Press release
Gasoline Gensets Market Recent Development And Future Growth Forecast To 2033
Gasoline Gensets Market
The Business Research Company offers in-depth market insights through Gasoline Gensets Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The gasoline gensets market size has grown strongly in recent years. It will grow from $3.51 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to power outages and grid reliability, industrial growth, residential applications, government regulations, fuel availability and price.
The gasoline gensets market size is expected to see strong growth in the next few years. It will grow to $4.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising energy demand, transition to renewable energy, urbanization trends, regulatory landscape, climate change and natural disasters. Major trends in the forecast period include advancements in engine technology, environmental sustainability, rising use in residential settings, innovations in fuel efficiency, integration of digital solutions.
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Market Segmentation:
The gasoline gensets market covered in this report is segmented -
1) By Type: Portable, Stationary
2) By Phase: Single phase, Three phase
3) By End user: Residential, Commercial, Construction
Major Driver - Growing Demand For Power Supplies Boosts Gasoline Gensets Market
The growing demand for power supplies is expected to propel the growth of the gasoline gensets market going forward. The power supply is the amount of power that a battery or fuel source can supply to power a device. Gensets are utilized as backup power sources from construction sites to houses, generating electricity to power equipment such as domestic appliances and construction equipment. It helps to manage the power demand more economically. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the worldwide electricity demand will grow 3% per year from 2023-2025 as compared to the 2022 growth rate. Furthermore, according to Our World in Data, a scientific online publication for data, electricity demand in the United States was 4,090.5 TWh in 2020, which has now increased to 4,191.5 TWh in 2021. Therefore, the growing demand for power supply is driving the growth of the gasoline gensets market.
Competitive Landscape:
Major companies operating in the gasoline gensets market report are Cummins Inc., Caterpillar Inc., Yamaha Motor Co. Ltd., Siemens AG, Briggs & Stratton Corporation, Wacker Neuson SE, Kohler Co., Generac Holding Inc., Honda Motor Co. Ltd., Atlas Copco AB, Honeywell International Inc., Firman Power Equipment, Stephill Generators, Lifan Power USA, A-iPower Corp., Toyota Kirloskar Motor., Bison Machinery Ltd, The Westinghouse Electric Corporation, AKSA Power Generation, Cooper Corporation, Mitsubishi Heavy Industries Ltd., General Electric Company, Denyo Co. Ltd., Kirloskar Oil Engines Limited, Escorts Limited, Mahindra Powerol Ltd., Champion Power Equipment Inc., Westinghouse Electric Corporation, WEN Products, Duromax Power Equipment, Pulsar Products Inc., All Power America LLC, Subaru Industrial Power Products, Winco Inc., Doosan Portable Power, Ingersoll Rand Inc., Multiquip Inc. .
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Top Trend - Innovation Propels Gasoline Gen-Sets Market
Product innovations are the key trend gaining popularity in the gasoline gen-sets market. Major players operating in the gasoline gen-sets market are focused on developing innovative solutions to gain a position in the market. For instance, in July 2022, Cummins Inc, a US-based corporation that designs, manufactures, and distributes engines, filtration, and power generation products, launched the C1250D6E and C1500D6E gen-sets, a centum series generator. The new Centum Series generators are designed with high-efficiency engines that fit in a smaller footprint to fulfill customers' power needs precisely. Centum Series generators offer the utmost flexibility, marking a substantial change in Cummins' approach to power system design. Both generator sets are powered by the Cummins QSK38 engine, a 12-cylinder vee-configuration diesel with bore and stroke dimensions of 159 x 159 mm and an overall displacement of 37.8 L, with ratings of 1250 and 1500 kW standby and 1136 kW and 1364 kW prime/data center continuous, both at 60 Hz. Cummins QSK38 engines with over 2200 hp are installed in the C1250D6E and C1500D6E, housed in a unique 38 L platform.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gasoline Gensets Market Characteristics
3. Gasoline Gensets Market Trends And Strategies
4. Gasoline Gensets Market - Macro Economic Scenario
5. Gasoline Gensets Market Size And Growth
…..
27. Gasoline Gensets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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