Diesel Generator Market Overview:
Global industry is expected to grow faster than ever before due to new technologies and various key industry players choosing multiple business tactics to expand globally by 2030.
Government policies and various regulations are playing vital role in this industry. Regional market growth is outstanding post pandemic. Some drivers and trends are helping the industry to grow at a high CAGR during forecast period 2023-2030.
The global Diesel Generator Market has been expected to reach USD 30.89 billion by 2030 at at a CAGR of 8.70%, during forecast period of 2022-2030.
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Stringent Government Regulations to Hamper Market Growth
New government regulations launched by countries to stem carbon emission levels and control energy consumption can negatively affect market growth. Heavy weight of diesel generators as compared to inverters coupled with preference of gas generators can be a challenge to the market.
COVID-19 Impact
The COVID-19 outbreak has led to a dip in demand of diesel generators owing to lack of construction projects and switch to renewable energy backup options. In addition, changing energy standards and new policies mandated by economies to be sustainable and curb emission levels can lead to a decline in diesel generators. But expansion of manufacturing firms and ease of lockdown restrictions can bode well for the market.
Segmentation Analysis
Between 75 to 375 kVA Segment to Gain Market Share
By capacity, the market is segmented into less than 75 kVA, between 75 to 375 kVA, and more than 375 kVA. The ‘between 75 to 375 kVA’ segment is set to dominate the diesel generator market owing to its demand in Brazil, India, and China. Demand for economical backup options as well as application in petrol pumps, small-scale industries, and telecom sector can drive segment growth. Long lifespan and reliability are characteristics attracting customers towards this rating of diesel generators.
Commercial End-users to Lead Global Market
Commercial end-users are likely to capture a large market share over the forecast period due to its wide application in telecommunication, data centers, government centers, educational institutions, telecom, and hospitality sectors. Diesel generators are used for handling power outages or power fluctuations.
Regional Analysis
APAC to Display Highest CAGR
Asia-Pacific (APAC) is deemed to showcase a strong growth rate over the forecast period owing to cheap rates of diesel and affordability among customers. Rapid pace of industrialization and increase in goods manufacturing can drive its demand among corporations looking to compete on a global level. Adoption by IT and IT-enabled services and telecommunication sectors can provide new opportunities of growth to the industry in the coming years.
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Industry Update
The County of Sonoma in California, U.S., has installed 13 diesel generators at evacuation centers and public facilities to move its reliance from grids.
Competitive Analysis
Mitsubishi Heavy Industries Ltd (Japan), Greaves Cotton Limited (India), Denyo Co Ltd (Japan), Ashok Leyland (India), Wärtsilä (Finland), Caterpillar (US), Kirloskar Electric Company (India), Rolls-Royce plc (UK), and Cummins Inc (US) are prominent players of the global diesel generator market. Contracts, agreements, and expansions are favored strategic approaches by players to sustain their standing.
