Diesel Genset Market to Grow at a CAGR of 6.1% During the Forecast Period 2023-2030
Research Reports
Sep 08, 2023
Market Overview
According to the recent updates, the global Diesel Genset market size is witnessed at USD 19,630.66 Million in 2022 and is expected to exhibit a CAGR of 6.1% along with the market size of USD 31,581.01 billion during the forecast period 2023-2030.
The diesel generator technology produces energy to serve the emergency power needs by making use of fossil fuels. These generators are used to convert chemical energy into electrical energy using various equipment like control panels, AC alternators, radiators, fuel tanks, engines, and others. These generators are mostly used in power hospitals, schools, homes, construction sites, factories, among other verticals. In case of grid failures, it is used as either primary or as a backup power source.
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Due to the wide application of oil & gas across diverse industry verticals, the demand for oil & gas rises. In addition to that, the demand for diesel generators is propelling by introducing the new large hydrocarbons reserves coupled with the exploitation of offshore wells. Growing production activities globally, rising expenditures, and increasing investments for producing efficient energy management across various applications.
The need for an uninterrupted power supply and frequent power outages in developing economies are accelerating the demand for diesel generators.
The diesel generator market opportunities are several operations conducted by both public and private entities that are disturbed by failures in transmission & distribution networks which are caused by cable faults, grid system malfunctions, and climatic problems that are boosting the growth of the market. Moreover, introducing advanced products and regular research & development by the key players may increase the market growth.
Key Players:
- Cummins Inc. (US)
- Aggreko Ltd (UK)
- SDMO (France)
- PRAMAC (Italy)
- Generac Holdings Inc. (US)
- HIMOINSA (Spain)
- Caterpillar (US)
- Atlas Copco (Sweden)
- Doosan Corp (South Korea)
- AB Volvo (Sweden
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Market Segmentation
By the recent research, the diesel generators market analysis is analyzed into four segments such as portability, power rating, application, and end-use.
Portability Segmentation: The diesel generator based on portability is bifurcated into stationary and portable.
Power rating Segmentation: The diesel generator by power rating is classified into four types as Up to 100 kVA, 100kVA- 350 kVA, 350 kVA- 1000kVA, and Above 1000kVA.
Application Segmentation: The diesel generator applications are standby power, peak sharing, and continuous.
End-user Segmentation: By end-use, the diesel generator is categorized into industrial, commercial, and residential.
Regional Analysis
By the diesel generator market share and other aspects, the regional market is divided into five major regions such as Europe, Latin America, North America, Asia-Pacific, and the Middle East & Africa. Out of these regions, Asia-Pacific is predicted to dominate the largest market share due to the rapid industrialization, huge infrastructure development targets, population shift to urban areas, and construction of new facilities.
North America is expected to hold a significant market share for the favorable government policies for maintaining energy security along with mounting manufacturing capabilities. Moreover, the presence of manufacturers of the long-standing diesel generator system and growing investments across different end-user sectors like mining, oil& gas, pharmaceuticals, and construction.
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Industry News
As per the latest updates, the diesel generator market forecast states that this generator market is going to reach immense growth due to the launching of innovative technologies and regular research and development by the key players. A U.S Corporation, Caterpillar launched 31 new models for the Cat GC diesel generator sets for electrical generators that can meet tight deadlines amid the accelerated pace required in construction projects. These are available in 50Hz and 60 Hz ranges.
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