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Diesel Generator Market Size, Share, and Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, Above 750 kVA), By Portability (Portable, Stationary), By Application (Standby Backup Power, Peak Shaving, Others), By End Use (Industrial, Commercial, Agriculture) and Regional Forecasts, 2022-2032
Diesel Generator Market size was USD 16.79 billion in 2021 and projected to grow from USD 18.7 billion in 2023 to USD 30.7 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period.
Diesel Generator, also known as diesel genset is the arrangement of a diesel engine along with an electric generator for the generation of electrical energy. This is a certain situation of an engine generator. Although certain versions may also run on several liquid fuels and natural gas, the majority of diesel compression-ignition engines are designed to run on diesel fuel. Diesel generators, which convert diesel fuel into energy, are highly useful machines.
Diesel Generator Market is expected to reach USD 30.7 billion, growing at a CAGR of 5.7% during the forecast period owing to the growing demand for dependable backup energy solutions in several industries like data centres, healthcare, and telecommunications and expanding support by the government for the development of infrastructure. Also, the demand for reliable power supply in isolated and off-grid locations are expected to boost the growth of Diesel Generator Market over the forecast period.
Diesel Generator Market is classified based on the Power Rating into Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA. The Above 750 kVA category is projected to lead the market over the estimated period. The heavy-duty applications beyond 750 kVA domain is expected to grow due to rising demand from various industries. Furthermore, the flourishing commercial and residential sectors, together with the establishment of small and medium firms, are predominantly favoring the growth of the below 75 kVA and 75-375 kVA segments.
Diesel Generator Market is classified based on the End Use into Industrial, Commercial, and Agriculture. The industrial sector registered for the maximum share of the global Diesel Generator Market. Industrial operations primarily rely on electricity produced by diesel generators in case of power outages to reduce production hazards and in areas with poor grid connection. Any end user's majority portion of energy consumption is accounted for by industrial sector comprising manufacturing, mining, construction, and agriculture.
Growing Demand for Diesel Generators and Development of New Versions of Generators are Expected to Boost the Market Growth
The growing demand for these generators in the military is growing, along with the progress of manufacturing and construction industries, increasing natural disasters, and other factors are propelling the Diesel Generator Market. In addition, growing consumer awareness of the benefits of diesel gensets and the development of new product versions by major companies are driving the market growth. Also, the market is expanding due to factors like the rising need for low-emission and energy-efficient generators and accelerating technical development.
Increasing Need to Support the Growing Manufacturing Activities Worldwide is Expected to Boost the Market Growth
The global diesel generator market is expected to grow due to the rising need to support the world's expanding manufacturing activities. Also, rising costs and investments to provide effective energy management across many industries are expected to open up new growth prospects for the sector. The demand for diesel generator sets is also expected to increase due to the increasing discovery of new big hydrocarbon deposits and the mistreatment of the offshore wells.
Stringent Regulatory Policies May Restrain the Market Growth
Important organizations worldwide have created various regulatory policies and goals to promote the adoption of green technologies and reduce reliance on fossil fuels. Countries are investing in renewable energy sources and setting high green energy goals, which could hinder the growth of the global Diesel Generator Market. Furthermore, imposing strict laws to limit the release of harmful compounds also hinders the acceptance of new products.
Diesel Generator Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia-Pacific holds the larger market owing its frequent power outages and expanding industrial and commercial sectors. The region's Diesel Generator Market is being driven by a lack of grid infrastructure and increased energy consumption in nations like China and India. The Middle East & Africa is projected to develop as the second leading market during the estimated period.
COVID-19 outbreak originally had a negative effect on the revenue of the Diesel Generator Market due to the widespread lockdowns imposed by governments around the world to control the infection spread. However, the need for generators for a dependable power supply was enhanced by the escalating rate of hospitalization and the construction of temporary medical facilities to handle the inflow of patients. Moreover, growing trend of WFH or remote work during the pandemic had a significant contribution to industrial growth.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 5.7% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Power Rating |
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Portability |
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Application |
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End Use |
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By Region |
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Diesel Generator Market size was estimated at USD 16.79 billion in 2021 and is expected to reach USD 30.7 billion in 2032.
Diesel Generator, also known as diesel genset is the arrangement of a diesel engine along with an electric generator for the generation of electrical energy. This is a certain situation of an engine generator.
Above 750 kVA and Industrial segments accounted for the largest Diesel Generator Market share.
Key players: Caterpillar Inc., Mitsubishi Heavy Industries Ltd., Cummins Inc., Atlas Copco, Wartsila Corporation, Ashok Leyland, Generac Power Systems, Aggreko, Cooper Corp., PRAMAC, Kirloskar Electric Co. Ltd., Himoinsa, Powerica, AKSA Power Generation, FG Wilson, and Other Prominent Players are the key players in the Diesel Generator Market.
Speedy urbanization & industrialization in the developing nations and the growing demand for stable and continuous power supply are the factors driving the Diesel Generator Market.
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