The genset market is witnessing growth as a result of the increasing number of data centers and low production of power and widespread grid uncertainties around the world. As a result, the revenue garnered by generator manufacturers is expected to increase from $17,592.6 million in 2019 to $27,863.0 million by 2030, at a 5.8% CAGR during the forecast period (2020–2030). A genset is a combination of an internal combustion engine (ICE), alternator, and numerous accessories and controls.
The categories under the power rating segment are 5 kilovolt-Amperes (kVA)–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA. Among these, the 76 kVA–375 kVA category held the largest share in the genset market in 2019, in terms of value. This is attributed to the wide usage of generators with this power rating range in commercial offices, small industrial complexes, hotels, and telecom towers. Moreover, the increasing construction activities and infrastructure spending are driving the demand for these generators around the world.