Gasoline Gensets Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033 | Cummins Inc., Caterpillar Inc., Yamaha Motor Co. Ltd., Siemens AG, Briggs & Stratton Corporation, Wacker Neuson SE, Kohler Co., Generac Holding Inc., Honda M

As per the report, 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 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%.

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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.

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 gasoline gensets market covered in this report is segmented -

1) By Type: Portable, Stationary
2) By Power Rating:

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