PUBLISHER: SkyQuest | PRODUCT CODE: 1244346
PUBLISHER: SkyQuest | PRODUCT CODE: 1244346
Global Diesel Generator Market was valued at USD 16.89 billion in 2021, and it is expected to reach at USD 25.82 billion by 2028, at a CAGR of 5.5% over the forecast period (2022-2028).
Market expansion is being driven by an increase in the demand for electricity globally and public concern over the frequency of power outages. According to the World Bank, the number of power outages that affect businesses over a typical month increased from 2.42 in 2020 to 6.19 in 2021. As people's concerns about power outages grow, there is a greater need for dependable power sources, such as standby generators. It is often referred to as a Transfer switch when a generator is utilised as a standby. The generator cannot be connected simultaneously thanks to this mechanical mechanism. These generators' reliability, which combines engine and alternator productivity, ranges from 30% to 50%. This is anticipated to fuel the worldwide diesel generator market's rise throughout the anticipated time frame. The industrial sector is one that needs on a consistent electrical supply to run efficiently. A power outage could result in significant losses for these companies because the sector depends on electricity for everyday operations. These generators help provide standby power and come in a variety of load handling capacities depending on the needs of the end-user. Due to the rapid urbanisation, expanding industrialization, and rising number of small, medium, and large businesses, it is also projected that there would be a considerable increase in demand for diesel generators, driving the market's expansion.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Diesel Generator Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global diesel generator market has been segmented based on application, end-user, power rating, portability, and regions. Based on application, the market is segmented into continuous load, peak load, and standby load. Based on the end-user, the market is segmented into mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, telecommunication, electric utility, data centers, and others. By portability, it is segmented into Stationary and Portable. Based on power rating, the market is segmented into 0-100 kVA, 100-350 kVA, 350-1000 kVA, above 1000 kVA. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
As a result of its increasing usage across multiple industry sectors, oil and gas consumption has dramatically increased. Also, as more significant hydrocarbon reserves are found and offshore wells are developed, demand for diesel generator sets is anticipated to rise. The market is anticipated to expand as a result of the growing need to support the world's expanding production operations. Also, the sector is anticipated to benefit from rising expenditures and investments to deliver efficient energy management across several businesses.
Restraint
Organizations from all over the world have developed a range of legal frameworks and objectives to encourage the adoption of green technology and lessen reliance on fossil fuels. The market for diesel generators may suffer as a result of national investments in green energy and ambitious green energy goals.
Market Trends
Numerous DG Set companies are putting their efforts into expanding the range of DG goods' uses. The companies also put a lot of effort into introducing new products with a range of power ratings that can perform well in difficult conditions.
Owing to strict regulations, industry participants constantly focus on creating new diesel generators. The automatic voltage regulators and integrated electronic governors used in diesel gen-sets, which automatically alter the generator engine speed as necessary, make these generators more energy-efficient. Other features, such remote generator set monitoring, should improve product sustainability throughout the course of the forecast period.