The surging requirement of data centers and the low power production and high grid uncertainties in several countries are the major factors propelling the demand for gensets all over the globe. As a result, the global genset market generated a revenue of $17,592.6 million in 2019 and is predicted to attain a valuation of $22,777.8 million in 2024, advancing at a CAGR of 5.2% between 2020 and 2024. A genset is basically a generator set consisting of an electric generator/alternator and an engine, that is used for producing power.


Gensets are extensively used in residential, industrial, and commercial applications. Out of these, the commercial category registered the highest growth, in terms of revenue, in the genset market in the last few years. This is credited to the huge investments that were made for the development of public infrastructure, high growth in the retail sector, because of high consumer spending, and launch of massive smart city development programs in several countries around the world.


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Geographically, the market is predicted to advance at the highest CAGR in the Middle East and Africa (MEA) region in future, according to the market research firm, P&S Intelligence, on account of the poor grid connectivity in several regional countries. Furthermore, the increasing infrastructural development and construction activities such as those related to the preparation for the 2022 FIFA World Cup in Qatar and the World Expo 2020 in Dubai and rapid industrialization in many MEA countries are bolstering the market growth in the MEA region.



Hence, it can be safely said that the market will exhibit substantial growth all over the world in the upcoming years, primarily because of the rising requirement of consistent and stable power in various industrial and commercial applications, mushrooming development of smart cities and data centers, and the power shortages and poor grid connectivity in several MEA and Asia-Pacific (APAC) nations.