overcasts. Recently, in May 2017, Aggreko signed a 10 year deal to provide solar-diesel hybrid power to Nevsun in Eritrea. Aggreko, Glasgow-based company will supply 22 MW of diesel and 7.5 MW of solar-generated power for the Nevsun’s copper and zinc operations. Aggreko’s solar-diesel hybrid power package combines cost-effectiveness and green renewable energy with the reliability of diesel-generated power to provide uninterrupted power round the clock.

The global genset market is a very dynamic market and is expected to witness high growth over the forecast period. The increased application of generator sets across various sectors is majorly influenced by the growing demand for uninterrupted & reliable power supply. Also, the increasing number of power outages and power failure in the developing and underdeveloped countries across the world is creating a huge demand for power backup devices, which is catered through generator sets. As per the study conducted by Market Research Future, the global market for generator sets is likely to grow at the CAGR of around 5.5%.

Industry Top Key Players:-

MTU Onsite Energy (Germany), Caterpillar Inc. (U.S.), Himoinsa S.L. (Spain), Mitsubishi Heavy Industries, Ltd. (France), APR Energy (USA), Siemens Ltd. (Germany), General Electric Company (USA), Aggreko plc (U.K), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), Perkins Engines Company Limited (U.K)., Cummins Inc.(U.S.), Kohler Co.(U.S), Kirloskar Group (India), Briggs & Stratton (U.S), Wärtsilä (Finland), AKSA Power Generation (Turkey) and Yanmar Co., Ltd. (Japan). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Genset Market.

Genset Market Segmentation:-

The Genset market has been segmented on the basis of End User as Residential, Commercial and Industrial. On the basis of application the market has been segmented as continuous, stand by and peak shave. On the basis of fuel type the market has been segmented as diesel and gas.

Industry News

In May, 2017 – Caterpillar introduced its all new CAT RP12000 E portable generators in U.S. and Canada. The new generator fills out the top of the series, delivering 12kW of running power and new features to meet the specific needs of the "pro-sumer" – emergency home back-up, DIY enthusiasts and contractors.

In July, 2017 – HIMOINSA opens a new factory for Argentina and southern cone, located in Located in Santa Fe and occupying some 12,000 square metres, the new centre has the capacity to produce 3,000 generator sets of between 8kVA and 1745kVA each year.

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Genset Global Market - Competitive Analysis

The global market for genset seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.

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