According to the latest report by IMARC Group, titled “Genset Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global genset battery market reached a value of US$ 13.6 Billion in 2021. A genset, also known as a generator set, is equipment that comprises an electrical generator and an engine to generate electrical power. A genset battery, on the other hand, is a compact electronic device that utilizes alternating current mains supply to start the genset during a power outage. The pure lead-tin alloy technology employed in the battery enhances its efficiency in hot as well as in cold weather conditions. These batteries are extremely durable in nature as they can withstand extreme and critical operating conditions such as humidity, vibration and short circuits. As a result, they are gaining widespread preference across numerous industry verticals.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Genset Battery Market Trends:
The market is primarily driven by an increase in the demand for electricity across the globe. Altering climatic conditions and inflating disposable income levels have increased the uptake of heating, ventilation and air conditioning (HVAC) systems. This, coupled with the increasing incidences of power outages, has created a constant requirement for uninterrupted power supply from the residential and commercial sectors, which is providing a boost to the sales of genset batteries. These batteries are also utilized in the industrial sector as a backup during electric outages to avoid loss of inventory, equipment failures and delays in scheduled deliveries. Furthermore, research and development (R&D) are also contributing significantly to the market growth. For instance, Cummins, a power generation and related products manufacturing and distributing company based in the United States, launched a genset that runs on biogas. Owing to its cost-effectiveness, coupled with an overall increased focus on sustainable development, these batteries are gaining widespread preference across the globe. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 5.06% during 2022-2027.
- On the basis of the product type, the market has been bifurcated into lead-acid and nickel-cadmium (NiCd) batteries.
- Based on the distribution channel, the market has been divided into offline and online.
- On the basis of the end user, the market has been categorized into the industrial, commercial and residential sectors.
- On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been analyzed with the detailed profiles of the key players operating in the market. Some of these players include Cummins Inc., EnerSys, Exide Industries Limited, Leoch International Technology Limited Inc, Amara Raja Group, Generac Power Systems, and Kohler Co.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal