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Diesel Generator Market Powers Up: Detailed Analysis of Market Size, Growth Drivers, and Competitive Landscape Predicting Robust Future Demand
Diesel Generator Market
Diesel Generator Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $27.17 billion In 2028 At A CAGR Of 6.8% :
The diesel generator market size has grown strongly in recent years. It will grow from $19.48 billion in 2023 to $20.87 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid industrialization, increase in energy demand and consumption, and rise in focus on electricity generation using fossil fuel energy sources.
The diesel generator market size is expected to see strong growth in the next few years. It will grow to $27.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to expanding construction industry, thriving growth of manufacturing industry, and remote work revolution. Major trends in the forecast period include improving the efficiency of diesel generators, developing rental generators, hybridization of diesel generators, designing compact and mobile solutions, and integration of advanced technologies such as remote monitoring, predictive maintenance, and data analytics.
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Diesel Generator Market Major Segments
The diesel generator market covered in this report is segmented -
1) By Type: Small Diesel Generator, Medium Diesel Generator, Large Diesel Generator
2) By End User: Industrial, Commercial, Residential
3) By Application: Standby Backup Power, Peak Shaving, Continuous Load
4) By Mobility: Stationery, Portable
5) By Power Rating: 75 kVA, 75-375 kVA, 375-750 kVA, Above 750 kVA
Key Driver - Diesel Generators Thrive On The Back Of Construction Industry Expansion
The expansion of the construction industry is expected to be a key driver of the growth of the diesel generator market in the forecast period. As construction projects expand, reliable power sources are essential to maintaining operations in various stages of development, and diesel generators serve as critical backup power solutions, ensuring uninterrupted operations in construction sites where grid power may be unreliable or unavailable. For instance, in August 2023, according to a report published by the U.S. Census Bureau, a primary agency of the United States Federal Statistical System, construction expenditure accounted for $1,938.4 billion in June 2023, indicating a 3.5% percent increase from the estimated expenditure of $1,873.2 billion in June 2022. Further, in March 2023, according to Oxford Economics, a UK-based provider of global economic forecasting and econometric analysis, the global construction output is estimated to grow from $9.7 trillion in 2022 to $13.9 trillion by 2037. Therefore, the expanding construction industry will drive the growth of the diesel generator market going forward.
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Prominent Trend - Technological Advancements Drive Innovation In The Diesel Generator Market
Technological advancement is a key trend gaining popularity in the diesel generator market. Major companies operating in the diesel generator market are focused on providing technologically advanced diesel generators to strengthen their market position. These companies are implementing next-generation advancements in diesel generator technologies such as noise reduction, emissions control systems, combustion chamber modifications, advanced power output, offsite monitoring systems, and others. These advanced diesel generators are offered to meet the industry demand for maximum output with reduced environmental impacts. For instance, in August 2021, Cummins India Limited, an India-based diesel, and alternative fuel engines manufacturing company introduced QSK60 G23: 2500-2750 kVA Diesel Generator set made in India. It is an integrated power solution with an increased power density that minimizes downtime, reduces the cost of ownership, and offers reliable performance with a minimized carbon footprint. The company designed this diesel generator to target industry segments such as data centers and large-scale infrastructure projects such as airports and commercial realty in India with rising power requirements.
Diesel Generator Market Players
Major companies operating in the diesel generator market report are Mitsubishi Heavy Industries Ltd, Caterpillar Inc, Cummins Inc, Rolls-Royce Holdings plc, Generac Holdings Inc, Aggreko, Atlas Copco AB, Yanmar Co. Ltd., Wartsila Corporation, Doosan Portable Power, Wuxi Huayou Power Equipment Co. Ltd, GIANT Power OEM Co. Ltd, Detra (HK) International, Jiangsu Dohigh Generator Trading Co. Ltd, Shangyu Diesel Engine Co. Ltd, Yanmar Holdings Co. Ltd, Kubota Corporation, Honda India Power Products Limited, Enrogen, Excel Power Ltd, JS Power, German Generator GmbH, Fischer Panda GmbH, Energy XPRT, Andoria-Mot Ltd, Dfme Sp. Z O. O, Poland Generators Manufacturers, Kohler Co, Powerhouse Diesel Generators Inc, Smith's Diesel and Power Systems, BC Diesel Generators, GAL Power Systems, MWM Motors Diesel Inc, Tupy S.A, Soenergy Sistemas Int De Energia, Geraforte Grupos Geradores LTDA, Jubaili Bros, Ultimate Power Solution Fzc, AQT Generators, Ade Power, Algen Power Generation, Mikano International Limited
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the diesel generator market in 2023. The regions covered in the diesel generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Diesel Generator Market Report Structure
3. Diesel Generator Market Trends And Strategies
4. Diesel Generator Market - Macro Economic Scenario
5. Diesel Generator Market Size And Growth
…..
27. Diesel Generator Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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