Diesel Genset Market | Was Valued at USD 15,835.2 Million in 2021. Diesel Genset Market Analyst Speak:

According to Precision Business Insights (PBI) latest report, the diesel Genset market is expected to be worth USD 15,835.2 million in 2022, growing at a 3.7% CAGR from 2022 to 2028. The rise in the need for continuous and steady power supply, as well as growing industrialization and urbanization in developing economies, are driving the global diesel Genset market forward. However, the market's growth is hampered by the implementation of rigorous government rules regarding greenhouse gas emissions from diesel generators and the rapid development of the renewable energy industry. Increased technological improvements in diesel generators and increased demand for energy from various end-use sectors, on the other hand, are expected to give attractive growth prospects for leading companies to maintain their market position in the coming years.

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Residential Segment to Dominate the Diesel Genset Market:
The residential segment is expected to account for a larger revenue share in the global diesel Genset market, with a value share worldwide. It is projected to grow at a 4.1 xx% CAGR between 2022 and 2028. owing to growing consumer awareness, increasing load demand on the primary grid, and an increase in the number of power outages, all of which are essential drivers driving product demand in the residential sector. Furthermore, in the event of a grid breakdown or an electrical outage, diesel generators serve as a stable supplementary power source in houses.

Asia Pacific Diesel Genset Market:
The Asia Pacific market is expected to increase in the global diesel Genset market over the forecast period. It is projected to grow at a CAGR of 3.6% in the coming years. Because the Asia Pacific region has a reasonably developed power infrastructure that provides low-cost electricity from the utility grid, diesel generator sets are commonly employed for backup. The demand for diesel generator sets is influenced by various factors, including the country's power infrastructure, pollution regulations, and customer purchasing power. The growing number of manufacturing facilities and infrastructure projects in China, the widening gap between demand and supply for power, and the rapid expansion of commercial office space are expected to improve the industry landscape across the area.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global diesel genset market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In August 2021, Caterpillar announced that Microsoft will likely use Cat diesel generator sets to supply standby power solutions at its data centers in Sweden. The Cat C175-20 and C18 generator sets provide complete standby power solutions in the first phase of data centers (under construction stage) in Sweden. All the generator sets can be powered by Preem Evolution Diesel Plus, a renewable liquid fuel. In October 2021, Cummins Inc. announced the new SD 20 diesel generator for commercial mobile applications. The SD 20 is well suited for various trailer and vehicle applications such as disaster relief, mobile medical, mobile command centers, ambulances, food trucks, and utility boom trucks.

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The diesel Genset market is segmented based on application, power rating, end-user, and geography.
Based on the application, the market is segmented into the following:
• Standby Power
• Peak Shaving
• Prime or Continuous Power

Based on the power rating, the market is segmented into the following:
• 0-100 kVA
• 100-350 kVA
• 350-1000 kVA
• 1000 kVA

Based on the end user, the market is segmented into the following:
• Industrial
• Commercial
• Residential

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Key players' profiles in the diesel Genset market report are AKSA power generation company, Atlas Copco AB, Caterpillar, Cummins Inc., Doosan, Portable Power, Generac Power System Inc., Honda India Power Products Ltd., Kohler Co., Rolls-Royce plc, and Wartsila Corporation.

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