Diesel Gensets Market Size

Diesel Gensets Market Size

Diesel Gensets Market was valued at USD 33.4 billion in 2023 and is projected to expand at more than 7.4% CAGR from 2024 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.