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A genset is an engine generator set. A generator is a machine that converts the mechanical energy into electrically energy through the usage of fuel. A gasoline generator can be defined as an electrical generator, which runs on gasoline. Gasoline generators are commonly used as an emergency power backup mechanism in residential settings or industrial settings. Gasoline gensets are used a portable source of power supply.
COVID-19 scenario:
The global market for gasoline gensets is severely impacted by the outbreak of the COVID-19 pandemic.
The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns.
Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe,
thereby increasing the supply–demand gap.
Thus, insufficiency in raw material supply is expected to hamper the production rate of gasoline gensets, which negatively impact the market growth.
However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
Generators usually run on gasoline, diesel, water, natural gas, propane, bio-diesel, or hydrogen. Small size generators usually run on gasoline or diesel. Large generators run on either diesel or natural gas.
Gasoline generators are very commonly used and are popular due to their portable and mobile nature. Gasoline gensets are widely used under different settings such as residential settings or outdoor settings where direct supply of energy might not be available and hence, portable supply of energy is needed. Gasoline gensets are also widely used at construction sites.
Gensets running on gasoline are cheaper and have low maintenance cost. Due to the dynamic weather conditions, power or energy supply can be very unstable and can lead to blackouts. To curb this problem, gasoline generators have been adopted to fill the demand and supply gap for power or energy when there is a lack of direct supply. The infrastructural expansion and advancement will account for increase in the demand for gasoline gensets. The cheaper cost and low maintenance cost associated with gasoline gensets are the attributes which make the gensets more prominently wanted in the market.
There is a growing demand for gasoline gensets where the power supply is inconsistent blackouts occur for a long duration of hours. These factors are expected to contribute to the growth of the gasoline gensets market. Outdoor recreational activities such as camping, hiking, fishing, sailing among others find application of gasoline generators owing to their portable power supply and compatible sizes. Gasoline gensets come in several power ratings which are differentiated on the basis of the requirement of portable power. These range from lower power ratings to higher power rating depending on the type of the end user and the sector where it employed at. The residential segment accounts for the majority of the market share owing to the increasing awareness regarding power backups and preparedness for blackouts or power cuts.
However, gasoline gensets initially required high capital investments. In addition, some health and safety concerns are also associated with the gasoline gensets. They are also considered to be dangerous to the environment and said to have a negative impact on the environment. These factors are expected to restraint the market growth of gasoline gensets.
Due to frequent blackouts and power cuts, sensitive power grid systems and increasing consumer awareness, the U.S is expected to witness a strong growth in the gasoline gensets market. Europe is expected to see a substantial growth in the gasoline market owing to the advancement in the infrastructure sector and low prices of fuel. In addition, the increase in the preference of outdoor activities is expected to contribute to the growth in the region. In developing countries like India, China and Indonesia, rapidly increasing population, increase in infrastructure investments and construction activities are expected to contribute to the growth of the gasoline genset market in the region.
Key benefits of the report:
Key Market Segments
Key Market Players