Diesel Generator Market Overview
The global diesel generator market has the potential to achieve a growth rate of 5.39% CAGR during the forecast period (2017-2025), believes Market Research Future (MRFR).
Primary Drivers and Top Barriers
Mounting need for uninterrupted power supply coupled with the surge in power outages is stimulating the growth of the diesel generator market. Given the benefits such as low use of fuel, high safety level compared to gasoline-powered generators, and supreme reliability, diesel generators are being extensively used in a variety of industrial applications. Diesel generators are considered as the most popular type of power backup solution and form close to 80% of the worldwide generators market.
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Energy demand in emerging nations is on the rise, in conjunction with the infrastructural growth as well as economic development. Meanwhile, in developed nations, the improving lifestyle will accelerate the demand for electricity utilities, which are not enough to cater to the rising power demand. Therefore, to satisfy this massive electricity demand, large investments will be required in huge power projects, which is not feasible for end-users and the government since such projects need huge capital investment and long construction times. This factor is expected to boost the demand for diesel generators market in the forthcoming years.
Furthermore, the global diesel generator market growth is highly dependent on the surging commercial and residential activities. Power shortfall, unstable power supplies, mature technology, ready fuel availability and low capital cost of a diesel generator also work in favor of the market. Apart from this, diesel generators act as a backup for the hotel industry, manufacturing industry, hospitals, and others, offering continuous power supply during severe natural calamities, etc. Frequent power cuts arising from natural disasters like severe weather events are plaguing different industries, which bolsters market growth across the globe.
Global Diesel Generator Market Segmentation
The worldwide Diesel Generator Market has been studied considering the segments like power rating, portability, and end-use.
With respect to the power rating, the market can be split into 375 KVA–1000 KVA and above 1000 KVA.
Portability-wise, the global diesel generator market caters to stationary and portable.
The end-users in the global diesel generator market are commercial, agriculture and industrial.
The diesel generator market has been regional segmented into Europe, North America, Middle East & Africa (MEA), South America and Asia Pacific (APAC).
APAC is at the peak of the global diesel generator market, thanks to the soaring demand for uninterrupted power supply as well as the high number of oil & gas activities. China is one of the most profitable markets for diesel generator in the region, with a strong demand and implementation of diesel generators. The BP Statistical Review of World Energy revealed in 2019 that the total oil production in China was 3798 thousand barrels per day the previous year, which was the highest in the region. These statistics are indicative of the mounting demand for diesel generators brought on by the need for continuous power supply during oil production. Also, augmented demand for constant power supply in construction activities in India also benefits the market.
Numerous countries in South America are either developing or are underdeveloped. Almost all the countries in the region reply on the standby power generation or traditional methods of generation. This holds true since the power generation via conventional methods is quite steep and leads to smaller outputs, which does not cater to the high demand. These factors are being considered by the end-users while giving efforts to cater to the rising power demand, which stimulates the demand for diesel generators in the region.
In North America, the demand for electricity has increased exponentially, thanks to high industrialization along with elevated per capita electric power consumption. The strong growth in infrastructure, industry, the information technology and telecommunication sector will also trigger the demand for diesel generators during the review period.
Prominent companies influencing the growth of the global diesel generator market include Cummins Inc (US), Greaves Cotton Limited (India), Rolls-Royce plc (UK), Denyo Co Ltd (Japan), Wärtsilä (Finland), Caterpillar (US), Ashok Leyland (India), Kirloskar Electric Company (India), Mitsubishi Heavy Industries Ltd (Japan), to mention a few.
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