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Europe Genset Market to Grow with a CAGR of 3.7% During 2021-2028; Market to Witness Growth on Account of Rising Demand for Uninterrupted Power Supply

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Research Nester released a report titled Europe Genset Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Europe genset market in terms of market segmentation by genset-type, application, power rating, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The Europe genset market is segmented by genset-type into diesel, natural gas, and others, out of which, the diesel genset segment registered the largest market share of 61.68% in the year 2019. The growth of the segment can be attributed to the high efficiency and low-maintenance cost of diesel generators as compared to other genset types, and the rising demand for diesel gensets from the data centers present in the country.

The Europe genset market is anticipated to grow with a CAGR of 3.7% during the forecast period, i.e., 2021-2028. Rising trends pertaining to the adoption of zero or low-emission gensets in Europe, followed by the growing popularity of hybrid genset systems and the increasing investments for research & development for the development of efficient genset systems are some of the factors anticipated to contribute to the market growth during the forecast period.

Growing Demand for Electricity and Rising Need for Uninterrupted Power Supply Systems

Growing population and rapid industrialization are some of the major factors that are contributing to the rising demand for electricity. In the recent years, a significant growth in the demand for uninterrupted power supply has been observed across the various end-use sectors, such as construction, commercial, residential and others, which is raising the need for the deployment of generator sets. Generator sets are known to provide backup power where there is no accessibility to grid electricity. It also serves as the source of electricity whenever there is a power outage. Additionally, growing power outages in the region is also one of the significant factors anticipated to drive the market growth in the coming years.

However, the concerns for the stringent regulatory norms to regulate the amount of carbon emissions from gensets, which is also raising several complications amongst the manufacturers of gensets, are some of the factors that can restrain the growth of the market.

This report also provides the existing competitive scenario of some of the key players of the Europe genset market which includes company profiling of Cummins Inc. (NYSE: CMI), AKSA POWER GENERATION (KAZANCI HOLDING), Caterpillar (NYSE: CAT), Briggs & Stratton, LLC, PR INDUSTRIAL srl (Generac Power Systems, Inc.), Mitsubishi Heavy Industries Ltd. (TYO: 7011), Kohler Co., and Doosan Portable Power. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Europe genset market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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