Global Genset Market 2020 To 2023 Analysis By Size, Share, Key Companies With Forecast Research Report
Market Research Future published a Half-Cooked Research Report on “Global Genset Market Study Research Report - Forecast to 2022 ” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Genset Global Market – Overview
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%.
Electricity has become a vital prerequisite for augmenting economic activity and improving quality of life. The growing demand for uninterrupted and reliable power supply has become a necessity in today’s world. So as to support this growing need, a reliable source of power generation is required. Generator sets provide a continuous, prime and standby source of power generation at industrial, commercial and residential level. In the last decade, several technological advancements have helped upgrading generator sets which have improved their fuel efficiency, subsequently their diesel engine technology. Diesel engines have emerged as preferred choice among enterprises owing power backup equipment. The easy availability of diesel generators and their affordable price have fuelled their demand in turn positively impacting the global generator market. Also numerous modifications are made in fuel systems, besides incorporating control and digital monitoring system. These changes have upgraded diesel generators. They now offer higher performance efficiency, which is a key factor boosting the utilization of generator sets globally. However, due to growing pressure on maintaining the ecological balance through reduction of carbon footprint, the gas type generators sales is expected to showcase phenomenal growth during the upcoming decade. 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 genset market is segmented based on end-user into residential, commercial, and industrial segments. The industrial end-user segment is expected to grow at the highest rate. The key driving factor will be favourable government policies for the growth of industries in various countries such as Mexico, China, Brazil, and India. The U.S. has come up with new reforms for emission norms for diesel and gas generators which will affect the growth of the market. Generators with new emission norms will reduce the emission of harmful gases such as CO2, NO2, and others in the environment. This new policy reform is expected to drive the sale of generators in the U.S. market.
Table Of Contents
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
Continued…
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