Global Commercial Gensets Market

Commercial Gensets Market Size, Share, Growth Analysis, By Power rating(≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA), By Fuel(Diesel, Gas, Hybrid), By Application(Standby, Peak Shaving, Prime/Continuous), By Region - Industry Forecast 2024-2031

Report ID: SQMIG20D2165 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 78

Commercial Gensets Market Regional Insights

North America currently dominates the global commercial gensets market due to its established industrial infrastructure, stringent regulations concerning power reliability, and a mature market for backup power solutions. High levels of industrialization, a robust data center industry, and a focus on disaster preparedness have contributed to sustained demand for commercial gensets in the region.

However, the Asia Pacific region is experiencing the fastest growth in the commercial gensets market. This growth can be attributed to rapid urbanization, industrial expansion, and increasing commercial activities in emerging economies like India and China. Rising concerns about power stability and a growing need for backup power sources, particularly in remote areas, are driving the adoption of commercial gensets. Additionally, efforts to modernize the power infrastructure and the expansion of critical industries are fueling market expansion in this region.

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Commercial Gensets Market size was valued at USD 14.71 billion in 2022 and is poised to grow from USD 15.66 billion in 2023 to USD 25.86 billion by 2031, growing at a CAGR of 6.47% during the forecast period (2024-2031).

The competitive landscape in the commercial gensets market is characterized by intense rivalry among a range of manufacturers and suppliers. Companies in this industry are continually striving to differentiate themselves through product innovation, reliability, and eco-friendly solutions. 'Cummins (US)', 'Kirloskar (India)', 'Caterpillar (US)', 'Trane (US)', 'Yamaha Motor Co. (Japan)', 'Atlas Copco (Sweden)', 'J C Bamford Excavators Ltd. (UK)', 'MAHINDRA POWEROL (India)', 'Deere & Company (US)', 'ASHOK LEYLAND (India)', 'MITSUBISHI HEAVY INDUSTRIES (Japan)', 'Siemens AG (Germany)', 'Supernova Genset (India)', 'Kohler (US)', 'Sudhir Group (India)', 'Aggreko (UK)', 'Huu Toan (Vietnam)', 'Rolls-Royce (UK)', 'Powerica Limited (India)', 'HIMOINSA (Spain)', 'Wärtsilä (Finland)', 'Honda Motor Co. (Japan)'

The increasing demand for data centers is a significant driver in the commercial gensets market. Data centers require uninterrupted power supply to maintain their critical operations. As data usage continues to surge due to digitalization and cloud computing, the need for reliable backup power sources, such as commercial gensets, has grown substantially, driving market growth.

Transition to Sustainable and Alternative Energy Sources : As environmental concerns continue to grow, businesses and industries are exploring cleaner and greener power generation options, such as solar, wind, and battery storage systems. This trend is influencing genset manufacturers to innovate and integrate hybrid and renewable energy solutions into their products, offering customers more eco-friendly and efficient power generation alternatives. As a result, the market is witnessing a transformation towards more sustainable and environmentally responsible power backup solutions.

North America currently dominates the commercial gensets market due to its established industrial infrastructure, stringent regulations concerning power reliability, and a mature market for backup power solutions. High levels of industrialization, a robust data center industry, and a focus on disaster preparedness have contributed to sustained demand for commercial gensets in the region.

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Global Commercial Gensets Market

Report ID: SQMIG20D2165

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