Global gasoline gensets market is predicted to exceed US $4 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Gasoline gensets are used to fulfill the need of backup power in case of power outages and power requirements at remote locations. The factors making the product usage viable include high portability, simpler operation, power affordability, and fuel availability. As the electrical outages are becoming longer and frequent, the consumers are realizing the significance of backup power and emergency preparedness, thereby encouraging the demand for gasoline gensets around the globe.
Based on the power rating, the 3.5-5kVA segment of gasoline gensets market is anticipated to witness significant growth in the upcoming years, owing to the growing consumer preference for compact power solutions. The operational feasibility of the product along with portability, light weight, and lesser space requirement will further fuel the demand for lower power range gensets.
Considering the end-use spectrum, gasoline gensets market from construction segment is presumed to register 5% growth over the forecast period, based on the inflow of investments for infrastructural development in various developing countries. Southeast Asia is undertaking numerous projects for construction of residential and commercial buildings, thereby contributing towards the regional market growth.
Moreover, the residential end-use segment contributed more than 50% share in gasoline gensets market in 2018. The gensets are deployed as a backup power measure to counter the power supply failures and grid disruptions. The growing awareness regarding emergency power backup solutions along with rising instances of weather based outages will boost the deployment of product, cites the report.
On the basis of phase type, the three-phase gasoline gensets market is expected to grow by 5% over the forecast period, pertaining to the high flexibility and enhanced material efficiency of the product along with the ability to provide constant power supply. The product finds application extensively in industries and commercial establishments.
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Speaking of the regional landscape, the United States gasoline gensets market surpassed 1.5 million units annual shipment in the year 2018 and is presumed to register high deployment over the forecast period, owing to the prolonged blackouts caused by adverse weather conditions and natural disasters. For instance, storms like Hurricane Sandy and Tropical Storm Irene, which resulted in major power outages, have reportedly surged the product demand in recent years. Outdated grid infrastructure is another major factor contributing to the product market growth in the region.
Additionally, Nigerian gasoline gensets market is estimated to exceed US $40 million by the year 2025. This growth can be attributed to the growing population of the region and undersupply of utility grids which is compelling the adoption of gasoline gensets. Other factors driving the market growth are high electricity prices and lack of proper transmission & distribution networks.
The key players of gasoline gensets market profiled in the report comprise of Yamaha Motor, Caterpillar, Generac, Atlas Copco, John Deere, Briggs & Stratton, Firman Power Equipment, Cummins, Wacker Neuson, Kirloskar, Kohler, and Honda, among others.