USD 100 billion
Gasoline Gensets Market Size, Share, Growth Analysis, By Power rating(Less than 2KVA, 2-3.5 KVA, 3.5-5KVA, 5-6.5 KVA), By End-user(Residential, Commercial, and Construction), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10E2023 |
Region:
Global |
Published Date: July, 2024
Pages:
178
|Tables:
90
|Figures:
71
Gasoline Gensets Market Insights
Global Gasoline Gensets Market size was valued at USD 100 billion in 2022 and is poised to grow from USD 112 billion in 2023 to USD 277.31 billion by 2031, growing at a CAGR of 12% during the forecast period (2024-2031).
The gasoline gensets market is showing promising signs of growth, driven by factors such as increasing demand for reliable backup power sources, especially in regions prone to power outages. These gensets have found applications across various industries, including commercial, residential, and industrial sectors, where uninterrupted power supply is critical.
Additionally, the growing construction and infrastructure development projects in emerging economies are contributing to the market's expansion, as they often require portable and dependable power sources.
Environmental concerns have led to increased attention on cleaner and more efficient genset technologies, although gasoline gensets continue to be a popular choice for their ease of use and widespread availability of fuel. As businesses and households alike prioritize power reliability, the gasoline gensets market is poised for continued growth in the coming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
12% CAGR
Gasoline Gensets Market ($ Bn)
Country Share for North America Region (%)
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Gasoline Gensets Market Segmental Analysis
Gasoline gensets market is segmented on the basis of power rating, end-user, and region. Based on power rating, the market is segmented into Less than 2KVA, 2-3.5 KVA, 3.5-5KVA, 5-6.5 KVA, 6.5-8 KVA, and 8-15 KVA. Based on end-user, the market is segmented into residential, commercial, construction. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Power rating
In the gasoline gensets market, the power rating segment of 2 kW –3.5 kW has established dominance. This is primarily due to its versatility, catering to a wide range of applications such as residential backup power, small businesses, and outdoor events. It strikes a balance between affordability and performance, making it a popular choice for a diverse customer base.
However, the 6.5 kW - 8 kW power rating segment is the fastest-growing in the gasoline gensets market. This growth can be attributed to the increasing demand for slightly higher power capacities, particularly in regions with unreliable grid infrastructure. This segment meets the needs of businesses requiring more substantial backup power while remaining cost-effective and easily portable. Additionally, it aligns with the trend towards greater energy self-reliance, especially in remote or off-grid locations.
Analysis by End-user
Residential segment is currently dominating the gasoline gensets market. This is primarily due to the increasing need for reliable backup power in homes, especially in regions prone to frequent power outages. Residential users value the convenience and peace of mind that gasoline gensets offer in maintaining essential electrical appliances and systems during disruptions.
Moreover, the construction segment is the fastest-growing in the gasoline gensets market. The growth can be attributed to the expanding construction and infrastructure development activities worldwide. Gasoline gensets are essential on construction sites where a temporary power source is required to operate tools and equipment. Additionally, these gensets are chosen for their portability, ease of use, and the ability to provide power in remote or off-grid construction locations. The construction industry's ongoing expansion is driving the rapid growth of this segment.
Gasoline Gensets Market by End-user
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Gasoline Gensets Market Regional Insights
North America is currently dominating the gasoline gensets market. This dominance is primarily driven by the widespread adoption of backup power solutions, particularly in the United States and Canada. The reliability of gasoline gensets during extreme weather events, coupled with the need for continuous power in residential, commercial, and industrial settings, has fueled their prominence in the region.
However, the Asia Pacific region is experiencing the fastest growth in the gasoline gensets market. This growth is attributed to the increasing industrialization, urbanization, and infrastructure development across countries like India, China, and Southeast Asian nations. As these regions face challenges related to grid reliability and power shortages, gasoline gensets are in high demand for both residential and commercial applications. Moreover, Asia Pacific's growing awareness of the need for reliable power sources is contributing to the rapid expansion of the market in this region.
Gasoline Gensets Market by Geography
- Largest
- Fastest
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Gasoline Gensets Market Dynamics
Drivers
Increasing Power Outages Drive Demand
- One major driver in the gasoline gensets market is the increasing frequency and duration of power outages worldwide. Factors such as extreme weather events, aging grid infrastructure, and the need for uninterrupted power supply in critical applications like healthcare and data centers are compelling businesses and households to invest in gasoline gensets as reliable backup power sources.
