According to IMARC Group's latest research report, titled "Genset Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the genset battery market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global genset battery market reached a value of US$ 13.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18.2 Billion by 2027, exhibiting a CAGR of 5.06% during 2022-2027.
Genset Battery Market Outlook:
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 an 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.
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Genset Battery Market Growth:
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 (RD) 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.
Key Market Segmentation:
- Cummins Inc.
- Exide Industries Limited
- Leoch International Technology Limited Inc
- Amara Raja Group
- Generac Power Systems
- Kohler Co.
Breakup by Product Type:
- Lead-Acid Batteries
- NiCd Batteries
Breakup by Distribution Channel:
Breakup by End-User:
Breakup by Region:
- North America (United States, Canada)
- Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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