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Diesel Generator Market is projected reach USD 30.89 billion by 2030, at a CAGR of 8.70% during the forecast period 2023 and 2030

Dec 18, 2023 10:03 PM ET

Diesel Generator Market is projected reach USD 30.89 billion by 2030, at a CAGR of 8.70% during the forecast period 2023 and 2030

Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Diesel Generator Market Information by Power Rating, Portability, End-Use, and By Region – Forecast till 2030 The diesel generator industry is set to surge from USD 17.23 Billion in 2022 to USD 30.89 billion by 2030, with a CAGR of 8.70% between 2022 and 2030.

The demand for consistent power has increased due to the remarkable global development in the industrial, commercial, and residential sectors across regions. The industrial and residential markets have grown as a result of this requirement. An established technique for generating energy using crude oil to meet emergency power needs is the diesel generator (DG) technology. By converting the chemical energy of diesel fuel using a variety of tools, including an AC alternator, control panel, fuel tank, radiator, engine, and many more, the product is widely used to deliver electricity.  

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Market Competitive Landscape:

  • Kirloskar Electric Company (India)
  • Denyo Co Ltd (Japan)
  • Greaves Cotton Limited (India)
  • Ashok Leyland (India)
  • Mitsubishi Heavy Industries Ltd (Japan)
  • Rolls-Royce plc (UK)
  • WÃrtsilà (Finland)
  • Caterpillar (US)
  • Cummins Inc (US)

Market Drivers:

Global energy supply is unable to keep up with the rising demand. In growing economies, factors including fast industrialization, expanding infrastructure, and population increase are keeping up with the need for electricity. There are several benefits to using a diesel generator, including lower running costs and higher fuel economy. Hence, they are far more common in developing countries, particularly in the Asia Pacific area. It also had a number of disadvantages, including noise pollution and dangerous gas emissions, in addition to its benefits. According to estimates from the International Nuclear Association, the current use of power will need to be doubled. Solar energy will be the most plentiful energy source accessible, according to the U.S. Department of Energy.

Due to escalating expenses associated with power outages at various data centers and IT-enabled service providers as well as expanding customer awareness of the need for a dependable emergency power source, the US market is expected to expand significantly. The growing susceptibility of grid power plants to disasters brought on by shifting climatic patterns in the area also influences the market.

Manufacturers, installers, maintainers, and repairers of generator systems are essentially the responsibility of solution providers in the diesel generator industry. Customers who use generators as emergency power backup systems in commercial settings, household settings, and small businesses enter into contracts for product supply and maintenance with generator dealers or electrical contractors. In addition, businesses employ an internal monitoring engineer to keep an eye on a sizable number of generators in large-scale operations.

Market Restraints:

Globally recognized organizations have implemented diverse regulatory frameworks and objectives aimed at promoting the adoption of green technologies, with the ultimate goal of reducing reliance on fossil fuels. The market for diesel generator sets may be hampered by the high green energy targets that nations are setting and their investments in renewable energy sources.

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Market Segmentation

375 kVA – 1000 kVA and Above 1000 kVA are the two segments of the diesel generator industry, with respect to the power rating. 

Depending on the portability, the diesel generator market is segmented into two categories: stationary and portable.

In terms of the end-use, the diesel generator market data covers the industrial, commercial, and agricultural sectors.

Regional Insights

The market for diesel generators in Asia Pacific was valued at USD 7.02 billion in 2021 and will garner a substantial growth rate over the study period. The region’s industrial landscape is anticipated to gain from China’s growing infrastructure and manufacturing facilities, growing imbalance between supply and demand for electricity, and the acceleration of the growth of commercial office space.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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