Dublin, March 18, 2021 (GLOBE NEWSWIRE) -- The "Diesel Genset Market Research Report: By Power Requirement, Mobility, Power Rating, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
This factor will take the global diesel genset market from $13,773.0 million in 2019 to $21,929.9 million in 2030, at a 6.0% CAGR between 2020 and 2030.
Due to the rapid digitization around the world, the usage of intelligent personal assistants, autonomous cars, the internet of things (IoT), digital currencies, and cloud computing is rising.
This is because the increasing usage of all such technologies is leading to the demand for an additional space to store all the digital data being created. As a result, more data centers are being constructed around the world, which is ultimately driving the diesel genset market growth. Several components of data centers require a continuous supply of electricity, which, in cases of power cuts, is provided by diesel generators.
During the COVID-19 crisis, the advance of the diesel genset market has been hampered on account of the lockdowns initiated in all parts of the world. Such measures have resulted in the closing down of numerous factories and commercial areas, which has reduced the demand for generators. Additionally, construction has also been stopped at most places, thereby further leading to a low demand for such power generation equipment.
The backup power bifurcation is expected to grow faster in the diesel genset market in the years to come, on the basis of power requirement. Gensets are being widely installed for providing backup electricity at housing societies, individual houses, manufacturing plants, data centers, telecom towers, retail outlets, and hospitality establishments. Due to the increasing manufacturing and construction activities, the demand for backup power is set to rise further.
In the past, under the mobility segment of the diesel genset market, the stationary bifurcation generated the higher revenue. The demand for such equipment is increasing at a high rate in the manufacturing sector of India, China, Indonesia, and Brazil. Moreover, owing to fast-paced urbanization, the demand for stationary gensets for meeting electricity requirements is rising.
The highest CAGR in the diesel genset market in the near future, of 6.3%, in terms of value, will be witnessed by the 7-14 kilovolt-Ampere (kVA) category, based on power rating. As diesel generators of this power rating are cost-effective, they are widely used for household lighting. Additionally, the usage of these systems is increasing swiftly in urban residential pockets and villages.
Throughout the next decade, the largest share in the diesel genset market will be held by the commercial category, under the application segment. Generator sets find large-scale usage for backup and prime power supply at shops, offices, shopping malls, and many other commercial spaces. Further, with the high private infrastructure spending and governments' smart city projects, the demand for genets in the commercial sector will keep growing.
Asia-Pacific (APAC) has been the largest diesel genset market till now, driven by the rising construction activities, increasing installation of low-power-rating gensets at telecommunication towers, and high demand for diesel generators in the residential and commercial sectors. In addition, in China and India, diesel generators are popular as a source of auxiliary power in all industries.
In the coming years, the growth of the diesel genset market is predicted to be the most rapid in North America. The continent is increasingly witnessing power cuts owing to extreme weather events, such as tornadoes and hurricanes. Moreover, due to a rise in the disposable income of the people of Canada and the U.S., a large number of commercial and residential spaces are being constructed. During their construction and after being leased, these spaces are expected to install generators in a high volume for backup and prime power supply.
Market Dynamics
Trends
- Increasing strategic initiatives by market players
Drivers
- Growing number of data centers
- Low power production and grid power uncertainty
- Impact analysis of drivers on market forecast
Restraints
- Detrimental environmental impact and carcinogenic nature of diesel engine exhausts
- Falling cost of energy production through the use of renewable sources and availability of low-cost alternatives
- Impact analysis of restraints on market forecast
Opportunities
- Growth in the construction sector
Company Profiles
- Caterpillar Inc.
- Cummins Inc.
- Kohler Co.
- Generac Holdings Inc.
- General Electric Company
- Denyo Co. Ltd.
- AB Volvo
- Kirloskar Oil Engines Limited
- Atlas Copco AB
- Siemens AG
- Mitsubishi Heavy Industries Ltd.
- Doosan Corporation
- Yanmar Holdings Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/79ywlf