Diesel Generator Market worth USD 30.81 billion by 2028, registering a CAGR of 8.70% - Report by Market Research Future (MRFR)
New York, Sept. 14, 2021 (GLOBE NEWSWIRE) -- Diesel Genset Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Diesel Genset Market Research Report, Probability, Power Rating, Application, End-Use and Region - Forecast till 2028” the market is projected to be worth USD 30.81 billion by 2028, registering a CAGR of 8.70% during the forecast period (2021 - 2028), The market was valued at USD 17.23 billion in 2021.
Key Players
Notable players in the global Diesel Generator Market Profiled are –
- Kirloskar Electric Company (India)
- Sutton Power Engineering (U.K.)
- Atlas Copco AB (Sweden)
- Mitsubishi Heavy Industries Ltd (Japan)
- Rolls-Royce plc (U.K.)
- General Electric (U.S.)
- Denyo Co. Ltd (Japan)
- JS Power (U.K.)
- Generac Power Systems Inc. (U.S.)
- Kohler Co. (U.S.)
- Ashok Leyland (India)
- Cummins Inc. (U.S.)
- Caterpillar (U.S.)
- Wärtsilä (Finland)
- Yanmar Co Ltd (Japan).
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Increased power outages in developing countries
Electricity outages are common in emerging countries due to a lack of infrastructure and resources. The presence of power in rural and industrial areas will have a hugely positive impact on the country's growth. According to IEA statistics, around 84 percent of those without electricity access live in rural areas, and over 95% dwell in Sub-Saharan African countries and developing Asia. The growing need for diesel generators to boost developing countries' prospects and address rural difficulties will considerably drive market expansion.
High Demand for Diesel Generators from Data Centers
Data centers are in high demand due to the rapid increase in data. A diesel generator is an essential component in data centers since it provides backup power during power outages. According to the current trend estimated by the Office of Scientific and Technical Information (OSTI), U.S. data centers will consume approximately 73 billion kWh in 2020, necessitating the acquisition of a significant number of diesel gensets in tandem with renewable energy resources to meet demand. Furthermore, hyperscale and colocation data center operators spend millions of dollars on backup power-generation equipment in order to give their customers a fantastic and hassle-free service. As a result, the crucial need for power backup, combined with data storage demand, is expected to provide a huge opportunity for diesel generators in the projection period 2021-2028.
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The Global Market to Expand Amid COVID-19 Pandemic
The COVID-19 pandemic has necessitated the need for continuous power supply in order to reduce the stress on healthcare staff. Governments around the world are investing in diesel-powered generators to ensure constant power supply and increasing staff to mitigate the economic damage. Demand for diesel gensets might be driven by power demands in urban hospitals and rural clinics.
High Costs of Diesel to Limit Market Growth
The high costs of diesel are expected to limit market growth owing to the sustainability goals of companies. Diesel fuel prices, which are part of the operational budgets of small clinics and hospitals, may contribute to a decline in demand in the coming years. Optimal backup power solutions may necessitate the purchase of hybrid solutions that involve diesel-powered engines.
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Market Segmentation
By probability, the global diesel genset market has been segmented into stationary and portable.
By power rating, the global diesel genset market has been segmented into up to 100 kVA, 100 kVA-350 kVA, 350 kVA-1,000 kVA, and above 1,000 kVA.
By application, the global diesel genset market has been segmented into standby, peak shaving, and continuous.
By end-use, the global diesel genset market has been segmented into industrial, commercial, and residential.
Regional Analysis
APAC to Dominate the Global Market
Over the forecast period, Asia Pacific is expected to grow at the quickest CAGR, with China accounting for the majority of revenue growth in the region. The growing number of manufacturing facilities and infrastructure projects in China, as well as the growing electricity demand-supply gap and rapid development of commercial office spaces, are expected to stimulate industry growth across the region. Diesel generator sets are commonly utilized for backup in the Asia Pacific since the region has a fairly developed power infrastructure that provides low-cost electricity from the utility grid. The demand for diesel generator sets is influenced by a variety of factors, including the country's power infrastructure, emission standards, and customer purchasing power.
North America to Follow APAC
In 2019, North America accounted for a sizable market share, with the United States dominating the region. Continuously developing infrastructure for data centers and other commercial markets, as well as the increasing vulnerability of the power grid to weather-related outages, has resulted in an increase in demand for reliable backup power solutions, stimulating demand for diesel generators across the region.
Segmentation of Market covered in the research:
Diesel Genset Market Research Report: Information By Probability (Stationary and Portable), Power Rating (Up to 100 kVA, 100 kVA-350 kVA, 350 kVA-1,000 kVA and Above 1,000 kVA), Application (Standby, Peak Shaving and Continuous), End-Use (Industrial, Commercial and Residential) - Forecast till 2028
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