Market Analysis
The North America genset market is a thriving sector characterized by robust demand for backup power solutions. With a focus on reliability and sustainability, the market witnesses significant growth owing to factors such as increasing power outages, stringent regulations, and the need for uninterrupted power supply across various industries. Key players in this market segment continually innovate to offer advanced genset solutions catering to diverse applications, including residential, commercial, and industrial sectors. Moreover, the adoption of smart technologies and eco-friendly alternatives propels market expansion, driving investment in cleaner and more efficient genset options. Overall, the North America genset market showcases resilience and adaptability, shaping the future of backup power solutions in the region.
The North America Genset market will reach USD 34,357.3 Million at a favorable 5.5% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Drivers
Demand for Reliable and Uninterrupted Power Supply to Boost Market Growth
The growing need for reliable and uninterrupted power supply will boost market growth over the forecast period. Frequent outages due to natural calamities which can interrupt operations in industries, homes, emergency services, and commercial establishments add market growth.
Opportunities
Growing Use of Gas and Diesel Generators to offer Robust Opportunities
The rising use of gas and diesel generators across different end uses like agriculture, commercial, and industrial will offer robust opportunities for the market over the forecast period.
Additional factors adding market growth include increased lab and field tests, enhanced research and innovation, and product standardization.
Restraints and Challenges
Strict Government Regulations and Maintenance Issues to act as Market Restraint
Strict government regulations and maintenance issues may act as market restraint over the forecast period. Stringent government regulations against harmful emissions especially from diesel generators may impact market growth. Besides, the rising preference for renewable power also impacts market growth. Also, maintenance issues associated with North America Gensets will also impede market growth.
Key Players
- Cummins Inc.
- Atlas Copco Holdings Ltd.
- John Deere
- Wartsila
- Caterpillar Inc.
- Aggreko Ltd.
- Generac Holdings Inc.
- Kohler Co.
- Kirloskar Electric Company
- Yanmar Co. Ltd.
- Greaves Cotton Limited
Market Segmentation
The North America Genset market is bifurcated based on end use, application, fuel type, and power rating.
By power rating, the North America Genset market is segmented into up to 100, 100-350, 350-1000, above 1000.
By fuel type, the North America Genset market is segmented into natural gas, diesel, and propane.
By application, the North America Genset market is segmented into Standby Power, Peak Shaving, Prime/Continuous Power.
By end use, the North America Genset market is segmented into industrial, commercial, and residential.
COVID-19 Analysis
The global COVID-19 outbreak has affected the worldwide economy, with maximum players facing losses on account of the lockdowns. Businesses associated with the supply and production of North America Gensets too is experiencing significant challenges. There has been a sharp fall in the demand for power due to closing of manufacturing facilities across the world. Companies have adopted remote working trends for business continuity at the time of the crisis. Yet the manufacturing companies that did not adopt technology solutions like AI, IoT for manufacturing, robotics, and computer vision and others have suffered severe losses for closure of factories and other government imposed restrictions. Besides, the increasing fuel prices owing to lower crude oil exports are impeding market growth.
Regional Analysis
APAC to Spearhead North America Genset Market
The APAC region will spearhead the market over the forecast period. High demand for power products in China, high economic growth rate in China, increased need for power generation equipment like gas and diesel generators, new policy reforms in India which support the growth of industries, growing need for reliable and steady power supply, growing development in data centers, massive availability of diesel, rising oil and gas activities, a relaxed approach, and lenient government regulations against gas emissions from the diesel generator are adding to the North America Genset market growth in the region.
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