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Diesel Gensets Market Size by Power Rating (≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA, > 330 kVA - 750 kVA, > 750 kVA), By End Use (Residential, Commercial, Industrial), By Application (Standby, Peak Shaving, Prime/Continuous), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI3114
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Diesel Gensets Market size exceeded USD 30 billion in 2022 and is projected to expand at more than 7% CAGR from 2023 to 2032. Rapid digitalization across several industries will foster the industry growth.
 

Rising income and urbanization have boosted the demand for commercial and residential buildings, propelling the global construction sector. However, insufficient power supply has led to the widespread deployment of diesel gensets systems as a backup or primary source of power. Moreover, massive government-supported plans across different economies for the development of smart cities and infrastructural upgrade is set to boost the market revenue during the forecast period. For instance, the Indian government established Smart City Mission in 2015 with the goal of constructing 100 Smart Cities by the end of 2023.
 

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High initial and maintenance costs may hinder industry expansion

Diesel gensets are one of the most popular backup power systems implemented globally although DG sets have significant running costs, as well as complex and expensive maintenance. Since diesel is an imported fuel that is vulnerable to fluctuating fuel prices in numerous nations, industry progression is impeded by the volatility in its costs. To get around this limitation, manufacturers are creating more fuel-efficient and reasonably priced diesel gensets that can perform better while using less fuel.
 

Ongoing work-from-home trend to positively influence ≤50 kVA segment

Diesel generator market from the ≤ 50 kVA power rating segment is predicted to observe nearly 7% growth rate through 2032. The ongoing work-from-home trend has stimulated the demand for economical, small, and uninterrupted power supply options, resulting in the growing adoption of lower-capacity diesel gensets for residential uses. According to the 2021 American Community Survey 1-year estimates released by the U.S. Census Bureau, the number of Americans primarily working from home quadrupled between 2019 and 2021, from 5.7% (approximately 9 million) to 17.9% (27.6 million).
 

Rising prominence of energy-saving strategies to augment product uptake for peak shaving

Diesel Gensets Market Share By Application

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Diesel gensets market value from the peak shaving application segment is slated to surpass USD 11 billion by 2032. The growing inclination of organizations towards energy-saving strategies to lower costs by reducing energy usage is anticipated to increase the adoption of diesel gensets for peak shaving applications. Furthermore, several consulting organizations are providing strategic support and plans for convenient employment of peak shaving methods, which is speculated to impel segment growth.
 

Widespread product adoption in household units to bolster residential segment growth

Diesel Generator Market, By End Use, 2022, (USD Billion)

End Use

Market Size, 2022

Residential

8.6

Commercial

9.8

Industrial

12.7

Total

31.2

Residential segment held around 25% of the revenue share in 2022. The business landscape is expected to benefit from the widespread installation of diesel gensets at household units to supply emergency power during blackouts. Additionally, most residential units in developing nations, including China and India, are switching to diesel gensets on account of frequent power shortages that have slowed down business operations and left several housing units without electricity.
 

Rapid development of commercial facilities to complement industry share across APAC region

Diesel Gensets Market Size By Region

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Asia Pacific diesel gensets market size is poised to record over 7% gains between 2023 and 2032 owing to the rapid development of commercial and recreational complexes resulting from rising industrialization and the booming tourism sector. For instance, at the Formula 1 Singapore Grand Prix 2022 (SGP), PS Energy Group provided fuel for generators that powered the lighting system for the race circuit, the Padang stage, a few hospitality suites, activity booths, and food & beverage stalls and equipment.
 

Capacity expansions by leading enterprises to define the business outlook

Some of the major companies in the diesel gensets industry are Yamaha Motor Co., Kirloskar, Sterling and Wilson, Powerica Limited, Kohler Co., Cummins, Mitsubishi Heavy Industries, Caterpillar, and Mikano International, among others. These businesses prioritize streamlining processes and putting expansion plans into action. In November 2022, manufacturing company Kohler Co. launched its production plant by expanding its existing and ongoing generator manufacturing and designing facilities in Wisconsin. This production facility has a 155,000-square-foot area for testing, production, and storage, along with a 10,000-square-foot customer experience center.
 

Impact of COVID-19 on industry trends

The COVID-19 outbreak initially had a negative impact on the diesel gensets market revenue since the majority of industrial processes were halted due to nationwide lockdowns implemented by governments throughout the world to stop the spread of the infection. However, the high hospitalization rate and the establishment of temporary medical facilities to accommodate the influx of patients increased the requirement for gensets for reliable power supply. In addition, the rising popularity of remote working during the pandemic contributed substantially to industry growth.
 

This market research report on diesel gensets includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:

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Market Insights, By Power Rating

  • ≤ 50 kVA
  • > 50 kVA - 125 kVA
  • > 125 kVA - 200 kVA
  • > 200 kVA - 330 kVA
  • > 330 kVA - 750 kVA
  • > 750 kVA

Market Insights, By End Use

  • Residential
  • Commercial
  • Industrial

Market Insights, By Application

  • Standby
  • Peak Shaving
  • Prime/Continuous

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
  • Europe
    • Russia
    • UK
    • Germany
    • France
    • Spain
    • Austria
    • Italy
  • Asia Pacific
    • China
    • Australia
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
    • Thailand
    • Vietnam
    • Philippines
  • Middle East
    • Saudi Arabia
    • UAE
    • Qatar
    • Turkey
    • Iran
    • Oman
  • Africa
    • Egypt
    • Nigeria
    • Algeria
    • South Africa
    • Angola
    • Kenya
    • Mozambique
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile

 

Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of diesel generator crossed USD 30 billion in 2022 and is expected to witness nearly 7% growth rate through 2032, owing to the rapid digitalization in numerous industries.

The peak shaving segment is poised to exceed USD 11 billion in revenue by 2032 owing to an increasing preference of enterprises for energy-saving methods to lower total operating expenses.

The Asia Pacific market is anticipated to record significant growth at over 7% CAGR through 2032 on account of the rapid development of commercial and recreational complexes in key APAC nations.

Yamaha Motor Co., Kirloskar, Sterling and Wilson, Powerica Limited, Kohler Co., Cummins, Mitsubishi Heavy Industries, Caterpillar, and Mikano International, among others are some key manufacturers operating in the industry.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 30
  • Tables & Figures: 1077
  • Countries covered: 36
  • Pages: 625
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