Europe Genset Market to Touch USD 4211.7 Million by 2028; Growing Popularity of Hybrid Generator Systems to Create Opportunities for Market Growth

Research Nester has released a report titled Europe Genset Devices Market – Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.

Over the past few decades, the demand for electricity has grown significantly, backed by growing population and rapid industrialization. With numerous electronic devices demanding continuous sources of power supply, there is a rising need for uninterrupted power supply systems that can provide backup power during a power outage or where there is no access to grid power systems. Moreover, rising concerns for the environment are also raising the demand for hybrid generator systems which are known to function with lesser noise pollution. Such factors are anticipated to drive the growth of the Europe genset market.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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The Europe genset market is anticipated to grow with a CAGR of 3.7% during the forecast period, i.e., 2021-2028, on the back of factors such as the rising popularity of hybrid generator systems, growing trends for adopting zero or low-emission generator sets and the growing investments for R&D of efficient genset systems. The market is segmented by application into standby backup power, prime/continuous power, and peak shaving power. Among these segments, the standby backup power generator segment is projected to grab the largest market share of 83.37% by the end of 2028, owing to the increasing demand for generator sets for emergency purposes, rising application of standby backup generators in different end-use sectors, followed by the need for generator sets that can run for a longer period in the absence of grid power.

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The Europe genset market is also segmented by genset-type into diesel, natural gas, and others. Among these segments, in the year 2019, the diesel genset segment registered the largest market share of 61.68% on account of the rising demand for diesel gensets from the data centers present in the country, coupled with the high efficiency and low-maintenance cost of diesel generators as compared to other genset types.

However, the stringent emission control norms of the government and the strict regulations of the regulatory bodies for possessing type approval certification for each gensets are some of the factors anticipated to lower the growth of the Europe genset market during the forecast period.

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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Europe Genset Devices Market – Demand Analysis & Opportunity Outlook 2028”, analyses the overall Europe genset industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Europe genset market in the near future.

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