Global Diesel Genset Market
Diesel Genset Demand Growth to Remain Buoyant up to 2028
The diesel genset market is expected to continue its growth over the next few years. Despite government amends to reduce diesel genset use to minimize rising environmental concerns, the market demand is likely to remain robust. The increasing demand for reliable energy supply and growing incidences of power outages are estimated to create substantial market demand.
Also, the market value is expected to grow steadily, at least until 2028. Citing the continually growing demand for uninterrupted and reliable power supply, MRFR expects the global diesel generator market valuation to escalate from USD 17.23 billion in 2021 to USD 30.81 billion by 2028, growing at an 8.70% CAGR from 2021 to 2028. Also, the market is likely to perceive huge R&D investments for product development.
2028: USD 30.81 billion
8.70% CAGR (2021-2028)
Key Market Opportunities
New product launches and R&D Amongst major key Players
Many industries need gensets for their remote power and transport power needs. Especially shipping sector and food & perishable goods transport industries require powered engines during inland and long-distance shipping to power refrigerated reefer containers to maintain safe temperatures. Gensets are also used in remote locations to provide a steady power supply and backup electricity.
Diesel gensets have applications across many sectors with shared purposes, such as data centers, healthcare facilities, emergency power operations, power in remote locations, and power for cooling or heating units on reefer containers. Diesel generators offer significant advantages, such as substantial money savings, low-maintenance costs, longer runtime, safer operations, and efficiency.
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The growing use of diesel generators across industrial, commercial, agriculture, and other purposes is a key driving force. Moreover, product standardization, enhanced research & innovation, and increased lab & field tests are significant market trends. Frequent power outages caused by natural calamities that can interrupt operations in industries, emergency services, homes, and commercial establishments, further escalate market growth.
On the other hand, strict government amends and restrictions imposed on power distribution companies mandating electricity supply 24×7 in metros and large cities to dissuade diesel genset use hamper the market growth. Nevertheless, huge R&D investments by industry players in developing efficient engines that can reduce harmful gases emitted from diesel generators would support the market growth in the coming years.
The diesel generator market analysis is segmented into power rating, portability, end-use, and regions. The power rating segment is sub-segmented into 375KVA-1000KVA and above 1000 KVA. The portability segment is sub-segmented into portable and stationary. The end-user segment is sub-segmented into agriculture, commercial, and industrial.
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The Asia Pacific region dominates the global diesel generator market. The growing demand for a steady & reliable power supply from the growing number of data centers in the region fosters market sales. Moreover, the massive availability of diesel due to the rising oil & gas activities increases the region's diesel generator market share. Furthermore, a relaxed approach and lenient government regulations against gas emissions from diesel gensets positively impact the regional market's growth.
On the other hand, diesel generator markets in North America and Europe demonstrate sluggish growth, mainly due to stringent fuel mapping regulations. However, optimized emissions in non-emissions regulated regions, including the USA, Canada, Europe, etc., support the market growth. Additionally, low-NOx optimized use in mission-critical segments like data centers and cost-efficiencies boosts the market value, enabling hassle-free deployment and delivering top-of-the-line fuel consumption regardless of the calibration.
The highly competitive diesel genset market appears to be highly completive due to several notable players. Players incorporate strategic initiatives such as acquisition, partnership, product launch, and expansion to gain a competitive advantage in this market. Key players focus on product innovation and new manufacturing processes.
They focus on developing a new range of value-engineered standby power solutions specifically designed to target the global electrical contractor market. These generators are developed to simplify the specification process and substantially reduce quotation and delivery times while helping meet the tight budget requirements of the vast majority of stationary standby power applications.
For instance, on Sep.05, 2022, Rolls-Royce Power Systems (Germany), a business unit of UK-based propulsion & power systems group Rolls-Royce, announced winning a major genset contract for new German warships.
The contract by Damen Naval, the Netherlands-based shipbuilding group, comprises the supply of variable speed MTU naval diesel gensets. The 16 MTU Series 4000 diesel gensets will provide the new warships with their onboard power, and each of the four planned for the German Navy's F126 frigates will have four such gensets.
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Key players involved in the market are Cummins Inc. (US), Caterpillar (US), Mitsubishi Heavy Industries, Ltd (Japan), Wärtsilä (Finland), Kohler Co. (US), Atlas Copco AB (Sweden), Rolls-Royce plc (UK), Yanmar Co. Ltd. (Japan), Kirloskar Electric Company (India), JS Power (UK), Generac Power Systems, Inc. (the US), General Electric (US), Ashok Leyland (India), Sutton Power Engineering (UK), and Denyo Co., Ltd (Japan), among others.
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