Genset Battery Market Size, Share, Growth, and Industry Growth by Type (Lead-Acid Batteries and NiCd Batteries) By Application (Residential, Commercial, and Industrial), Forecast From 2023 To 2030

Updated On: 20 November 2023

GENSET BATTERY MARKET REPORT OVERVIEW

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The global genset battery market is expected to grow from USD 13.560 billion in 2021 to USD 17.560 billion in 2028, exhibiting a CAGR of 4.8 % from 2021-2028. The global COVID-19 pandemic has been unprecedented and staggering, with of genset battery market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

In the event of a power outage, a genset battery provides a generator with the energy needed to start up. The generator creates and supplies power to the associated systems as soon as it is turned on. A pure lead-tin alloy that is strong, corrosion-free, and capable of performing well in all conditions often makes up genset batteries. They provide direct current (DC) to tiny motors and digital control panels in addition to serving as start-up power. Because they can be charged for extended periods of time and require less maintenance throughout the course of their service life, they are highly applicable across a variety of sectors.

The primary drivers of market expansion are the rising need for power in both emerging and developed countries, as well as the frequent incidence of power outages. To address the issues associated with power outages, several nations throughout the world have improved their power producing capacity. The market's expansion is also attributable to the swift industrialization, which has increased demand for batteries with high power density, short recharging times, and extended life. Without taking up much room, genset batteries can also run massive machinery and pieces of equipment like diesel engines at extremely high temperatures. Additionally, the need for an uninterrupted power supply has increased due to expanding urbanization and widespread use of electronic gadgets in both the home and commercial sectors, which has catalysed the genset battery market growth.

COVID-19 Impact: Pandemic-related Disruptions Impacted Market Dynamics

The COVID-19 pandemic has had a detrimental impact on the world economy since several industries' activities have ceased. Companies in the power producing industry are facing a number of difficulties as a result of a drop in electricity consumption following COVID-19. Additionally, sectors including construction, manufacturing, tourism, and events have entirely ceased operations, which had a significant influence on the diesel generator business internationally. To protect personnel, the majority of businesses in the diesel generator supply chain have halted operations. However, other businesses are working at bare minimum capacity to service vital sectors like manufacturing and utilities. Diesel generators are used to generate electricity by several utilities all over the world. The need for new diesel generators has decreased as the need for power has decreased internationally, affecting genset battery market share.

LATEST TRENDS

"Technological Advances to Advance Market Development "

Bi-fuel generators boost standby power system dependability by combining the advantages of gas and diesel generators. In an emergency, they might only run on diesel, but they often run on gas. The power density, torque, and transient responsiveness of the base diesel engine are not affected while the engine is operating in dual-fuel mode, which reduces the quantity of diesel required.  

Bi-fuel technology is being used by several generator manufacturers to get around the tight pollution rules for diesel engines and their expensive operating expenses. Thus, classic diesel generator sets are being replaced with bi-fuel generators. The inverter generator is a contemporary technology that utilises cutting-edge magnets and intricate electrical circuitry. Inverter generators, which provide pure AC power in comparison to traditional generators, are typically employed to power current-sensitive equipment. They are expanding their market share in the genset batteries used in small home generators.

GENSET BATTERY MARKET SEGMENTATION

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• By type

Depending on genset battery given are types: Lead-Acid Batteries and NiCd Batteries. The NiCd Batteries type will capture the maximum market share through 2028.

• By Application

The market is divided in residential, commercial and industrial based on application. The global genset battery market players in cover segment like, commercial and industrial will dominate the market share during 2022-2028.

DRIVING FACTORS

"Demand for Generators in the Construction Sector Provides Opportunities for Market Growth"

The increased demand for these power generation equipment from the building industry is a profitable potential for the genset battery market growth. Construction activity will increase as a result of fast industrialization in emerging countries and economic recovery in industrialized countries. Because of public-private partnerships and substantial investments in residential and commercial infrastructure, China, India, Indonesia, the United States, and the United Kingdom are expected to be industry leaders. Similarly, the recovery in oil prices, reduction in geopolitical uncertainties, integration of technology in business practices, and government implementation of fiscal reforms are expected to drive the construction sector in Gulf Cooperation Council countries, resulting in a high demand for gensets market share.

"Increasing Number Of Data Centers Is The Most Important Market Driver"

One of the key factors propelling the growth of data centers is the genset sector. Infrastructure that facilitates data analysis, collection, and access is becoming increasingly necessary as the amount of data being gathered and used increases. As the usage of intelligent personal assistants, self-driving cars, virtual currencies, the internet of things (IoT), and accounting services increases, so will the need for data centers. This will encourage the purchase of generators to supply auxiliary and main power needs at certain locations. In data centers, gensets supply the steady power needed for backup controllers, ventilation, servers, HVAC systems, security systems, and a variety of other essential equipment.

RESTRAINING FACTORS

"Adoption of Inverter, Bi-Fuel, And Hybrid Generators Could Hamper Demand"

Numerous home, commercial, and industrial uses exist for diesel generators. Burning diesel releases nitrogen oxides, carbon monoxide, and particulates. These pollutants damage both the environment and occupants since they are immediately emitted into the atmosphere. Around the world, a number of rules have been put into place to lessen the air and noise pollution caused by generator sets. As environmental concerns have increased, every nation has developed its own set of rules and policies to cut back on air pollution. Depending on the volume of emissions from dangerous gases like SOx, NOx, and CO2, different countries have different environmental laws, policies, and subsidy programs.

The North American Emission Control Area, popularly known as the US Waters and any area within 200 nautical miles of the North American coast are both covered by these regulations (ECA). The development of marine propulsion systems that abide with the different environmental standards set out by governments of nations across the world is the primary concern of producers of ship components. This poses a significant challenge for local and developing businesses engaged in the selling of generators.

GENSET BATTERY MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market Share Between 2022 and 2028"

Due to the strong demand for power goods in China and India, the Asia Pacific region is anticipated to be the largest and fastest-growing genset battery market. Indian governmental changes to assist the development of industries have made the nation a particularly profitable market for OEM suppliers. In the area, there will probably be a big demand for generators as a result of this. The need for diesel generators in the area will continue to be driven by the rapidly growing data centre sector in Asia and the Pacific. The need for generators is anticipated to rise as a result of increased investments in data centres, particularly in China, Australia, Japan, and Singapore.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Cummins
• EnerSys
• Exide
• Leoch International
• Amara Raja Batteries
• Generac
• Kohler

REPORT COVERAGE

This study examines a report with broad studies that describe the businesses in the market that have an impact on the forecasting period. By considering aspects including segmentation prospects, industrial advances, trends, growth size share, restrictions, and others, it provides a thorough analysis based on in-depth research. If the relevant market dynamics or important players change, this study may need to be modified.