Diesel Genset Market To Grow At A CAGR Of 8.70% By 2030, With Rising Industry Demand, Key Drivers and Opportunities
Research Reports
May 15, 2023
Diesel Genset Market Overview:
Diesel Genset Market is expected to reach valuation of USD 30.81 billion by 2030, growing at a CAGR of 8.70% during the forecast period (2022 – 2030).
The rising need for emergency and fixed power backup across various end-use sectors, including maritime, oil and gas, manufacturing, healthcare, construction, telecom, and automotive, is driving expansion in the Global Diesel Gensets Market. The growing need for continuous and stable power supply from various end-users, such as healthcare institutions, manufacturing facilities, and data centres, will drive the worldwide Diesel Gensets Market. Some key drivers driving demand for the Diesel Gensets Market include the ability to deliver high capacity and lifespan, low volatility rates and simple fuel supply.
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Key Players:
The key competitors of the diesel generator market are Atlas Copco AB (Sweden), Kirloskar Electric Company (India), Sutton Power Engineering (U.K), Mitsubishi Heavy Industries Ltd (Japan), Denyo Co. Ltd (Japan), Generac Power Systems Inc. (U.S), and others.
Recent Developments:
Caterpillar Inc, a company based in the United States, has chosen to introduce 31 new versions of Cat GC diesel generator sets for electrical contractors. The versions offered in 50Hz and 60Hz frequency ranges can achieve tight deadlines while maintaining the fast pace necessary for building projects. Commercial companies, health clinics, infrastructure, wastewater treatment plants, agriculture facilities, manufacturing, and other small firms involved in these areas are appropriate customers for these generators.
HIMOINSA, a Yanmar subsidiary, has worked with the ‘Principe de Asturias’ Military Regiment to supply diesel generators to the army. It was used to power fumigation equipment and to stop the spread of the COVID-19 virus.
Increasing weather intensity, the frequency of lengthy power outages, and the growing relevance of backup power solutions will benefit the industry. Power consumption is increasing in emerging nations due to fast urbanisation and industrialisation. The imbalance, however, remains due to a demand-supply mismatch. Furthermore, emerging nations’ ageing power infrastructure and unstable grid power supply have resulted in increased power shortfalls, likely to drive rising demand for diesel generators. Most of the building has been suspended, resulting in even lower demand for this equipment, stifling the expansion of the Diesel Gensets Market.
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Market Segmentation:
By Portability
- Stationary
- Portable
By Power Rating
- Up to 100 kVA
- 100 kVA -350 kVA
- 350 kVA – 1000 kVA
- Above 1000 kVA
By Application
- Standby Power
- Peak Sharing
- Continuous
By End-use
- Industrial
- Marine
- Land
- Commercial
- Residential
The Diesel Genset Market is divided into different segments.
The market is divided into three categories based on power rating: low power generators, medium power generators, and high power generators. Low-power diesel generators had the largest market share in 2019 due to their extensive commercial and residential applications. These Generators are utilised as power backup solutions in residential houses to power equipment such as water pumps, water purifiers, AC units, geysers, and others. Furthermore, the low cost of these diesel generators is propelling market expansion.
The market is divided into three sections based on application: industrial, commercial, and residential. Commercial applications held the largest market share in 2019 and are expected to grow significantly due to the widespread use of diesel generators in various industries such as data centres, government centres, educational institutions, healthcare, hospitality, telecommunications, and agriculture.
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Regional Analysis:
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
The Asia Pacific area has a well-established power infrastructure that supplies low-cost electricity from the utility grid. Diesel generator sets are widely used for backup. The demand for diesel generator sets is influenced by various variables, including the country’s power infrastructure, pollution standards, and consumer purchasing power.
North America held a substantial market share of 21.85% in 2021, with the United States contributing the most revenue throughout the region. Continuously building infrastructure for data centres and other commercial industries, along with the increased susceptibility of the power system to weather-related outages, has increased the need for reliable backup power solutions, fueling demand for diesel generators across the area.
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