Diesel Generator Market Emerging Technologies, Size, Share, Competitive Market Strategies and Forecasts to 2023

Diesel Generator Market Top Key Players:-

The key players of global diesel generator market are Caterpillar Inc. (U.S.), Generac Holdings Inc. (U.S.), Cummins Inc. (U.S.), Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (Japan), Wartsila Corporation (Finland), AKSA Power Generation. (Turkey), Kohler Co. (U.S.), Rolls-Royce Power Systems AG (Germany), Wuxi Kipor Power Co. Ltd. (China), MAN Diesel & Turbo SE (Germany), Aggreko PLC (U.K), and General Electric Company (U.S.).

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Market Overview:-
A combination of diesel engine and an electric generator used to generate electricity is termed as a diesel generator. The diesel generator has an integrated internal diesel combustion engine that ignites diesel fuel and the energy produced is converted into mechanical energy to generate electricity. Diesel generators are available in various power ratings, sizes, and have wide-scale operation across all major end-use sectors.

The global diesel market is driven by the growing need for reliable and interruptible power supply at lower costs. Moreover, frequent power outages caused due to various natural calamities, such as severe weather events, storms, and floods can cause trouble to the operations of emergency services, industrial operations, commercial establishments, and residential homes. Therefore, diesel generators act as a backup system for fulfilling their need for reliable power. However, the rise in renewable energy technologies and high operating & maintenance cost of diesel generator will act as a hindrance for the diesel generator market, globally.

The diesel generator industry is anticipated to have a vast number of advancements over the forecast period owing to continuous developments in energy industry coupled with growing energy demand from end-user. The market is also expected to have high expansion activities by multinationals and well-established companies.

The global diesel generator market is expected to witness ~6.5% CAGR during the forecast period.



Global Diesel Generator Market Analysis:-

The global diesel generator market is expected to witness a phenomenal growth during the forecast period. This is due to the considerable growth in the utilization of diesel generators across all end-use sectors at an extensive level in various regions. The growth is primarily attributed to the surge in power outages & failure and growing demand for interminable & dependable power supply in various countries, which is likely to continue during the forecast years. The Asia Pacific region accounted for the largest share of the diesel generator market in 2016, whereas China, Japan, India, and other prominent Southeast Asian countries contributed largely towards the market growth. However, Africa and South America are likely to emerge as one of the prominent markets for diesel generator due to growing power needs. The economic development and large-scale industrialization in the North America and Europe regions have created a huge demand for power backup devices, resulting in growing demand for diesel generator across the regions. The high dependability of industrial, commercial, and residential sectors over continuous power for smooth operational functioning is creating a fruitful market for diesel generators and is expected to continue throughout the forecast period. The growth in the information and technology sector across the globe, through the development of large-scale data centers, IT hubs, and telecommunication hubs, is further propelling the growth of the diesel generator market, as these sectors are always in need for continuous power for superior functioning. As large of a number of businesses across the globe are highly depended on the information and technology sector for their business to function smoothly. All these major factors are anticipated to have a positive impact on the growth of diesel generator market during the forecast period.

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Market Segmentation:-

The global diesel generator market has been segmented based on portability, operation, power rating, end-user, and region. Based on portability the market is segmented into stationary and portable. Among these, the stationary diesel generator is expected to dominate the global diesel generator market through 2023. The dominant position of this segment can be attributed to its wide application in the commercial & industrial sectors. Furthermore, stationary diesel generators are capable of supporting very high-power levels in the range of 3kW to several megawatts. Based on operation, the market is segmented into standby power, peak savings, and continuous power. Standby power dominated the market in 2016 and is expected to be the fastest-growing operation segment for a diesel generator. Standby power provides instantaneous power backup to all major electrical devices to perform non-stop operations. Based on the power rating, the market is segmented into up to 0.5 MW, 0.5 MW - 1.0 MW, 1.0 MW - 5.0 MW, and above 5.0 MW. Up to 0.5 MW segment dominated the market in 2016 and is projected to be the fastest-growing power rating segment over the next five years. The high demand for small power rating diesel generators among small enterprises and residential sector is propelling the growth of this segment. Based on the end-user, the market is segmented into industrial, commercial, and residential. Commercial sector dominated the market in 2016 and is projected to be the fastest-growing end-user segment over the next five years. The need for continued and uninterrupted power supply in the commercial sector is necessary to run daily operations, as all the major commercial sectors are highly dependable on electricity for their smooth functioning.

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