North America Genset Market to Garner a Revenue of USD 11067.1 Million by 2030; Market to Grow on the Back of Rising Concern for Power Outages in the Region
Kenneth Research published a report titled “North America Genset Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the North America genset market in terms of market segmentation by genset type, fuel type, end-use application, power capacity, and by country.
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 North America genset market is anticipated to grow with a CAGR of 4.7% (by volume) during the forecast period, i.e., 2021-2030. The market is segmented by genset type into standby, prime/continuous, and peak shaving, out of which, the standby generator segment is anticipated to garner the largest volume of 1888811 units by the end of 2030. Moreover, the segment is expected to grow with the highest CAGR of 4.8% during the forecast period.
The North America genset market is estimated to garner a revenue of USD 11067.1 Million by the end of 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 6385.8 Million. Increasing concern for power outages, along with the increasing power fluctuations in the region are some of the major factors anticipated to drive the market growth. In addition to this, the rising adoption of gensets by industries to avoid peak shaving is also expected to create numerous opportunities for market growth in the coming years.
By country, the North America genset market is segmented into the United States, Canada, and Mexico. Out of these, the market in the United States is anticipated to generate the largest revenue of USD 8969.9 Million by the end of 2030. Moreover, in the year 2020, the market in the country generated a revenue of USD 5236.3 Million. Further, the market in the nation is also expected to grow with a CAGR of 5.6% during the forecast period.
Increasing Residential and Commercial Construction to Create Opportunities for Market Growth
The United States Census Bureau, in one of its statistics, stated that in the United States, the total construction spending increased from USD 98770 Million in December 2017 to USD 13582 Million in December 2021.
Backed by the increasing spending in the construction of residential and commercial infrastructures in the region, and the increasing number of these buildings, the need for uninterrupted and reliable power supply in these infrastructures is also increasing. As a result, there is a surge in demand for gensets, which is anticipated to drive the growth of the market in the coming years.
However, the growing stringent regulations to lower carbon footprint emitted from gensets, and the difficulties in operating gensets during extreme weather conditions are expected to operate as key restraint to the growth of North America genset market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the North America genset market which includes company profiling of Cummins Inc., AKSA POWER GENERATION, DEUTZ AG, Caterpillar Inc., Briggs & Stratton, Generac Power Systems, Inc., Rolls-Royce plc, Kohler Co., MITSUBISHI HEAVY INDUSTRIES, LTD., Taylor Power Systems, Inc, Gillette Generators, and others. 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 North America 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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