Product Code: RP-ID-10352359 |
Published Date: 21 Mar 2025 |
Region: Regional |
Category: Energy & Power |
Report ID: 10352359
Market Overview:
North America Genset Market Segmentation by Genset Type (Standby, Prime/Continuous, Peak Shaving); by Fuel Type (Diesel, Gas, Gasoline Hybrid, and Others); by End-Use Application (Residential, Commercial, Industrial, Healthcare Facilities, and Others); and by Power Capacity (Up to 50kW, 50-150kW, 151-250kW, 251-350kW, 351-450kW, 451-750kW, 751-1000kW, and Above 1000kW)-Demand Analysis & Opportunity Outlook 2020-2030
North America Genset Market Highlights Over 2020 - 2030
The North America genset market is estimated to garner a revenue of USD 11067.1 Million by the end of 2030, up from a revenue of USD 6385.8 Million in the year 2020. By volume, the market is expected to touch 1956731 units by the end of 2030, by growing at a CAGR of 4.7% over the forecast period, i.e., 2021 – 2030. The growth of the market can primarily be attributed to the growing residential and commercial construction sector in countries, such as the United States, Canada, and Mexico, followed by the rising demand for uninterrupted and reliable power supply in the industrial sector. Over the past few years, with the increasing construction spending, and the surge in the number of both residential and commercial buildings, the demand for reliable power sources has also grown significantly. According to the statistics by the United States Census Bureau, the total construction spending in the United States for the month of December, increased from USD 98770 Million in 2017 to USD 13582 Million in 2021. The accelerating demand for uninterrupted power supply along with the rising consumer preference towards emergency backup solutions during a power outage is therefore projected to augment the demand for gensets across residential and commercial applications, and in turn, drive the growth of the market.
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The growth of the North America genset market can further be attributed to the expanding rising consumption of electricity across different end-use industries, and for the growing need for reliable uninterrupted power supply amongst these industries. For the day-to-day operations, the industrial sector is heavily dependent on grid power. However, owing to the increasing concern for power fluctuations, power outages and peak shaving, the need for generators and portable power stations has been on the rise, which is also expected to drive the growth of the market in the coming years.
North America Genset Market Regional Synopsis
By country, the North America genset market is segmented into the United States, Canada, and Mexico. The market in the United States is anticipated to generate the largest revenue of USD 8969.9 Million by the end of 2030, up from a revenue of USD 5236.3 Million in the year 2020, by growing with a CAGR of 5.6% during the forecast period. The growth of the market in the country can primarily be attributed to the increasing electric power consumption as well as the rising concern for power outages. According to the statistics by the United States Energy Information Administration (EIA), the electricity customers in the nation experienced on an average of over 8 hours of electric power interruptions in the year 2020 as compared to over 3 hours of interruptions in the year 2013.
Growth Drivers and Challenges Impacting the Growth of the North America Genset Market
Growth Drivers
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Growing Residential and Commercial Construction Sectors
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Rising Demand for Uninterrupted and Reliable Power Supply Among End-Use Industries
Challenges
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Growing Stringent Regulations to Lower Carbon Footprint Emitted from Gensets
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Difficulties in Operating Gensets During Extreme Weather Conditions
North America Genset Market Segmentation Synopsis
By country, the North America genset market is segmented into the United States, Canada, and Mexico. The market in the United States is anticipated to generate the largest revenue of USD 8969.9 Million by the end of 2030, up from a revenue of USD 5236.3 Million in the year 2020, by growing with a CAGR of 5.6% during the forecast period. The growth of the market in the country can primarily be attributed to the increasing electric power consumption as well as the rising concern for power outages. According to the statistics by the United States Energy Information Administration (EIA), the electricity customers in the nation experienced on an average of over 8 hours of electric power interruptions in the year 2020 as compared to over 3 hours of interruptions in the year 2013.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the North America genset market that are included in our report are 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.
Latest Developments in the North America Genset Market:
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October 7th, 2021: DEUTZ AG announced that it has entered into a strategic partnership with Blue World Technologies, where the former would initially have a distribution license to sell the stationary fuel cell genset of Blue World. Post the due diligence process is finalized, DEUTZ is expected to take a 10% stake in Blue World.
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May 4th, 2020: Caterpillar Inc. announced that it has launched a new line of standby power solutions, known as the Cat GC diesel generator sets. These new gensets which includes wight models with power ratings ranging from 250kW to 600kW, are configured with an optimized mix of common features, and is now available in North America for applications in 60Hz operating environments.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- 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
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