A genset, typically consisting of an engine, generator, control panel, and other auxiliary equipment, is a complete set of mechanical equipment that converts other forms of energy into electrical energy and can be used for power generation and supply. The Genset is a kind of economically efficient and reliable equipment that has been widely used in industrial and agricultural production, national defense, technology, and daily life. It is also commonly used as backup equipment for industrial, power grid, and construction sites in case of power shortage or power outage.

According to our research data, the total market size of the global genset market is expected to reach $37.79 billion in 2023 and is expected to continue to increase to $41.83 billion by 2026. According to the different power sources, gensets can be divided into diesel gensets, natural gas gensets, coal-fired gensets, gasoline gensets, wind gensets, solar gensets, and hydroelectric gensets. Among them, diesel gensets are most widely used due to their advantages such as fast startup, convenient operation and maintenance, low investment, and strong environmental adaptability. In 2023, the estimated share of diesel gensets in the entire genset market is 56.83%, accounting for over half of the market.

Source: www.globalmarketmonitor.com

From a regional perspective, North America is the largest revenue market for the global genset industry. The estimated size of the genset market in this region in 2023 is $12.84 billion, with a market share of 33.97% in the global market; It is expected that Europe will closely follow with a market size of $11.42 billion and a share of 30.22%, becoming the second largest market; China is the third largest revenue market, with an estimated market size of $6.27 billion in 2023, accounting for 16.58% of the global market.

Global Genset Market Size and Share Forecast by Region/Country in 2023

Regions/Countries	Market Size (Billion USD)	Market Share
North America	12.84	33.97%
Europe	11.42	30.22%
China	6.27	16.58%
Japan	3.06	8.09%
India	1.58	4.18%
Middle East & Africa	0.60	1.58%
South America	0.77	2.03%

Source: www.globalmarketmonitor.com

At present, although diesel gensets still dominate the power generation system, with the continuous development of modern industry, the global energy crisis and air pollution problems are becoming increasingly prominent. Traditional fuel energy is decreasing day by day, and normal energy supply cannot be met. It is urgent to vigorously develop and use renewable energy. Solar energy, wind energy, hydropower, and other energy sources are inexhaustible renewable energy sources for human consumption, and have sufficient cleanliness, meeting the requirements of low-carbon, environmental protection, and sustainability. They play an important role in long-term energy strategies. Therefore, in the future development, clean and environmentally friendly power gensets such as wind gensets, hydroelectric power gensets, and solar power gensets will gradually replace outdated gensets fueled by diesel and gasoline, and become the mainstream of the market. This is also an inevitable trend in historical development.