Gasoline Gensets Global Market Report 2024

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 observed in the historical period can be attributed to factors such as power outages and concerns about grid reliability, industrial expansion, applications in residential settings, government regulations, as well as considerations related to fuel availability and pricing.

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 anticipated growth in the forecast period can be attributed to factors such as the increasing demand for energy, a shift towards renewable energy sources, ongoing urbanization trends, regulatory developments, concerns related to climate change, and the impact of natural disasters. Major trends expected in the forecast period include advancements in engine technology, a focus on environmental sustainability, a growing use of gasoline gensets in residential settings, innovations aimed at improving fuel efficiency, and the integration of digital solutions in the generator technology.

The anticipated surge in the demand for power supplies is set to drive the growth of the gasoline gensets market in the future. Power supply refers to the quantity of power that a battery or fuel source can provide to operate a device. Gensets serve as backup power sources, widely employed from construction sites to residences, generating electricity to power various devices, including domestic appliances and construction equipment. This aids in efficiently managing power demand. According to the International Energy Agency, global electricity demand is projected to increase by 3% per year from 2023 to 2025 compared to the 2022 growth rate. Moreover, electricity demand in the United States, as per Our World in Data, rose from 4,090.5 TWh in 2020 to 4,191.5 TWh in 2021. Hence, the escalating demand for power supply is propelling the growth of the gasoline gensets market.

The expansion in the construction industry is expected to drive the growth of the gasoline genset market in the foreseeable future. The construction industry involves planning, designing, execution, and completion of building projects, infrastructure development, and related activities. Gasoline gensets find widespread use in construction for on-site power generation, providing a portable and efficient source of electricity to operate tools, equipment, and temporary structures. According to Rethinking The Future, the Canadian construction industry is anticipated to grow at an 8.5% compound annual growth rate (CAGR) by 2024, reaching a value of $354.9 billion (USD). Furthermore, a report by Oxford Economics in October 2021 projected global construction output to increase by 42%, or $4.5 trillion, from $10.7 trillion in 2020 to reach $15.2 trillion between 2020 and 2030. Hence, the growth in the construction industry is propelling the gasoline genset market.

Product innovations emerge as a prominent trend gaining momentum in the gasoline gensets market. Key players in the market are dedicated to developing innovative solutions to solidify their market positions. For instance, in July 2022, Cummins Inc launched the C1250D6E and C1500D6E gensets as part of its Centum Series generators. These generators, powered by the Cummins QSK38 engine, feature high-efficiency engines in a smaller footprint to precisely meet customers' power needs. The Centum Series generators offer maximum flexibility, marking a substantial shift in Cummins' approach to power system design.

Major companies in the gasoline genset market are actively developing advanced solutions, including power generation solutions designed to produce electrical energy efficiently and reliably. In June 2022, Kirloskar Oil Engines launched the iGreen 2.0 genset, an upgraded version of its fuel-efficient power generators. Featuring the R550 series of engines, the iGreen 2.0 offers enhanced product life, a compact design, and in-built features such as remote monitoring and self-diagnostics, enhancing functionality and ease of use.

In July 2022, Sterling Generators Pvt Ltd partnered with Moteurs Baudouin, accelerating the growth of both companies in the auxiliary power product portfolio. Moteurs Baudouin is a France-based manufacturer of power-generation diesel and gas engines.

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.

Asia-Pacific was the largest region in the gasoline gensets market in 2023. Asia-Pacific is expected to be the fastest-growing region in the gasoline gensets market report during the forecast period. The regions covered in the gasoline gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gasoline gensets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of gasoline gensets include portable and stationary models. Portable generators generate electricity by utilizing gasoline, gas, or other fuels to power an engine or appliance. Power ratings for these generators typically range from < 2kVA, 2kVA - 3.5kVA, 3.5kVA - 5kVA, 5kVA - 6.5kVA, 6.5kVA - 8kVA, to 8kVA - 15kVA. These power categories can be further divided into single-phase and three-phase systems, catering to residential, commercial, and construction end users.

The gasoline gensets market research report is one of a series of new reports that provides gasoline gensets market statistics, including gasoline gensets industry global market size, regional shares, competitors with gasoline gensets market share, detailed gasoline gensets market segments, market trends, and opportunities, and any further data you may need to thrive in the gasoline gensets industry. This gasoline gensets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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