Diesel Gensets Market to exceed $21 billion By 2026
Published Date: February 18, 2020 Authors: Ankit Gupta, Niharika Singh
According to a new research report by Global Market Insights, Inc., the Diesel Gensets Market is expected to surpass USD 21 Billion by 2026. Increasing dependency on electricity & security of supply across commercial, residential, and industrial applications are likely to spur the global market.
Diesel gensets are extensively deployed to supply alternative power to provide electricity in sites where grid access is unavailable or during its failure. In addition, increasing severity and frequency of weather-related calamities followed by prolonged power outages and growing significance of emergency preparedness will positively impact the diesel gensets market scenario.
Moreover, increasing need from data centers accompanied by constant data usage via government projects, social networking and e-commerce platforms is set to stimulate the diesel gensets demand. Heavy reliance on continuous communication & information sharing coupled with rising costs of unforeseen outages will further complement the market landscape.
Upsurge in demand for continuous & uninterrupted electricity supply strengthening the diesel gensets industry growth
375-750 kVA diesel gensets market share will grow owing to increasing application in data centers along with rising dependence on electrical equipment to support day to day operations. Growing reliance of businesses on digitization and information technologies, that require uninterrupted power supply is anticipated to propel the industry landscape.
Further, rising frequency and severity of weather related disasters will stimulate the diesel gensets adoption. Natural calamities including wind-storms, hurricanes, floods, earthquakes and tsunamis are capable of annihilating the critical power infrastructure & result in outages leading to expansive geographic zones without electricity for considerable time periods. Moreover, mounting costs of data center downtimes and outages will strengthen the wide-scale commercialization & diesel gensets installation.
Browse key industry insights spread across 365 pages with 615 market data tables & 45 figures & charts from the report, “Global Diesel Gensets Market Size By Power Rating (<75 kVA, 75-375 kVA, 375-750 kVA, >750 kVA), By End-Use (Residential, Commercial, Industrial), By Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020–2026” in detail along with the table of contents:
Easy availability and cost efficiency of diesel gensets propelling the market growth
Reliable performance, elongated engine lifespan, scalability, and high flexibility and are some of the underlying parameters supporting the requirement for diesel gensets. Simplicity of operations, cost efficiency, reliability, quick response, and continual energy accessibility are the key features leading to an upsurge in demand from commercial application comprising educational institutions, telecom, hospitality and healthcare.
The diesel gensets market is facing limitations on account of growing focus toward natural gas fueled units & development of hybrid technologies favored by stringent environmental regulations and emission standards. However, persistent yet amplifying need for rising generation capacities with an aim to cater increasing energy demands has sustained the adoption of these diesel gensets.
Growing frequency & intensity of harsh weather conditions projected to drive the diesel gensets demand in North America
Rising frequency of natural catastrophes, coupled with declining flexibility and increasing vulnerability of the regional grid power supplies is set to boost the North America diesel gensets market growth. Severe natural disasters including the Hurricane Harvey & Hurricane Irma will continue to stimulate the diesel gensets installation.
For instance, in September 2017, Hurricane Maria hit hard Puerto Rico destroying around 80% of the island’s energy transmission lines. In the U.S., the storm led to longest outage leaving over 1.57 million consumers without electricity.Similar incidents will substantially strengthen the region’s dependency on gensets as a preparation measure for further extreme weather conditions, thereby propelling the market expansion.
Rising expenses of data center outages coupled with growing consumer awareness and emphasis on reliable backup power solutions will positively impact the market scenario.
Prominent players partaking in diesel gensets market share comprise Yamaha Motor, Caterpillar, Atlas Copco, Ingersoll-Rand, C&S Electric, Ashok Leyland, Powerica, Sterling Generators, Himoinsa, Escorts Group, Generac, Honda, SDMO, Cummins, Briggs & Stratton, KOEL, amongst others.
Ongoing technological advancements along with rising M&As & joint ventures are key significant initiatives undertaken by prime market participants to withstand a competitive advantage over other vendors in the industry.