Diesel Genset Market is estimated to be US$ 25.61 billion by 2030 with a CAGR of 6.1% during the forecast period
Increasing demand for reliable power supply escorted by growth in the installation of backup supply devices is ready to fuel the product adoption.
The Diesel Genset Market accounted for US$ 14.23 billion in 2020 and is estimated to be US$ 25.61 billion by 2030 and is anticipated to register a CAGR of 6.1%.
The Report "Global Diesel Genset Market, By Power Rating (<75 kVA, 75-375 kVA, 375-750 kVA, and >750 kVA), By End-user (Residential, Commercial, and Industrial), By Application (Standby, Peak Shaving, and Prime/Continuous), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2026”.
Analyst View:
Foremost companies in the diesel gensets market are constantly struggling to find the next-generation diesel generators owing to strict regulations. The next-generation generators have in-built automatic voltage regulators and electronic governors. These technologies mechanically control the speed of generator engines as required, thus making the generators more energy-efficient. Furthermore, they add some extra features such as remote monitoring of genset. These developments might provide the sustainability to diesel gensets, thereby promoting the market growth. Governments of various countries are focusing on several targets to achieve significant improvement in the rural electrification rate, surge power outages in the urban areas, and increase longer timeframe needed to set up the distribution and transmission infrastructure are some of the boosting factors for the diesel generator market.
Key Market Insights from the report:
The global diesel genset market accounted for US$ 14.23 billion in 2020 and is estimated to be US$ 25.61 billion by 2030 and is anticipated to register a CAGR of 6.1%. The market report has been segmented on power rating, end-user, application, and region.
· By power rating, <75 kVA rating segment of the market registered a growth of over 5%in the recent years. Increasing occurrence of power failures due natural disasters and aging transmission & distribution network will boost the industry growth. Rising demand for standby power from LV multi-family consumer section is expected to upsurge the product installation.
· By end-user, residential application segment of the global diesel gensets market will drive on based on increased reliability, cost effectiveness, and continuous power supply. Growing consumer emphasis on energy independency along with increasing frequency of power disruptions is expected to improve the industry scenario.
· By application, the target market is classified into standby, peak shaving, and prime/continuous.
· By region, Asia Pacific is expected to emerge as the major diesel genset market across the global owing to increasing populace and constant demand-supply gap in power energy. The Asia Pacific diesel genset market is projected to rise at a substantial rate on account of the presence of a huge number of key players including Kirloskar Electric Co. Ltd., Caterpillar Inc., Cummins Inc., F.G.Wilson Inc., and Himoinsa S.L.
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Competitive Landscape:
The prominent player operating in the global diesel genset market includes Atlas Copco, Yamaha Motor, Caterpillar, Himoinsa, Powerica, Ashok Leyland Ingersoll-Rand, Sterling Generators, SDMO, Escorts Group, C&S Electric, and Generac
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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