Diesel Generator Market to Hit USD 26.09 Billion by 2029; Significant Expansions in Oil & Gas Sector & Rapidly Developing Industrial Infrastructure to Fuel Global Market Growth.
/EIN News/ — Pune, India, May 24, 2022 (GLOBE NEWSWIRE) — The global diesel generator market size stood at USD 16.89 billion in 2021. The market is estimated to rise from USD 17.92 billion in 2022 to USD 26.09 billion by 2029 at 5.5% CAGR during the forecast period. Fortune Business Insights has delved into these insights in its latest research report, titled, “Diesel Generator Market, 2022-2029.”
According to the analysis, the extraordinary global development in the residential, commercial, and industrial sectors has boosted demand for reliable power in all locations. 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.
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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.
|Forecast Period 2022 to 2029 CAGR||5.5%|
|2029 Value Projection||USD 26.09 billion|
|Market Size in 2021||USD 16.89 billion|
|Historical Data for||20218-2020|
|No. of Pages||257|
|Segments covered||Charging Type, Charging Type, Installation Type, Application and Region|
|Growth Drivers||Favorable Government Subsidies and Policies to Drive Market Growth|
|Technological Advances and Rising Investments to Boost Market Development in Asia Pacific|
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. According to the World Energy Investment Report, the International Energy Agency (IEA) stated that the global investment in the energy sector fell by about USD 400 billion, or one-fifth, in 2020 compared to 2019. Even though there is a rebound in energy investments in 2021, greater efforts are required to achieve energy independence.
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Drivers & Restraints-
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.
- 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.
July 2021: 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.
List of Key Market Players:
- Caterpillar Inc. (U.S.)
- Aggreko (U.K.)
- Cummins Inc. (U.S.)
- Himoinsa (Spain)
- John Deere (U.S.)
- Kohler-SDMO (France)
- PRAMAC (Italy)
- Kirloskar Electric Co. Ltd. (India)
- Generac Power Systems (U.S.)
- FG Wilson (U.K.)
- Atlas Copco (Sweden)
- American Honda Motor Company, Inc. (U.S.)
- Briggs & Straton (U.S.)
- Ingersoll Rand (U.S.)
- Yamaha Motor Co. Ltd. (Japan)
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Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Diesel Generator Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Diesel Generator Market Analysis (MW, USD Billion), Insights and Forecast, 2018-2029
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This news story originally appeared at Books - Reality Syndicate Viewers on 27 May 2022