Global Diesel Generator Market Analysis 2024 – Estimated Market Size And Key Drivers

The Diesel Generator by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Diesel Generator, 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.

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.

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The diesel generator market covered in this report is segmented –

1) By Type: Small Diesel Generator, Medium Diesel Generator, Large Diesel Generator
2) By End User: Industrial, Commercial, Residential
3) By Application: Standby Backup Power, Peak Shaving, Continuous Load
4) By Mobility: Stationery, Portable
5) By Power Rating: 75 kVA, 75-375 kVA, 375-750 kVA, Above 750 kVA

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.

The diesel generator market report table of contents includes:

1. Executive Summary
2. Diesel GeneratorMarket Characteristics
3.Diesel Generator Market Trends And Strategies
4.Diesel Generator Market analysis
5. Diesel GeneratorMarket Size And Growth
6.Diesel Generator Segmentation
7.Diesel Generator Regional And Country Analysis
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27. Diesel Generator Competitive Landscape And Company Profiles
28. Diesel Generator Key Mergers And Acquisitions
29.Diesel Generator Future Outlook and Potential Analysis

TOP MAJOR PLAYERS:

• Mitsubishi Heavy Industries Ltd.
• Caterpillar Inc.
• Cummins Inc.
• Rolls-Royce Holdings PLC
• Generac Holdings Inc.

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