Diesel Generator Market: Sustainable Power Solutions | North America Rapidly Growing by United States, Canada
Diesel Generator Market projected to hit USD 37.1 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, February 19, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The diesel generator market size was valued at $20.8 billion in 2019, and is projected to reach $37.1 billion by 2027, growing at a CAGR of 9.8% from 2020 to 2027.
The diesel generator market is a robust and dynamic sector that plays a vital role in providing backup power solutions across various industries. As the global demand for reliable electricity continues to rise, the diesel generator market has witnessed significant growth and innovation. From small portable generators to large industrial units, diesel generators offer a dependable and efficient source of power in both emergency situations and remote locations.
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Asia-Pacific region is expected to grow at the fastest rate, registering a CAGR of 10.0%, throughout the forecast period.
In 2019, Asia-Pacific dominated the diesel generator market with more than 35.0% of the share, in terms of revenue.
Industrial is the fastest-growing end user segment in the Asia-Pacific diesel generator market, expected to grow at a CAGR of 10.5% during 2020–2027.
The key players operating and profiled in the report include Caterpillar, Inc., Cummins, Inc., Rolls Royce Plc., Kohler Co., Generac Power Systems, Inc., Southwest Products, Atlas Copco AB, FG Wilson, Denyo Co., Ltd., and Kirloskar Electric Company.
Other players operating in the value chain of the global diesel generator industry are Mitsubishi Heavy Industries, Volvo Penta, Wacker Neusan, Wuxi Kipor Power, Yanmar Co. Ltd., Wartsila Corporation, and APR Energy, LLC.
Key Drivers of Growth in the Diesel Generator Market
One of the primary drivers of growth in the diesel generator market is the increasing need for continuous and uninterrupted power supply in critical sectors such as healthcare, data centers, telecommunications, and construction. Diesel generators are preferred for their durability, efficiency, and cost-effectiveness, making them a popular choice for businesses and organizations looking to secure their operations against power outages.
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The Impact of Regulations and Environmental Concerns
With increasing focus on environmental sustainability, stringent regulations regarding emissions and carbon footprint have influenced the design and production of diesel generators. Manufacturers are investing in cleaner and greener technologies to reduce harmful emissions and enhance the overall eco-friendliness of their products. The shift towards cleaner energy sources and renewable alternatives is also shaping the future trajectory of the diesel generator market.
In 2019, large diesel generator segment accounted for majority of the share of the global diesel generator market, and is expected to maintain its lead throughout the forecast period.
In 2019, the stationary diesel generator segment accounted for about 73.8% of the share in the global diesel generator market, and is expected to maintain its dominance till the end of the forecast period.
Market Trends and Innovations Shaping the Industry
In recent years, technological advancements have fueled innovation in the diesel generator market, leading to the development of more fuel-efficient and environmentally friendly generators. Manufacturers are incorporating advanced features such as automatic start-stop mechanisms, remote monitoring capabilities, and integrated smart systems to enhance the performance and reliability of diesel generators.
Exploring Opportunities for Expansion and Diversification
As the demand for backup power solutions continues to grow, the diesel generator market presents ample opportunities for expansion and diversification. Market players are exploring new potential markets, investing in research and development, and forging strategic partnerships to stay ahead of the competition and meet evolving customer needs. The versatility and reliability of diesel generators make them a valuable asset in a wide range of applications, from residential to industrial settings.
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In 2019, the air cooled diesel generator segment is accounted for 61.32% market share in the year 2019, and is anticipated to grow at a rate of 9.9% in terms of revenue, increasing global diesel generator market share.
Diesel generator is the equipment used to generate electricity from the mechanical energy, which is obtained from combustion of diesel or biodiesel.
Diesel generator is equipped with an internal combustion engine, electric generator, mechanical coupling, voltage regulator, and speed regulator. This generator finds its application across various end-use industries such as in building & public infrastructure, data centers, transportation & logistic, and commercial infrastructures.
Significant development of the end-use industries such as oil & gas, telecom, mining, and healthcare is fueling the diesel generator market growth.
Increase in demand for diesel generator as a source of backup power from developing economies is driving the growth of the market, globally.
Implementation of stringent government regulations toward environmental pollution from diesel generators and rapid development of the renewable energy sector are the key factors hampering the growth of the global market in the upcoming years.
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In conclusion, the diesel generator market remains a dynamic and resilient industry that is poised for continued growth and innovation. With a focus on efficiency, sustainability, and reliability, diesel generators play a crucial role in ensuring uninterrupted power supply in an increasingly interconnected world. By staying abreast of market trends, embracing technological advancements, and adapting to regulatory changes, the diesel generator market is primed to unleash its full potential and power the future of electricity generation.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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