Global Engines and Gensets Outlook worth $417.31 billion by 2025 | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 17, 2025 /PRNewswire/ -- The global Engines and Gensets Outlook is anticipated to grow from estimated USD 401.95 billion in 2024 to USD 417.31 billion by 2025, at a YoY increase of 3.8%. The engines and gensets outlook highlights that both industries are experiencing significant growth driven by the rising demand for fuel-efficient, low-emission engines and reliable power solutions. Engine, which convert fuel into mechanical energy, play a crucial role in industries such as automotive, marine, aerospace, and power generation, thanks to their durability, scalability, and ability to handle high loads in both small-and large-scale applications. Similarly, gensets are becoming indispensable for ensuring a steady power supply in critical sectors like healthcare, telecommunications, and IT, especially in the face of frequent power outages and frail grid infrastructure. The rapid pace of industrialization and urbanization, including infrastructure projects like buildings, roads, and airports, has further accelerated demand. Moreover, the shift towards renewable energy and hybrid gensets highlights the market's inclination toward cleaner, more efficient solutions, making engines and gensets pivotal in addressing global energy challenges.
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According to the Engines and Gensets Outlook, gasoline-powered engines, by fuel type, are projected to become the second-largest segment in the engine market during the forecast period.
Gasoline is expected to account for the second largest market share by fuel type during the forecast period. According to the U.S. Energy Information Administration (EIA), gasoline consumption in the transportation sector accounted for more than 90 % which fueled more than 270 million vehicles. Continuous advancements in gasoline engine technology, such as turbocharging, direct fuel injection, and variable valve timing, have significantly improved the fuel efficiency of gasoline engines. Gasoline engines are also widely used in light commercial vehicles (LCVs), motorcycles, and recreational vehicles. Gasoline engines account for a substantial portion of the overall engine market and help sustain gasoline's dominant position.
Stand By segment by Application, is expected to be the fastest Generator Market during the forecast period.
Stand By application is anticipated to account for the largest market share during the given forecast period. The demand is viewed especially regarding the availability of backup power in sectors that are most vulnerable, including healthcare and data center, and also in the commercial segment. Power supply fluctuations especially ever registered power supply downturns as well as a increasing demand for uninterrupted power both in the developed as well as the emergent markets have been resulting to this growth due to the ability of businesses to minimize power outage time and aim at having uninterrupted power.
Commercial segment by end-user, is expected to be the fastest Generator Market during forecast period
The commercial part of end users is growing fast for several reasons: assimilation of various industries, increased pressure on efficient and cost-effective business processes, and the subscription-based emerging models. Companies remain committed to acquiring applications and solutions that optimize operational efficiency and interact with consumers. Furthermore, the increasing popularity of the approach based on data analysis is closely connected with the notion of marketing that helps firms adapt their offerings to the customers and enhance their loyalty.
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Power Generation segment by end-user, is expected to be the fastest Engines Market during forecast period
The market for engines by end user is anticipated to be the fastest growing segment in the market during the forecast period owing to the rising demand for reliable and efficient energy sources worldwide. The provision of such backup power solutions is what drives this growth, and it is primarily in areas that experience frequent outages. Furthermore, during the increasing integration of renewable energy, flexible engine systems are needed to accommodate variable power supply. Investments in power generation engines are supported by government initiatives to create energy independence and sustainability. The performance and efficiency of engines used in this segment become better every day, and adoption follows. Asia Pacific is expected to be the fastest region in the Engines Market during the forecast period
The demand for the Engines Market is expected to increase in the Asia pacific region which is primarily due to the rapid industrialization and urbanization, thus resulting in high demand for the energy as well as transportation solutions. Several emerging economies live in this region, such as China and India, where the infrastructure development and the auto production are booming fast. Government initiatives to clean up the environment are also creating deeper pockets for innovative and investment in advanced engine technologies. Having a rising population and urban Centers,5 increases the demand for efficient power generation systems and transportation systems. Additionally, the strong manufacturing sector of the Asia Pacific region is likely to help its production and adoption of various engine types to provide the market with gains.
The report profiles key players such as Caterpillar (US), Cummins Inc. (US), General Electric Company (US), RTX (US), General Motors (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Honeywell International Inc. (US), AB Volvo (Sweden), Scania (Sweden).
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Asia Pacific is expected to be the fastest region in the Generator Market during the forecast period
The major end users sectors such as residential, commercial and industrial sectors including utilities/power generation, oil & gas, chemical & petrochemical, mining & metal, manufacturing, marine construction and others to boost the Generator Market in Asia Pacific region. The microenvironment of the region is expanding thanks to the development of large-scale giants comprising China, India, South Korea, Japan, Indonesia as well as Australia. The Asia-Pacific region has rapidly become one of the world's hotspots in manufacturing activities and growth, touching nearly every industry.
The report profiles key players such Caterpillar (US), Cummins Inc. (US), Rolls-Royce Holdings (UK), Generac (US), Mitsubishi Heavy Industries (Japan), MAN Energy Solutions (Germany) and Briggs & Stratton (US).
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