Global Genset Battery Market to Grow at 4.2% During 2024-2032, Propelled by Escalating Demand for Uninterrupted Power Supply

November 21, 2019 | Chemical & Materials

According to the latest report by IMARC Group, titled “Genset Battery Market Report by Product Type (Lead-Acid Batteries, NiCd Batteries), Distribution Channel (Offline, Online), End-User (Industrial, Commercial, Residential), and Region 2024-2032”, the global genset battery market reached a value of US$ 15.1 Billion in 2023. 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.

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 4.2% during 2024-2032.

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Distribution Channel, End-User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Cummins Inc., EnerSys, Exide Industries Limited, Leoch International Technology Limited Inc, Amara Raja Group, Generac Power Systems, and Kohler Co.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Genset Battery Market to Grow at 4.2% During 2024-2032, Propelled by Escalating Demand for Uninterrupted Power Supply
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