Restraints
Environmental Concerns and Emissions Regulations
- A significant restraint in the gasoline gensets market is the growing environmental awareness and stricter emissions regulations. Gasoline gensets emit pollutants and greenhouse gasses, which contribute to air pollution and climate change. As governments and environmental agencies impose tighter emissions standards, manufacturers are challenged to develop cleaner and more fuel-efficient technologies, which can increase costs and limit certain applications for gasoline gensets.
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Gasoline Gensets Market Competitive Landscape
The competitive landscape of the gasoline gensets market is characterized by intense rivalry among key players vying for market share. Companies are focusing on innovation to develop more efficient and environmentally friendly genset solutions.
Additionally, partnerships and strategic collaborations with suppliers, distributors, and service providers are common strategies to expand market reach and enhance customer support. The market also sees new entrants offering niche products and services to cater to specific end-user needs.
Customer-centric approaches, such as offering comprehensive maintenance and after-sales services, play a pivotal role in maintaining a competitive edge. With the market's continued growth potential, competition is expected to remain robust in the foreseeable future.
Top Player’s Company Profiles
- Kirloskar (India)
- Cummins (US)
- Briggs & Stratton (US)
- Kohler Co. (US)
- Generac Power Systems (US)
- Caterpillar (US)
- Atlas Copco AB (Sweden)
- Honda Motor Co. (Japan)
- Champion Power Equipment (US)
- Deere & Company (US)
- Wacker Neuson SE (Germany)
- Yamaha Motor Co. (Japan)
- DuroMax Power Equipment (US)
- JET POWER (China)
- Honeywell International (US)
Recent Developments
- In August 2022, Cummins Inc. partnered with Gruel, a manufacturer of generators with over 45 years of experience in the power market. The partnership allowed the strategic growth of both companies and the installation of a new range of generator products with small power ratings. The partnership augmented the revenues of both companies and propelled their growth in the gasoline gensets market.
- In June 2022, Kirloskar launched the new i-green series generators. This 2.0 series is equipped with the R550 series engines, which are fuel efficient and equipped with high-power quality. The products offer key benefits including remote monitoring and self-diagnostics. These new products strengthened the company's growth and its market presence worldwide.
Gasoline Gensets Key Market Trends
- Decentralized Energy Generation: One major key market trend is the shift towards decentralized energy generation. Increasingly, businesses and homeowners are adopting gasoline gensets and other distributed energy resources to reduce their reliance on centralized grids and ensure reliable power supply. This trend is driven by the desire for energy independence, greater resilience against grid failures, and the availability of advanced genset technologies that offer efficient, cleaner, and quieter power generation solutions. As the world embraces decentralized energy, gasoline gensets are playing a crucial role in this evolving energy landscape.
Gasoline Gensets Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global gasoline gensets market analysis, the market has witnessed steady growth in recent years, driven by factors such as rising power outages, increasing construction and infrastructure development, and the need for reliable backup power across residential, commercial, and industrial sectors.
North America and Asia Pacific have emerged as dominant regions due to their high demand for gasoline gensets, with North America leading in market share.
Moreover, the residential and construction segments have remained pivotal end-users, underpinning market stability. However, environmental concerns and emissions regulations present challenges to manufacturers, necessitating a shift towards cleaner and more fuel-efficient genset technologies.
Looking ahead, the gasoline gensets market is poised for continued expansion, driven by the ongoing urbanization, industrialization, and infrastructure projects in emerging economies. The Asia Pacific region, in particular, is expected to witness robust growth as it grapples with grid reliability issues.
Furthermore, technological advancements will play a pivotal role, with manufacturers focusing on eco-friendly and quieter genset solutions to meet evolving customer demands and regulatory standards. The market's trajectory also depends on its adaptability to renewable energy integration and the potential for hybrid and smart genset systems. Overall, the gasoline gensets market is set for sustained growth, characterized by innovation and increased global adoption.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 100 billion |
| Market size value in 2031 | USD 277.31 billion |
| Growth Rate | 12% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Gasoline Gensets Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Gasoline Gensets Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Gasoline Gensets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Gasoline Gensets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gasoline Gensets Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Gasoline Gensets Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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