With the increasing development of data centers, on account of the generation and consumption of large volumes of data, the demand for gensets is rising sharply across the world. The increasing penetration of the internet and the mushrooming usage of various connected devices have resulted in a sharp surge in the volume of data being generated and consumed. This is, in turn, driving the requirement for proper infrastructure that can support data analysis, access, and collation.
In addition, the increasing use of autonomous cars, intelligent personal assistants, internet of things (IoT), accounting services, and digital currencies is pushing up the demand for data centers. As continuous power supply is required in these data centers for ensuring the proper functioning of servers, security systems, heating, ventilation, and air conditioning (HVAC) systems, backup controls, and various other critical appliances, the development of these facilities is propelling the demand for gensets, thereby fueling the growth of the generator set market.
Due to the aforementioned reasons, the value of the market will surge from $17,592.6 million in 2019 to $27,863.0 million by 2030, while the market will advance at a CAGR of 5.8% from 2020 to 2030. Depending on fuel, the market is divided into diesel, gas, and gasoline categories. Out of these, the diesel category is predicted to dominate the market in the upcoming years. This is credited to the fact that diesel is more widely available than gasoline and natural gas.
Furthermore, due to the 2022 FIFIA World Cup (Qatar) and World Expo 2020 (Dubai), the governments of Qatar and the U.A.E. have launched massive infrastructural development projects. Moreover, the Saudi Arabian government is increasingly focusing on expanding the country’s construction sector in order to diversify the economy and reduce the dependence of the country on the oil and gas industry. These factors are also contributing to the booming sales of gensets in the MEA region.
Hence, the sales of gensets will surge in the coming years, primarily because of the increasing construction and infrastructural development activities in several countries and the development of data centers across the world.