North America Genset Market to Grow on Account of Growing Construction Industry in the Region; Market to Garner a Revenue of USD 11067.1 Million by 2030
Kenneth Research has released a report titled “North America Genset Market: Demand Analysis & Opportunity Outlook 2030” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, along with the impact of COVID-19 and a detailed discussion on the latest trends and future opportunities that are associated with the growth of the market.
The total construction spending in the United States, according to the statistics by the United States Census Bureau, touched USD 13582 Million in December 2021, up from USD 98770 Million in December 2017.
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The statistics portray the growing construction industry in the United States, along with the surge in the total number of commercial and residential buildings. With this surge in the number of buildings, the need for uninterrupted and reliable power supply source is also growing. As a result, there is a growing need for backup power supply sources in case of a power outage or power fluctuation issue. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
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 estimated to garner a revenue of USD 11067.1 Million by the end of 2030. Additionally, the market in the region generated a revenue of USD 6385.8 Million in the year 2020. The market is segmented by genset type into standby, prime/continuous, and peak shaving. The standby generator segment, out of all the other segments, is anticipated to garner the largest volume of 1888811 units by the end of 2030. Further, the segment is projected to grow with the highest CAGR of 4.8% during the forecast period.
The North America genset market is further segmented by country into the United States, Canada, and Mexico, out of which, the market in the United States is anticipated to generate the largest revenue of USD 8969.9 Million by the end of 2030. Additionally, the market in the country generated a revenue of USD 5236.3 Million in the year 2020 and further grow with a CAGR of 5.6% during the forecast period.
However, the growing stringent regulations to lower carbon footprint emitted from gensets, and the difficulties in operating gensets during extreme weather conditions are some of the major factors predicted to hinder the market growth.
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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “North America Genset Market: Demand Analysis & Opportunity Outlook 2030”, analyses the overall North America 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 North America genset market in the near future.
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