Gasoline Gensets Global Market Size, Share, Growth, By Type, By Application, By Power Rating, By End User, Regional Insights and Forecast, 2024-2033 | Cummins Inc., Caterpillar Inc., Siemens AG, WEN Products, Winco Inc.

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Overview and Scope
A gasoline genset is a portable electric generator that burns gasoline to run and generate electricity. It is used for providing power to homes or commercial places where power outages are regular. The machine converts chemical energy into mechanical energy.

Sizing and Forecast
The gasoline gensets market size has grown strongly in recent years. It will grow from $3.51 billion in 2023 to $3.77 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to power outages and grid reliability, industrial growth, residential applications, government regulations, fuel availability and price.

The gasoline gensets market size is expected to see strong growth in the next few years. It will grow to $4.84 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to rising energy demand, transition to renewable energy, urbanization trends, regulatory landscape, climate change and natural disasters. Major trends in the forecast period include advancements in engine technology, environmental sustainability, rising use in residential settings, innovations in fuel efficiency, integration of digital solutions.

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Segmentation & Regional Insights
The gasoline gensets market covered in this report is segmented –
1) By Type: Portable, Stationary
2) By Power Rating: <2KVA, 2KVA – 3.5 KVA, 3.5KVA – 5KVA, 5KVA – 6.5KVA, 6.5KVA – 8KVA, 8KVA – 15KVA
3) By Phase: Single phase, Three phase
4) By End user: Residential, Commercial, Construction

Asia-Pacific was the largest region in the gasoline gensets market in 2023. Asia-Pacific is expected to be the fastest-growing region in the gasoline gensets market report during the forecast period. The regions covered in the gasoline gensets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The growing demand for power supplies is expected to propel the growth of the gasoline gensets market going forward. The power supply is the amount of power that a battery or fuel source can supply to power a device. Gensets are utilized as backup power sources from construction sites to houses, generating electricity to power equipment such as domestic appliances and construction equipment. It helps to manage the power demand more economically. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the worldwide electricity demand will grow 3% per year from 2023–2025 as compared to the 2022 growth rate. Furthermore, according to Our World in Data, a scientific online publication for data, electricity demand in the United States was 4,090.5 TWh in 2020, which has now increased to 4,191.5 TWh in 2021. Therefore, the growing demand for power supply is driving the growth of the gasoline gensets market.

Key Industry Players
Major companies operating in the gasoline genset market are developing advanced solutions such as power generation solutions to produce electrical energy. A power generation solution refers to a comprehensive system or set of technologies designed to produce electrical energy efficiently and reliably. For instance, in June 2022, Kirloskar Oil Engines, an India-based manufacturer of generator sets launched the iGreen 2.0 genset, a new iteration of its fuel-efficient power generators, featuring the R550 series of engines for compactness, fuel efficiency, and high-power quality. The updated version boasts enhanced product life, and a compact design, and incorporates in-built features such as remote monitoring and self-diagnostics, providing improved functionality and ease of use.

The gasoline gensets market report table of contents includes:
1. Executive Summary