Diesel Generator Market - Forecast(2024 - 2030)
Diesel Generator Market - Overview
The Diesel Generator Market size is forecasted to reach $21.6 billion by 2030, growing at 4.5% from 2024-2030. The diesel generator market is witnessing significant growth driven by several key factors. Firstly, with the increasing demand for reliable backup power solutions, particularly in regions with unreliable electricity grids or frequent power outages, the adoption of diesel generators remains robust. This trend is particularly evident in emerging economies where industrialization and urbanization are driving the need for continuous power supply. Secondly, environmental concerns and stringent emissions regulations are shaping the market landscape. As sustainability becomes a priority for businesses and governments worldwide, there's a growing emphasis on developing more eco-friendly diesel generator models that comply with emission standards and reduce carbon footprint. Manufacturers are investing in research and development to enhance engine efficiency and reduce emissions, thereby addressing environmental concerns and meeting regulatory requirements. Moreover, technological advancements such as smart monitoring systems and remote-control capabilities are revolutionizing the diesel generator industry, offering improved efficiency, performance monitoring, and predictive maintenance capabilities. These innovations enable operators to optimize generator performance, minimize downtime, and reduce operating costs, enhancing overall reliability and customer satisfaction. Such factors are analyzed to drive the market during the forecast period 2024-2030.
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Report Coverage
The report based on: “Diesel Generator Market Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Diesel Generator Market industry outlook.
By Power Capacity: 0-100 kVA, 100-350 kVA, 350-1000 kVA, above 1000 kVA
By Portability: Stationary Generators, Portable Generators
By Application: Standby Power, Peak Shaving, Prime or Continuous Power
By End-Users: Residential, Commercial, and Industrial (Construction, Manufacturing, Pharmaceutical, Mining, Others)
By Geography: North America (USA, Canada and Mexico), Europe (U.K., Germany, Italy, France, Netherland & Rest of Europe), APAC (China, Japan, South Korea, India, Australia & Rest of APAC), South America (Brazil, Argentina & Rest of South America), RoW (Middle East & Africa).
Key Takeaways
? Above 1000 kVA segment is analyzed to witness the highest growth rate in the Diesel Generator Market during the forecast period 2024-2030, owing to the growing adoption in industries such as manufacturing, mining and so on
? Commercial sector is anticipated to grow with the highest CAGR of around 5.9% in the Diesel Generator Market during the forecast period 2024-2030, owing to businesses, offices, malls, and other commercial establishments require reliable backup power to ensure uninterrupted operations during power outages, making diesel generators a vital asset.
? APAC region is analyzed to witness the fastest growth in the Diesel Generator Market during 2024-2030, owing to rising construction activities in this region.
Diesel Generator Market Segment Analysis- By Power Capacity
Above 1000 kVA segment is analyzed to account for the highest CAGR of 6.4% in the Diesel Generator Market during the forecast period 2024-2030. Above 1000 kVA is mainly used for heavy duty applications in various industries such as Oil & Gas, Manufacturing, Construction and mining. Moreover, many companies are developing high power capacity generators to provide uninterrupted power supply in commercial places such as office, hospitals and so on. In December 2023, Cummins Inc. revealed that the newly introduced C1760D5, C1875D5, and C2000D5B generator models represent the culmination of over 60 years of research, resulting in even greater power for a wider range of applications. These new generator sets have compact design and unrivaled power density, with standby ratings ranging from 1760KVA to 2000KVA.
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Diesel Generator Market Segment Analysis- By End Users
Based on end-users’ segmentation, Industrial Sector held the highest market share of around 38% in the Diesel Generator Market in 2023. Industrial sector relies on reliable source of electricity generation system i.e. diesel generator as a backup during power outage to evade production risk. The factors such as lack of grid infrastructure in remote areas as well as government initiatives to support infrastructure in developing countries have been contributing to the growth of the Diesel Generator Market. Construction Industry held the highest share of energy consumption among all industrial sectors, owing to growing construction activities worldwide. The major factors such as growing projects on construction of roads and changes in building of railway as well as metro rail systems have contributed to the growth of construction industry. Construction activities such as road construction, excavations for foundations, bridge construction, bore well digging, rail construction, concrete mixing, metro construction and so on need electricity in sites to operate different machines required to tackle construction activities. In most of the sites, grid supply is limited, so the companies rely on diesel generators to supply electric power, thus boosting the growth of the market. In October 2023, Indian government inaugurated and laid the foundation stone for 26 National Highway Projects in Guwahati, Assam. The total investment for these projects exceeds Rs. 17,500 Crore. This initiative underscores the government's commitment to improving infrastructure and connectivity, particularly in the Northeast region, thus will increase the demand for diesel generator as a backup source of electric power among construction sites.
Diesel Generator Market Segment Analysis- Geography
APAC held the highest Diesel Generator Market share of around 37% in the Diesel Generator Market in 2023 and is further set to grow at a significant rate during the forecast period 2024-2030. The factors such increasing construction activities, rapid industrialization and increasing investment in buildings and infrastructure projects have been contributing to the market growth across the APAC region in long run. Moreover, government investment in infrastructure projects will create opportunities for the growth of the Diesel Generator Market. According to India Brand Equity Foundation, India's population expansion and economic development necessitate improved transportation infrastructure, which includes investments in roads, trains, aircraft, shipping, and inland waterways. Infrastructure development is critical to achieving India's goal of being a $5 trillion economy by 2025. To boost infrastructure expansion, the government has developed the National Infrastructure Pipeline (NIP), as well as other programs such as 'Make in India' and the production-linked incentives (PLI) plan. Such initiatives can boost the demand for Diesel Generators as a reliable backup for power generation in the long run.
Drivers – Diesel Generator Market
? Increasing infrastructure investment
Increasing infrastructure investment is set to be one of the factors that can drive the market forward during the forecast period 2024-2030. Investment in infrastructure can contribute to the economic growth and increase the productivity of different sectors. It is also crucial for regional development. The rapid adoption of diesel generator for infrastructural works as back up of electric power will create ample opportunities for the growth of the market. In November 2023, The US Department of Commerce has announced that it would invest $4.4 million in infrastructure improvements to support business growth and development in Louisiana. In August 2022, the Chinese government announced a $1 trillion investment in infrastructure projects Such investments can further influence the market growth in the long run.
? Increasing demand for diesel generators for data centers is set to be one of the factors that can drive the market forward
Growing demand for diesel generators for data centers is set to be one of the factors that can drive the market forward. Data Centers helps user to access data quickly, exhaust a considerable amount of electric power, not only for their normal operations but also for freezing the rooms in which they are enclosed. In October 2022, AWS purchased 105 backup diesel generators for its new data center in Dublin. This move responds to concerns about the impact on the electricity networks in the region. The generators aim to ensure uninterrupted power supply for the data center's operations, enhancing reliability and resilience. Such developments can further influence the growth of Diesel Generator Market in the long run.
Challenges – Diesel Generator Market??
Stringent regulations by the Government
Increasing stringency in government environmental regulations to reduce carbon emission acts as a major challenge for the growth of Diesel Generators Market. Diesel Generators are harmful for the environment. The consumption of 1 litre of diesel produces 2.7 kg of carbon dioxide. It does not produce only carbon monoxide but also creates other pollutants such as particulate matter and nitrogen oxides. In order to reduce carbon footprints, government of several countries have initiated various policies and regulations. For instance, European Union’s climate neutrality goals by 2050 will lead to the use of cleaner alternatives of power generators. Owing to the above-mentioned factor, use of diesel generator will be significantly impacted, thus hampering its market growth.
Market Landscape
Partnership, Acquisitions, Collaboration, technology launches and R&D activities are key strategies adopted by players in the Diesel Generator Market. The Diesel Generator Market top 10 companies include