The construction
activities in developed and developing countries, including the U.S.,
Indonesia, China, the U.K., and India, are expected to increase at a rapid pace
because of the swift industrialization in emerging economies, recovering
economy, private and public partnerships, and increasing investments in
commercial and residential infrastructure. Other than this, the construction
industry is also witnessing considerable growth in Gulf Cooperation Council
countries, which ci because of the integration of innovative technologies in
business practices, recovery in oil prices, implementation of fiscal reforms by
governments, and lowering geopolitical uncertainties.
Proper electric supply
at construction sites is a must, which is why, the demand for gensets in
increasing as well. Genset is utilized for referring to portable generators,
which comprise alternator/electric generator and an engine, that provide
energy. These equipment can be used as the main source of power or as a
supplementary source during peak hours. As per a report by P&S
Intelligence, the global genset market
is predicted to reach a value of $22,777.8 million by 2024, increasing from
$17,592.6 million in 2019, advancing at a 5.2% CAGR during the forecast period
(2020–2024).
Get a sample copy of this report at:https://www.psmarketresearch.com/market-analysis/genset-market/report-sample
Among the different applications of gensets, namely residential, commercial, and industrial, their largest demand was generated for the commercial application in the past. This is due to the rising funding for public infrastructure advancements, expanding retail sector, and growing construction of smart cities. Geographically, Asia-Pacific emerged as the largest genset market in the past, which can be attributed to the rapid expansion of the manufacturing sector on account of government initiatives in the region. In addition to this, investments for the development of telecommunications infrastructure are increasing in the region, thereby driving the demand for gensets.
The
key trend in the genset market is the numerous measures being taken by
generator manufacturers to stay ahead of the competition. For instance,
Cummins Inc., Caterpillar Inc., Atlas Copco AB, and Mahindra Powerol
Ltd., and several other companies launched new gensets in 2018 to expand
their portfolio. The new variants feature various improvements from
older-generation products, which reflect the several challenges diesel
as well as gasoline generators face, including strict environmental
norms and competition from not only substitutes, but also other genset
manufacturers. Similarly, several market players have entered into
partnerships to develop and localize production, reduce their capital
expenditure, and provide customized power solutions.
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