Published Date: February 6, 2023
Diesel Gensets Market size is set to surpass more than USD 60 billion by 2032, according to a new research report by Global Market Insights Inc.
The industry landscape is foreseen to be favored by the expanding population, along with increased product application across the manufacturing and mining sectors. Factories in China are opting for diesel generators to keep their operations running during power failures, which is driving the business outlook. Moreover, the thriving real estate industry resulting from massive public and private investments is expected to supplement industry growth.
In terms of power rating, the > 200 kVA - 330 kVA segment is projected to account for a substantial portion of the diesel gensets market revenue by the end of 2032 due to the extensive use of these gensets in healthcare establishments, mainly hospitals, as backup power sources for providing a continuous electricity supply to run medical devices. The COVID-19 pandemic increased the influx of patients who required constant medical care, which has been beneficial for product penetration in hospital settings. Furthermore, the rapid digitalization across varied industries is speculated to drive segment expansion.
The prime/continuous application segment valued at USD 10 billion in 2022. Prevalent digitalization across businesses and manufacturing processes is propelling the usage of big data solutions, thereby fostering the need for data centers, which is pushing product utilization for continuous power supply in these facilities. Moreover, diesel gensets are more cost-effective than grid power in several sub-Saharan economies, which is likely to promote business progression. During the pandemic, surging product uptake was observed in these regions mainly for sterilizing medical equipment, refrigerating vaccines, and offering emergency care.
Browse key industry insights spread across 625 pages with 1026 market data tables & 51 figures & charts from the report, “Diesel Gensets Market Size by Power Rating (≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA, > 330 kVA - 750 kVA, > 750 kVA), By End Use (Residential, Commercial, Industrial), By Application (Standby, Peak Shaving, Prime/Continuous), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/diesel-gensets-market
In terms of end use, the diesel gensets market size from industrial segment is slated to exhibit more than 7% gains between 2023 and 2032. This growth is attributed to the mounting number of manufacturing enterprises employing diesel gensets to prevent blackouts from disrupting their operations and hampering product quality. In addition, the upsurge in oil & gas exploration projects, which rely heavily on diesel gensets for energy supply in remote locations, is predicted to positively influence the segment outlook. To cite an instance, in May 2022, ONGC announced a USD 4 billion investment over 2022-25 toward amplifying its exploration efforts in India.
North America diesel gensets market is poised to reach nearly USD 11 billion by 2032 owing to increasing occurrences of disasters that are boosting the need for generators to safeguard continual electricity supply in the nation during power cuts. In 2022, the United States reported 18 natural disasters, with each one surpassing USD 1 billion in losses. Additionally, the burgeoning power consumption on account of the widespread adoption of EVs is escalating the load on electrical networks and has increased the reliance on alternative power sources, which is anticipated to augment regional business revenues.
Major participants operating in the diesel gensets market are Kirloskar, Sterling and Wilson, Yamaha Motor Co., Powerica Limited, Cummins, Caterpillar, Mitsubishi Heavy Industries, Kohler Co., and Mikano International. These businesses primarily focus on advancing the development of cutting-edge manufacturing processes to strengthen their market position. In June 2022, industry leader Kirloskar developed iGreen, a compact, fuel-efficient power genset, which runs on the R550 series of engines, delivers high power quality and fuel economy, and offers an enhanced product life, coupled with in-built benefits such as self-diagnostics and remote monitoring.
Ankit Gupta, Shubham Chaudhary