Diesel Gensets Market size to exceed $38bn by 2027
Published Date: March 12, 2021 Authors: Ankit Gupta, Asmita Semwal
Diesel Gensets Market size is anticipated to surpass USD 38 billion by 2027, as reported in the latest study by Global Market Insights, Inc.
Growing demand for continuous and reliable power supply from numerous end beneficiaries including healthcare facilities, manufacturing facilities and data centers will augment the global diesel gensets industry outlook. The ability to offer high capacity & durability along with low volatility rates and easy availability of fuel are some of the prime factors stimulating the demand for DG sets. Increasing weather severity and rising frequency of prolonged power outages coupled with growing significance of backup power solutions will positively influence the industry landscape.
The infrastructure development and ongoing construction boom are emerging as the prime catalysts of the 330-750 kVA diesel gensets market growth
50-125 kVA range will grow owing to consumer shift toward smaller and less powerful units for domestic usage, most notably across North America. Moreover, strengthening of the consumer propensity and awareness pertaining to reliable and affordable backup power solutions is largely instrumental toward accelerating the expansive deployment of these gensets to a wider spectrum of users. Further, strengthening requirement for power solutions with quick & automatic start-up and optimum reliability will augment the market share.
330-750 kVA rated diesel gensets market size is set to rise on account of widespread applicability across data centers coupled with increasing dependence on emergency backup power equipment to support day to day job site operations. Growing reliance of businesses on information technologies in conjunction with rapid digitization has resulted in escalated power usage, which in turn will propel the market statistics. Moreover, the ongoing industry expansion is substantially attributed to the surging demand from infrastructural expansion, real estate development, and rapid industrialization.
Browse key industry insights spread across 455 pages with 631 market data tables & 63 figures & charts from the report, “Diesel Gensets Market Analysis By Power Rating (< 50 kVA, 50-125 kVA, 125-200 kVA, 200-330 kVA, 330-750 kVA, > 750 kVA), End Use (Residential, Commercial, Industrial), Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Easy fuel availability and improved cost efficiency of diesel gensets is set to propel the product deployment across industrial applications
Industrial application segment is anticipated to grow at over 5% CAGR through 2027. High scalability & flexibility, elongated engine lifespan, and reliable performance are some of the prominent parameters supporting the requirement for DG sets. Cost efficiency, simplicity of operations, quick response, and continual energy accessibility are some of the other key features leading to an upsurge in demand from industrial application comprising manufacturing, O&G and mining.
Power utilities exercising load shedding period to counter accelerating electricity usage is set to fuel diesel gensets market share
The ability to reduce the amount of energy purchased from the utility during the prime working hours will drive the deployment of gensets across peak shaving applications. Moreover, the availability of tiered pricing options for organizations & facilities which have large electrical consumption during peak times will further enhance the product demand. The ability of these units to operate as the primary source of electricity for an extended time duration will improve the industry statistics. Increasing adoption of work from home regime along with development of data centers with an aim to supply consistent power will stimulate global diesel gensets market trends.
Increasing weather severity and frequency of blackouts is projected to fuel the demand for diesel gensets across North America
Increasing severity and frequency of weather-related disasters has significantly necessitated the adoption of gensets across the U.S. Prolonged power outage owing to natural disasters comprising of hurricanes, tsunamis, and earthquakes can annihilate the critical electricity distribution infrastructure, thereby resulting in increased product adoption. For instance, as per EIA, power outage durations for the U.S. electricity customers in 2018 stood at an average of 5.8 hours per customer. Additionally, the U.S. experienced 12 named tropical storms in 2020, resulting in a damage of over USD 37 billion, thereby amplifying the region’s reliance on generators for prime power supply.
Rising investments in R&D coupled with rapid market expansion is set to act as a driving force for prominent industry participants
Prime manufacturers are focusing toward backward and forward integration across their supply chain aiming to sustain their quality standards while leveraging the economies of scale. Prominent industry players functioning across global diesel gensets market comprises Huu Toan Group Company Limited, MTU Onsite Energy, HIMOINSA, Captiva Energy Solutions, FG Wilson, Harmony Power, Cooper Corporation, Prakash Diesel, Kirloskar Oil Engine limited, Kohler, Yamaha, Generac, Cummins, Caterpillar, Atlas Copco, Ashok Leyland, Aggreko, and Siemens amongst others.