Genset battery: Key market research findings
- APAC dominates the market geographically
- The industrial segment is the dominant shareholder in the market
- Key vendors—Cummins, Eaton, EnerSys, Exide Industries, and Leoch International
Technavio’s market research analysts predict the global genset battery market to grow at a CAGR of more than 7% between 2016 and 2020. The growing application base of genset batteries is the fundamental driving force behind market growth. Diesel gensets are widely used in residential, commercial, and industrial applications to provide electricity during power cuts. There is scope for broadening the application base of diesel gensets owing to advantages such as low operating costs, easy availability, convenience, less ignitability, and easy maintenance. During 2015, APAC was the dominant shareholder in the global genset battery market with a stake of almost 37%. The growth in industrial and commercial activities, growing demand for alternate power supply solutions, the expected increase in telecom tower installations are some of the factors that will contribute to growth in the genset battery market in the APAC region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the genset battery segments by end-user.
“An upsurge in the presence of local vendors is a noticeable trend in the market currently. There is increased competition in the global genset market owing to the entry of many new vendors, especially in the unorganized sector. International players are facing price war due to increased participation from local vendors from APAC. For instance, India and China are becoming major export hubs for quality, low-cost gensets,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The industrial segment dominated the global genset battery market by accounting for around 36% of the overall market share in 2015. The implementation of gensets in manufacturing industries to overcome the difficulties faced during power outages is the primary driver for the flourishing of this segment. Growing industrial and construction applications in the Middle East, APAC, and Europe is likely to fuel the growth in this segment further in the coming years.
The key vendors in the global genset battery market include Cummins, Eaton, EnerSys, Exide Industries, and Leoch International. Though genset OEMs are manufacturing their batteries; they face stiff competition from local and regional battery OEMs. Many local and international manufacturers are widening their product portfolios to meet end-user expectation.
A more detailed analysis is available in the Technavio report, Global Genset Battery Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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