Home > Energy, Mining, Oil & Gas > Diesel Gensets Market
Industry Trends
Diesel gensets market size crossed USD 25 billion in 2020 and annual installation is anticipated to exceed 3,000 thousand units by 2027. A diesel genset is defined as an electrical equipment which produces electricity and is primarily deployed to supply emergency power during an electric outage.
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Increasing grid failure owing to extreme weather conditions will positively impact the industry landscape. For instance, Hurricane Zeta caused massive power outages in October 2020 affecting over 2.6 million customers across the U.S. Additionally, surging installation of backup supply systems and strengthening of consumer inclination & awareness toward affordable & reliable backup power solutions will stimulate the global diesel gensets market growth.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 25.2 Billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 5.1% |
2027 Value Projection: | 38.2 Billion (USD) |
Historical Data for: | 2017 to 2020 |
No. of Pages: | 455 |
Tables, Charts & Figures: | 694 |
Segments covered: | Power Rating, End-Use, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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< 50 kVA rated diesel gensets market share will witness over 5% CAGR through 2027 owing to extended usage across the residential, small commercial and industrial applications. Rising frequency of electric outage on account of aging grid infrastructure and intensifying natural disasters is set to drive the business scenario. Moreover, rising demand for standby power from single and multi-family end user section will continue to entail the deployment of these units. Furthermore, escalated energy usage driven by ongoing digitalization and rapid urbanization will expand the usage of these units.
The > 750 kVA diesel gensets industry is poised to gain an appreciable CAGR on account of the surging demand from the healthcare industry and data centers. Resurgent demand from the healthcare sector owing to the sudden outbreak of COVID-19 along with the rising demand from data centers on account of the increased urgency to supply continuous power for residential usage will favor the infiltration of these units across the business landscape.
Residential diesel gensets market share is anticipated to witness a substantial growth as a consequence of the unit’s cost effectiveness, high reliability and ability to offer continuous power supply. The application is primarily driven by the prevalent deployment of gensets across residential establishments to cater to the emergency power supply requirement in an event of grid failure or a blackout. These gensets also act as the source of a primary power supply where the grid supply is inaccessible. Increased customer awareness, rising power failures, and amplifying demand load on the main grid are some of the instrumental factors supporting the global market statistics.
Commercial diesel gensets market size is anticipated to witness a gain of over 7% from 2021 to 2027. Robust industrialization and booming construction activities comprising green field and brown field infrastructural projects will stimulate the industry development. Rising demand for automated technologies and digital products has resulted in substantial development of data centers and communication stations, which in turn will complement the industry outlook. In addition, growing public funding across the commercial sector with extensive ventures across IT businesses and retail is anticipated to strengthen the global market demand.
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Inadequate electricity generation along with increasing frequency of temporary power disruptions following the weather-related disasters comprising earthquakes, hurricanes and snowstorms will enhance the standby diesel gensets market trends. Moreover, ability to automatically start when an outage occurs thereby reducing the huge downtime costs incurred by a data center is set to stimulate the product adoption. Increasing per capita income followed by rising standards of living coupled with shifting consumer preference towards adoption of technically advanced units are some prominent factors complementing the global market trends.
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Infrastructure development and ongoing construction boom is emerging as one of the catalysts of diesel gensets industry growth across Asia Pacific. Increasing investments across construction sector coupled with development of new residential and commercial spaces will drive the genset demand across the region. The implementation of investment projects fiscally supported by foreign direct investments will play an instrumental role in the upliftment of the gensets industry.
High electricity costs, inadequate transmission and distribution networks, and thriving population count will drive the demand for diesel gensets across Africa. The current electricity demand outstrips the supply, offering a high potential for the deployment of gensets in the region. For instance, the electricity prices in parts of sub-Saharan Africa are among the highest in the world, which further limits the use of regional grid infrastructure. Following which, Nigeria accounts for almost three-quarters of the electricity supply provided by the backup generators, thereby promoting large-scale deployment of diesel gensets.
Prominent diesel generator set manufacturers are invariably seeking technical evolutions in response to the operational constraints including noise levels, pollutant emission levels, and the ability to operate in extreme environments and climatic conditions including humidity, sandstorms, and severe environment. Eminent players operating across the global diesel gensets market include Kohler, Generac, Yamaha, Cummins, Kirloskar Oil Engine limited, Powerica, Escorts Limited, Sterling Generator, YANMAR, Caterpillar, Trane technologies, Atlas Copco, Ashok Leyland, C&S Electric, JCB, Mahindra Powerol, Supernova Genset, Sudhir Power, Aggreko, MTU Onsite Energy and Siemens amongst others.
Global diesel gensets market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2017 to 2027, for the following segments:
By Power Rating
By End Use
By Application
The above information has been provided for the following regions and country: