New York, US, March 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Diesel Genset Market Analysis Document Information By Application, Region, Probability, and Power Rating – Market Forecast Till 2030”, the diesel genset market is projected to flourish considerably during the assessment era from 2022 to 2030 at a robust growth rate of approximately 8.70%. The market was worth around USD 17.23 billion in the year 2021. The reports further project the market to attain a valuation of around USD 30.81 billion by the end of 2030.
Diesel Genset Market Overview:
Diesel genset transforms mechanical energy into electrical energy. The requirement for continuous power supply and regular power outages in emerging economies can offer a large scope of expansion for the market. The diesel genset market has showcased immense expansion in recent times. The primary parameter supporting the expansion of the market is the escalating demand for continuous & stable power supply. Furthermore, the rapid industrialization and urbanization in the developing economies are also likely to positively impact the market's expansion over the review era.
Competitive Analysis
The listing for the topmost participants across the diesel genset market involves players such as:
- Caterpillar (U.S.)
- Ashok Leyland (India)
- Yanmar Co Ltd (Japan)
- Rolls-Royce plc (U.K.)
- Kirloskar Electric Company (India)
- General Electric (U.S.)
- Atlas Copco AB (Sweden)
- Kohler Co. (U.S.)
- Mitsubishi Heavy Industries Ltd (Japan)
- Denyo Co. Ltd (Japan)
- Sutton Power Engineering (U.K.)
- JS Power (U.K.)
- Wärtsilä (Finland)
- Generac Power Systems Inc. (U.S.)
- Cummins Inc. (U.S.)
- Among others.
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On the contrary, there are several aspects affecting the expansion of the market. The primary challenge faced by the diesel genset market is the application of strict government regulations toward greenhouse gas emissions from diesel generators. In addition, the swift expansion of the renewable energy sector is also anticipated to restrict the performance of the market over the review era. Nevertheless, the rise in technological advancements in diesel generators coupled with the increase in demand for energy from various end-use industry sectors is likely to offer lucrative growth opportunities for the prominent participants to maintain their position in the market over the assessment timeframe.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 30.81 billion |
| CAGR during 2022-2030 | 8.70% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Probability, Power Rating, Application and End-Use |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Need for uninterrupted power supply and frequent power outages in developing economies |
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Market USP Covered
Market Drivers
the diesel genset market has showcased immense expansion in recent times. The main aspect backing the expansion of the market is the escalating demand for continuous & stable power supply. Furthermore, the rapid industrialization along with urbanization in the developing economies is also likely to positively impact the expansion of the market over the review era. Nevertheless, the rise in technological advancements in diesel generators coupled with the increase in demand for energy from various end-use industry sectors will likely offer lucrative growth opportunities for the prominent participants to maintain their position in the market over the assessment timeframe.
Market Restraints
On the contrary, several aspects affect the market's expansion. The primary challenge faced by the diesel genset market is the application of strict government regulations toward greenhouse gas emissions from diesel generators. In addition, the swift expansion of the renewable energy sector is also anticipated to restrict the performance of the market over the review era. Furthermore, the high diesel costs are also likely to impact the market's expansion over the coming years negatively.
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COVID-19 Impact
The global health crisis in the form of COVID-19 has immensely affected most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The diesel genset market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced.
Segment Analysis
Among all the power ratings, the low-power generator segment is likely to ensure the top spot across the diesel genset market over the review era. The main parameter supporting the expansion of the segment is the presence of a wide application base in the residential and commercial sectors. Generators having a capacity below 80 kW are utilized as power backup solutions in residential homes to power devices like geysers, water pumps, AC units, water purifiers, and others. Moreover, the low cost of these generators is also likely to contribute to the expansion of the segment over the assessment era. On the other hand, the high-power generator segment is projected to display the maximum growth rate over the review era, given the aspects such as rising demand for power and huge requirement for continuous power supply.
Among all the applications, the commercial application segment is projected to hold the top spot across the diesel genset market over the review era. The segment's growth is ascribed to the factors such as growing commercial establishments and the wide application scope among all the industry sectors.
Regional Analysis
The MRFR research documents imply that the Asia-Pacific region is projected to make sure of the top place across the diesel genset market over the review era. The main parameter supporting the expansion of the regional market is the escalating number of manufacturing facilities and infrastructure projects across the region.
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Furthermore, factors such as the rapid expansion of commercial office spaces and the rising electricity demand-supply gap are also likely to positively impact the regional market's expansion over the review era.
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