Grid Power Uncertainty Driving Diesel Genset MarketThe global diesel genset market reached a value of $12,656.2 million in 2018 and is predicted to generate a revenue of $17,821.3 million in 2024, registering a 5.8% CAGR during the forecast period (2019-2024). The market is witnessing growth because of the low power production and grid power uncertainty and increasing number of data centers. A system in which a diesel engine works in conjunction with an electric generator for producing electricity is referred to a diesel genset or diesel generator.
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When power rating is considered, the diesel genset market is divided into 5 kVA-75 kVA, 76 kVA-375 kVA, 376 kVA-750 kVA, and above 750 kVA. The 5 kVA-75 kVA division held the largest volume share of the market during the historical period (2014-2018)and is further predicted to dominate the market during the forecast period. The requirement for these generators is being created by retail establishments, telecom towers, small commercial installations, and residential complexes. The fastest growth is predicted to be witnessed by the above 750 kVA division.
Geographically, North America is projected to hold a considerable share of the diesel genset market during the forecast period. In the region, diesel gensets are needed for providing backup power requirements, which is due to the low incidence of power outage, low base power deficit, and high grid penetration. In addition to this, the growing construction of commercial and residential facilities is further projected to drive the market in the region. The U.S. diesel genset market is expected to witness hold the larger volume share of the regional market during the forecast period.
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Competitive landscape of the diesel genset market
Some of the major players operating in the global diesel genset market are Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co., General Electric Company, Denyo Co. Ltd., AB Volvo, Escorts Limited, Siemens AG, and Kirloskar Oil Engines Limited.
Caterpillar Inc. held over 24% share in the diesel genset market in 2018. The company has a robust product portfolio and a vast distribution network (comprising dealers and e-commerce gateways). The company offers diesel generator sets under the Caterpillar, FG Wilson, Perkins, and Olympian brands.
DIESEL GENSET MARKET SEGMENTATION
Market Segmentation by Power Rating
5 kVA-75 kVA
76 kVA-375 kVA
376 kVA-750 kVA
Above 750 kVA
Market Segmentation by Application
Others (public transport agencies, party halls, petrol pumps, cold storage facilities, and amusement parks)
Energy and power
Others (small industrial units, construction projects, and locomotives)
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