Construction of Data Centers To Drive Growth of Genset Market
An increase in the construction of data centers, uncertainties in the grid, and low production of power in several countries are the major driving forces behind the expansion of the genset market. Standing at $17,592.6 million in 2019, the global market is expected to witness a 5.8% CAGR during the forecast period of 2020–2030. At this rate of growth, the market is expected to reach $27,863.0 million by 2030. A genset comprises a fuel-driven engine connected to an alternator, along with other components, such as the exhaust piping and controls.
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The genset market growth will be driven by the increase in the construction of data centers. In contemporary times, there is a huge demand for infrastructure supporting data access, collation, and analysis. Owing to the increasing usage of the internet of things (IoT), digital currencies, autonomous cars, intelligent personal assistants, and digital accounting services, the number of data centers will grow. Facilities such as servers, backup controls, heating, ventilation, and air conditioning (HVAC) systems, and security systems in these data centers require an uninterrupted supply of power.
The construction industry also contributes to the growth of the genset market. Construction activities will increase significantly in developing nations, such as India, Indonesia, and...
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