Global Diesel Genset Market Highlights Over 2020 - 2030
The global diesel genset market is estimated to garner a revenue of USD 30406.18 Million by the end of 2030, up from a revenue of USD 16198.16 Million in the year 2020. The market is further expected to grow with a CAGR of 6.50% over the forecast period, i.e., 2021 – 2030. The growth of the market can be attributed to the growing demand for electricity worldwide, and for the rising concern for the increasing number of power outages. According to the statistics by the World Bank, power outages in firms in a typical month around the globe increased from 2.42 numbers in the year 2019 to 6.19 numbers in the year 2020. The rising concern for power outages is driving the need for reliable power source, such as standby generators, which in turn is anticipated to drive the growth of the global diesel genset market during the forecast period.
Get more information on this report: Download Sample PDF
The industrial sector is one such sector which requires constant supply of electricity for smooth operational processes. As the sector is heavily dependent on electricity for its day-to-day operations, a power outage can result in massive losses to these organizations. Diesel generators help to provide standby power and are available in various load handling capacities, based on the requirement of the end-user. The surge in urbanization, increasing industrialization, and the rising number of small, medium and large enterprises is further expected to create massive demand for diesel gensets, and in turn drive the market growth.
Global Diesel Genset Market Regional Synopsis
Regionally, the global diesel genset market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is expected to garner the highest market share by the end of 2030 and also grow with the highest CAGR of 8.01% during the forecast period. The market in the region registered a revenue of USD 5814.0 Million in the year 2020, and is further expected to touch USD 12557.8 Million by the end of 2030. One of the major factors anticipated to drive the market growth in the region is the increasing urbanization and the surge in the number of businesses. In other statistics by the World Bank, urban population as a share of total population in the Asia Pacific increased from 41.421% in the year 2000 to 60.695% in the year 2020. On the other hand, the region has also scored significantly over the years in terms of ease of doing business, which is why companies from around the world are increasingly investing in the region. In other statistics by the World Bank, the ease of doing business score in the East Asia & Pacific region grew from 62.7 percentage points in the year 2019 to 63.3 percentage points in the year 2020. Europe & Central Asia scored 73.1 percentage points in the year 2020, up from 71.8 percentage points in the year 2019. The surge in the number of organizations is expected to drive the need for reliable electricity, and in turn drive the market growth in the region.
The market in the region is segmented by countries into China, India, Japan, Malaysia, South Korea, Australia, and the Rest of Asia Pacific. Out of the market in these countries, the market in China is expected to garner the largest market revenue of USD 6216.09 Million by the end of 2030, up from USD 2614.31 Million in the year 2020. The market in the country is also expected to grow with the highest CAGR of 9.05% during the forecast period. The diesel genset market in North America is expected to hold the second highest market share and further grow with a CAGR of 5.04% during the forecast period. Increasing demand for standby generators in North America, and the increasing investments in the construction industry, are some of the major factors expected to contribute to the market growth in the region.
On the other hand, surge in demand for uninterrupted power supply amongst the end-use industries, is one of the major factors attributed to the rising demand for gensets in Europe. The market in the region is further expected to garner a revenue of USD 4956.2 Million by the end of 2030.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Growth Drivers and Challenges Impacting the Growth of the Global Diesel Genset Market
- Rising Demand for Emergency and Stationary Power Backup in the Industrial Sector
- Growing Power Outages
- Growing Environmental Concerns for Diesel-run Generator Sets
Global Diesel Genset Market Segmentation Synopsis
The global diesel genset market is segmented by type into small (0-75 KVA), medium (75-375 KVA), and High (above 375 KVA). Amongst these segments, the small (0-75 KVA) segment registered the largest revenue of USD 7315.40 Million in the year 2020, and is further expected to touch USD 14473.34 Million by the end of 2030. The segment is also expected to grow with the highest CAGR of 7.06% during the forecast period. Based on mobility, the market is segmented into stationary, and portable, out of which, the stationary segment is expected to hold the highest market share, while the portable segment is expected to grow with the highest CAGR of 7.99% during the forecast period. On the basis of cooling system, the market is segmented into air cooled, and liquid cooled. Amongst these segments, the liquid cooled segment is expected to hold the highest market share and also grow with the highest CAGR of 7.08% during the forecast period. By application, the market is segmented into standby power, peak shaving, prime or continuous power, out of which, the standby power segment is expected to register the largest revenue of USD 25358.75 Million by the end of 2030. Moreover, by end-user, the market is segmented into industrial, commercial, and residential. Out of these segments, the commercial segment is projected to hold the largest revenue of USD 13104.30 Million by the end of 2030.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global diesel genset market that are included in our report are Cummins, Inc., Caterpillar Inc., Generac Power Systems, Inc., Mitsubishi Heavy Industries, Ltd., Rolls-Royce Power Systems AG, AKSA POWER GENERATION (KAZANCI HOLDING), Cooper Corp., Briggs & Stratton Corporation, Atlas Copco, and others.
Key Reasons to Buy Our Report
- The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
- It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
- The report includes detailed company profiles of the major players dominating the market.
- We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
- We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.