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Diesel Generator Market Size To Reach $38.53 Billion By 2030, Due To High Demand For Emergency Power Backup And Stand-alone Power Generation Systems | Grand View Research, Inc.

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Diesel Generator Market Size To Reach $38.53 Billion By 2030, Due To High Demand For Emergency Power Backup And Stand-alone Power Generation Systems | Grand View Research, Inc.

May 24
12:50 2022
Diesel Generator Market Size To Reach $38.53 Billion By 2030, Due To High Demand For Emergency Power Backup And Stand-alone Power Generation Systems | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, 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.

Diesel Generator Industry Overview

The global diesel generator market size was valued at USD 18.74 billion in 2021 and 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.

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.

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.


Gather more insights about the market drivers, restrains and growth of the
Global 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.

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.

U.S. diesel generator market size by power rating, 2020 - 2030 (USD Billion)

Stringent government regulations regarding the reduction of harmful carbon emissions are expected to boost the penetration of gas-based generators over diesel generators. This trend is anticipated to restrict the market demand for diesel generators across all the end-use sectors. However, low operating costs and low initial investment are among the key factors sustaining the current requirement for diesel generator sets.


Diesel Generator Market Segmentation

Based on the Power Rating Insights, the market is segmented into Low Power Generator, Medium Power Generator, and High Power Generator.

  • The low power generator segment accounted for a significant market revenue share of 43.71% in 2021 owing to the presence of a wide application base in commercial and residential sectors.
  • The high power generator segment is expected to attain a significant growth rate during the forecast period owing to its rising demand in power, manufacturing, and marine industry, where there is a huge requirement for continuous power supply.

 

Based on the Application Insights, the market is segmented into Industrial, Commercial, and Residential.

  • The commercial application segment occupied the largest market revenue of USD 8.46 billion and is projected to register a substantial growth rate during the forecast period.
  • The industrial diesel generator segment accounted for the second-largest market revenue share of USD 6.61 billion in 2021.
  • The residential segment is expected to witness significant growth over the forecast period on account of rising customer awareness, growing load demand on the primary grid, and a growing number of power failures, which are among the critical factors propelling the product demand across the residential sector.

 

Based on the Laser Processing Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

  • The market in the Asia Pacific is projected to experience the fastest CAGR of 10.3% over the forecast period, with China being the major revenue contributor with USD about 2,997.0 million to the regional market growth.
  • North America accounted for a significant market share of 21.85% in 2021, with the U.S. occupying a dominant revenue contributor position across the region.


Browse through Grand View Research’s Power Generation & Storage Industry Research Reports.

  • Organic Rankine Cycle Market – The global organic rankine cycle market size was valued at USD 415.12 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.3% from 2022 to 2030. The rise in the adoption of renewable energy and the longer life cycle of ORC coupled with low O&M costs are some of the major factors driving the growth of the organic rankine cycle (ORC) market.

 

  • Energy Storage Systems Market – The global energy storage systems market demand was valued 211.24 GW in 2021 and is progressing at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2030. Growing demand for efficient and competitive energy resources is likely to propel market growth over the coming years. Clean & renewable energy is an affordable alternative to fossil fuel-based electricity.

 

Market Share Insights:

  • August 2021: Caterpillar announced that Microsoft is likely to use Cat diesel generator sets to supply standby power solutions at its data centers in Sweden. The Cat C175-20 and C18 generator sets provide complete standby power solutions in the first phase of data centers (under construction stage) in Sweden. All the generator sets can be powered by Preem Evolution Diesel Plus, a renewable liquid fuel.
  • October 2021: Cummins Inc. announced the new SD 20 diesel generator set for commercial mobile applications. The SD 20 is well suited for a variety of trailer and vehicle applications such as disaster relief, mobile medical, mobile command centers, ambulances, food trucks, and utility boom trucks.


Key Companies Profile:

Major industry participants are practicing several organic and inorganic strategic growth initiatives in order to expand their service portfolio and enhance their foothold in the market.  Some of the prominent market players in the global diesel generator market include:

  • 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

 

Order a free sample PDF of the Diesel Generator Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Web: https://www.grandviewresearch.com

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