August 21, 2023 06:30 ET | Source: Fortune Business Insights Fortune Business Insights
India,Pune, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The global diesel generator market size expected to reach USD 26.09 billion by 2029, growing at CAGR of 5.5%. The increasing applications of the product will emerge in favor of market growth. The market was worth USD 12.98 billion and will exhibit a CAGR of 5.5% during the forecast period, 2022-2029. Trailer With Generator
The global diesel generator market research reports offer a comprehensive and insightful analysis of diesel generator industry. This report helps to understand the market landscape, trends, opportunities, challenges, and key players. The research employs a combination of qualitative and quantitative methodologies to present a well-rounded view, including data-driven statistics, expert opinions, and market dynamics. By examining factors such as diesel generator market size, growth potential, competitive analysis, consumer behavior, and emerging technologies, this reports aims to help the businesses and stakeholders with valuable insights for strategic decision-making and successful market engagement.
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Diesel generators have grown in popularity in the industrial and residential sectors as a result of this need. The diesel generator (DG) is a long-established way of generating energy from fossil fuels to meet emergency power needs. The product is extensively used to convert chemical energy into electric energy utilizing various equipment such as a control panel, AC alternator, radiator, engine, fuel tank, and others. Hospitals, houses, schools, factories, construction sites, and other verticals routinely use DG systems as a primary or backup power supply in the event of a grid outage.
Qulliq Energy Corp. has accelerated the replacement of community diesel gensets that have outlived their useful lives, thanks to the recent decommissioning of Grise Fiord's aged diesel plant. The new diesel gensets have improved the community's power supply reliability.
Significant Expansions in Oil & Gas Sector to Augment Market Growth
Oil and gas consumption has skyrocketed because of its rising usage across several business sectors. Additionally, when new big hydrocarbon deposits are discovered and offshore wells are drilled, demand for diesel generator sets is expected to rise. However, Leading government entities in a number of nations have implemented various policies and aim to encourage the adoption of green technologies and reduce reliance on fossil fuels that may impede the diesel generator market growth.
Power Demand and Grid Reliability: Diesel generators serve as backup power sources during electricity outages, ensuring uninterrupted power supply for critical facilities like hospitals, data centers, and manufacturing plants.
Industrial and Commercial Growth: Economic expansion and industrial development lead to increased electricity demand.
Military and Defense: Diesel generators are essential for military operations, providing power to field camps, forward operating bases, and other defense-related infrastructure.
Technological Advancements: Improvements in diesel engine technology have led to more fuel-efficient and environmentally friendly generators. This can drive adoption in regions with stringent emissions regulations.
Increasing Number of Product Innovations will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the increasing applications of the product across diverse industry verticals, there is a healthy market competition. As a result, companies are looking to integrate advanced concepts, with the aim of establishing a strong brand presence. In October 2018, Inmesol announced the launch of a new series of silent generators.
The outbreak of the coronavirus has noticeably weakened industrial processes across the globe. The number of infected patients witnessed a constant rise driving different nations to implement national lockdowns and social distancing. Consequently, the closure of industries significantly affected the market due to this global pandemic.
The obstruction in the initiation of new end-user projects owing to the unobtainability of required capital has significantly narrowed the incorporation of new systems. The instabilities in heavy-duty processes such as construction activities, mining, hydrocarbon exploration & production, fabrication of new commercial substructures, and others have led to an unmatched decrease in product demand.
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On the basis of power rating, the market is divided into below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA. On the basis of portability, the market is bifurcated into portable and stationary. On the basis of application, the market is segmented into the continuous load, peak load and standby load. On the basis of end-user, the market is fragmented into mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, telecom, electric utility, data centers, and others. Geographically, the market is classified into North America, Asia Pacific, Europe, Latin America, the Middle East & Africa.
The study provides a thorough analysis of the global diesel generator market, including useful insights, statistics, industry-related data, and historical data. To arrive at meaningful assumptions and viewpoints, a variety of procedures and approaches are used. In addition, the research report provides deep analysis and information for each market sector, allowing our readers to obtain a complete picture of the global industry.
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The Middle East & Africa to Witness Significant Growth
The diesel generator market share in the Middle East & Africa is expected to grow significantly due to the abundance of natural resources and the need for inexpensive capital to discover bulk deposits. Additionally, rising investment to modernize commercial, residential, and industrial infrastructures, as well as developing manufacturing capabilities, would add to the region's market growth.
The North American diesel genset market is projected to benefit from favorable government policies to ensure energy security, as well as growing manufacturing capabilities. Long-standing DG set makers, as well as considerable increases in investments across several end-user sectors such as construction, pharmaceuticals, oil & gas, mining, and many others, are expected to add to the regional outlook.
Latin America and Europe are anticipated to see continuous growth because of the enormous industrialization in the regions,
The Market is Fragmented with Several Players in the Market
The market for diesel generators is highly fragmented, with multiple regional, global, and country players. To shape the competitive landscape, key businesses are taking significant steps such as forming agreements with other companies to expand their product reach and geographical presence.
Atlas Copco AB is a market leader that is always concentrating on various organic and inorganic expansions in order to strengthen its operational footprint in various locations. For example, in May 2020, the firm announced its intention to join with Energia MTC of Saudi Arabia to deliver its QAS diesel gensets. Atlas Copco also intends to promote its portable QAS product line across the Middle East and North Africa (MENA) region, leveraging Energia's presence.
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List of Key Market Players:
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