Diesel Generator Market Projected To Exhibit Robust CAGR of 8.5% For The Forecast Period From 2022 To 2030: Grand View Research Inc.

 

The global diesel generator market size is expected to reach USD 38.53 billion by 2030, escalating at a compound annual growth rate (CAGR) of 8.5% during the forecast period, according to a new report by Grand View Research, Inc. Proliferating demand for emergency power backup and stand-alone power generation systems across several end-use industries including manufacturing & construction, telecom, chemical, marine, oil & gas, healthcare, and others are likely to strengthen the market growth during the forecast period.

Rapid industrialization, infrastructure development, and continuous population growth are among the major factors driving global power consumption. Rising penetration of electronic device load across various commercial scale structures such as data centers has resulted in the higher deployment of diesel generators in order to prevent disruption of daily business activities and provide uninterrupted electricity supply during sudden power outages.

Diesel generator set manufacturers adhere to several regulations and compliances regarding the safety, design, and installation of the system. For instance, the Gen-set should be designed in facilities certified to ISO 9001 and be manufactured in facilities certified to ISO 9001 or ISO 9002, with the prototype test program authenticating the performance reliability of the gen-set design. Certifications from leading organizations such as the U.S. Environmental Protection Agency (EPA), CSA group, Underwriters Laboratories, and International Building Code are expected to enhance the product marketability over the forecast period.

Industry participants are continuously focusing on finding the next-generation diesel generators due to strict regulations. These generators have automatic voltage regulators and built-in electronic governors that automatically control the generator engine speed as needed, thereby making the diesel gen-sets more energy-efficient. Additional features such as remote monitoring of the generator set are expected to boost product sustainability during the forecast period.

The increasing demand for energy across the globe outstrips the supply. Factors such as continuous population growth, infrastructure development, and rapid industrialization in emerging economies are pacing the demand for power. Diesel generators have numerous advantages such as low operating costs and better fuel efficiency. Thus, they are much popular in developing regions, especially in the Asia Pacific region. Along with its advantages, it had many other drawbacks which include noise pollution and the emission of hazardous gases. The World Nuclear Association has projected that the electricity requirement is expected to double the current consumption. According to the U.S. Department of Energy, solar energy will be the most abundant energy source available.

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Significant growth in the economies of the major developing nations such as India, Brazil, and others is expected by 2050. India is expected to grow from being the third-largest to the second-largest economy in the world, only after China in terms of GDP(gross domestic product) at PPP (purchase power parity). Countries such as Brazil, India, and South Africa are already suffering due to low power supply. Emerging economies are expected to account for 65% of the global economy.

Diesel Generator Market Report Highlights

• Commercial segment of the market is anticipated to propel at a CAGR of 9.0% from 2022 to 2030 owning to wide application base including data centers, educational institutions, government centers, and other such facilities.
• Medium power generator segment occupied a significant revenue share in 2021 owing to its application across several industries including small-scale industries, the telecom sector, petrol stations, and commercial complexes.
• The market in the Asia Pacific is expected to grow at the fastest CAGR owing to rising power demand from developing economies such as China and India.
• AKSA power generation company, Atlas Copco AB, Caterpillar, Cummins Inc., Doosan Portable Power, Generac Power System Inc., Honda India Power Products Ltd., Kohler Co., Rolls-Royce plc, are some of the prominent players in the diesel generator market.

The market in the U.S. is anticipated to witness substantial growth owing to rising costs of power outages across several IT-enabled service firms and data centers along with growing consumer awareness of the requirement for reliable emergency power supply. In addition, the market is also driven by the rising vulnerability of grid power stations to disasters caused by changing weather conditions across the region.

 The increasing demand for energy across the globe outstrips the supply. Factors such as continuous population growth, infrastructure development, and rapid industrialization in emerging economies are pacing the demand for power. Diesel generators have numerous advantages such as low operating costs and better fuel efficiency. Thus, they are much popular in developing regions, especially in the Asia Pacific region. Along with its advantages, it had many other drawbacks which include noise pollution and the emission of hazardous gases. The World Nuclear Association has projected that the electricity requirement is expected to double the current consumption. According to the U.S. Department of Energy, solar energy will be the most abundant energy source available.

Solution providers across the diesel generator market are primarily responsible for generator system manufacturing, installation, maintenance, and repair. Generator dealers or electrical contractors establish product supply and maintenance contracts with end-market consumers present across commercial places, residential places, and small-size companies using generators as emergency power backup systems. Moreover, companies also assign an in-house monitoring engineer to supervise a large number of generators in industrial-scale operations.

List of Key Players in Diesel Generator Market

• AKSA power generation company
• Atlas Copco AB
• Caterpillar
• Cummins Inc.
• Doosan Portable Power
• Generac Power System Inc.
• Honda India Power Products Ltd.
• Kohler Co.
• Rolls-Royce plc
• Wartsila Corporation