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Diesel Generator Global Market Report 2024 To 2033 | Mitsubishi Heavy Industries Ltd, Caterpillar Inc, Cummins Inc, Rolls-Royce Holdings plc, Generac Holdings Inc, Aggreko
Diesel Generator Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Yara International ASA, Kingenta, Nutrien Ltd, ICL Group, Sociedad Quimica y Minera de Chile S.A, Jcam Agri, Helena chemical company, Haifa Chemicals, Compo Expert GMbh, Nufarm Ltd, Sunpalm Australia, Hebei Woze Wufeng Biological Technology Co. Ltd, Hebei Sanyuanjiuqi Fertilizer Co. Ltd, Haifa Group, China BlueChemical Ltd, CF Industries, Borealis, Fertilore, HELM IBÉRICA SA, ADOB, Uralchem, PhosAgro, Acron, UralKali, Yara Canada Inc, The Mosaic Company, Verdesian, Koch Fertilizer, Wilbur-Ellis Company LLC, ScottsMiracle-Gro, K+S Potash Canada, ArrMaz, Agrium U.S. Inc, Nortox, Israel Chemicals Ltd (ICL), Qatar Fertilizer Co (QAFCO), Indorama Eleme Fertilizer & Chemicals Limited, Dangote Fertilizer, Twiga Chemical Industries Limited, Kynoch.
Diesel Generator Market 2024 Key Insights:
• 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%.
• Diesel Generators Thrive On The Back Of Construction Industry Expansion
• Technological Advancements Drive Innovation In The Diesel Generator Market
• Asia-Pacific was the largest region in the diesel generator market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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