Owing to the growing instances of power outages and rising development of hotels, corporate offices, and homes, the U.S. diesel genset market is expected to reach $3,132.4 million by 2030 from $2,175.6 million in 2021, at a 4.1% compound annual growth rate from 2021 to 2030. The spending on construction in February 2022 amounted to $1,704.4 billion, a rise of approximately 0.5% from the $1,695.5 billion recorded the previous month, according to the U.S. Census Bureau.
Based on power requirement, the sale of backup power gensets is predicted to grow at the higher U.S. diesel genset market CAGR due to the increasing number of diesel gensets in dwellings, hotels, hospitality units, healthcare facilities, and manufacturing facilities. Moreover, the growing need for backup power gensets is fueled by the development of data centers, as well as the increasing susceptibility to power outages caused by natural catastrophes.
Key Findings of U.S. Diesel Genset Market Report:
- The requirement for diesel generators for residential needs is predicted to grow at the highest rate. A major reason for this would be the residential industry's growing usage of generators that have power capacities under 80 kW, to power equipment such as water purifiers and water pumps.
- Caterpillar Inc. announced 9 Cat GC diesel generators for medium- to large-scale stationary standby applications in November 2021. In North America, there are three types of gensets available, ranging from 800 kW to 1250 kW for 60 Hz applications.
- Generac Holdings Inc. introduced the MDE570 and MDE330 diesel mobile generators in October 2021, to deliver ease of maintenance and operation.
- People in the U.S. are turning to backup power sources such as solar PV systems and gas or diesel gensets owing to the power disruptions caused by the outdated electricity grid infrastructure.
- Hyperscale cloud providers and business enterprises in the U.S. are increasingly using data centers to meet international and domestic data demand. Data centers demand a constant power supply and use genset as a backup.
- Diesel gensets are in high demand because many construction operations take place in areas where the demand for electricity is not met.
- Several players in the U.S. diesel genset market are focusing on releasing products to improve their standing and acquire a larger consumer base. Players in the market are Doosan Enerbility Co. Ltd., Wacker Neuson Group, Atlas Copco AB, AB Volvo, Rolls-Royce plc, Generac Holdings Inc., Kubota Corporation, Kohler Co., Cummins Inc., and Caterpillar Inc.
- Based on mobility, the stationary category dominated the U.S. diesel genset market in 2021, with a revenue share of roughly 60%. This is due to the increasing use of these gensets in data centers, corporate offices, oil and gas refineries, housing societies, manufacturing plants, product distribution centers, and transportation applications.