Due to the growing penetration of the internet, the rising adoption of advanced technologies, and the ballooning utilization of technologically innovative systems, there has been a massive rise in the volume of data being generated across the world. Moreover, the increasing utilization of autonomous vehicles, intelligent personal assistants, internet of things (IoT), accounting services, and digital currencies is further bolstering the data generation and consumption rates all over the world. Because of these factors, many private and public firms are increasingly focusing on the development of data centers, which is, in turn, driving the demand for gensets across the world.
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This because the rapid construction of data centers will massively push up the power requirements. In addition to this, the various critical components and systems of the data centers such as HVAC (heating, ventilation, and air conditioning) equipment, backup controls, security systems, and servers require continuous power, which can only be supplied by gensets. Apart from being widely used in data centers, gensets are also used in the utilities sector in several countries. The low power generation and poor grid connectivity in these countries make the adoption of gensets highly essential for preventing power outages and load shedding.
Due to the above-mentioned reasons, the usage of gensets is increasing rapidly throughout the world. As a result, the value of the global genset market is predicted to rise from $17,592.6 million to $27,863.0 million from 2019 to 2030. The market is also predicted to progress at a CAGR of 5.8% from 2020 to 2030. There are mainly three types of gensets used across the world— gas-, gasoline-, and diesel-powered gensets. Amongst these, the usage of the diesel gensets is predicted to be the highest in the future, due to the easier availability of diesel than gasoline and natural gas.
Asia-Pacific (APAC) dominated the genset market during the historical period (2014–2019), as the manufacture sector here is growing, primarily on account of government initiatives, such as Make in India, Made in China 2025, and Making Indonesia 4.0. Further, heavy investments are being provided to develop telecommunications infrastructure, and the demand for backup power is increasing from residential units. Due to its moderately developed power infrastructure, APAC majorly uses generators for auxiliary power.