Delray Beach, FL, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Diesel Generator Market size is projected to grow from USD 17.9 billion in 2024 to USD 23.4 billion by 2029, at a CAGR of 5.4%, as per the recent study by MarketsandMarkets™. Diesel generators are essential because they provide reliable and constant source of electricity during power outages and emergencies. The longevity and durability of diesel generators allow them to operate over extended periods ensuring continuous power supply during emergencies.
The diesel generator market is expanding due to the increasing demand for reliable backup power sources in regions prone to frequent power outages has bolstered the adoption of diesel generators, industries and businesses are increasingly relying on diesel generators to ensure uninterrupted operations, particularly in sectors where power stability is critical, such as healthcare and telecommunications and the portability and versatility of diesel generators make them a popular choice for remote locations or construction sites where grid connectivity may be limited or non-existent.
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List of Key Players in Diesel Generator Market:
- Caterpillar (USA)
- Cummins Inc. (USA)
- Generac power systems, Inc (USA)
- Rolls-Royce Plc (UK)
- Mitsubishi Heavy Industries, Ltd. (Japan)
Drivers, Opportunities and Challenges in Diesel Generator Market:
- Driver: Growing demand for uninterrupted & reliable power supply
- Restraint: Rapidly growing renewable energy technology
- Opportunity: Urbanization and industrialization
- Challenge: Stringent government regulations
Key Findings of the Study:
- Competitive operating costs, enhancing efficiency, low maintenance costs and the increasing demand for reliable and continuous power supply are some of the factors driving the diesel generators market.
- The integration of hybrid power systems is a pivotal trend in diesel generator development
- The development of diesel generators is essential in providing an uninterrupted power supply during increasing demand periods.
- The diesel generator market in Asia Pacific is projected to hold the largest market share by 2029
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Commercial segment is expected to emerge as the fastest segment by end user
Based on end user, the diesel generators market has been segmented into commercial, industrial, and residential. The growth in the commercial sector is driven by the increased demand from Commercial venues such as agriculture, healthcare, data centers, complexes, government centers, malls, theaters, educational institutions, and telecommunications. The diverse power requirement in commercial segment drives the demand for diesel generators, ensuring their constant business neglecting risks.
“North America is expected to be the fastest region in the diesel generator market”
North America is expected to be the fastest region in the diesel generator market during the forecast period. The region's increasing focus on Diesel generators is due to the increasing infrastructure activities, Oil and gas exploration activities and the Industrial sector. Moreover, the rising demand of reliable power across data centers and other critical infrastructure needing backup power coupled with a growing need for convenience in households. The increasing expansion in manufacturing and construction, particularly in the US, is also expected to boost the diesel generators market in North America. The affordability of the diesel generators, since these generators are cost-effective, thus it is also a preferred choice among the North American customers.
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Recent Developments:
- In January 2024, Explore Plant and Transport Solutions has made a significant investment exceeding £6 million in acquiring a fleet of over 100 JCB machines. This Worksop, Nottinghamshire-based specialist in haulage and plant hire services has received delivery of various new models, including JCB Loadall telescopic handlers, site dumpers, generators, and, notably, JCB midi and X Series excavators for the first time.
- In May 2023, Anglo Belgian Corporation (ABC) disclosed the signing of a contract with FRERK Aggregatebau GmbH based in Schweringen, Germany. The agreement entails the supply of seven generating sets powered by +5000 HP V16 engines. These medium speed gensets will be packaged by FRERK Aggregatebau GmbH into modular 15x4m super silenced containers, ensuring a dependable energy source for Germany's largest Salt Mining Company across four distinct sites.
- In February 2023, Caterpillar Inc. has introduced the Cat XQ330 mobile diesel generator set, presenting a fresh power option for standby and prime power uses that adhere to U.S. EPA Tier 4 Final emission standards. Propelled by a proficient Cat C9.3 Tier 4 Final compliant engine, it incorporates the Cat NOx Reduction System for enhanced efficiency.
- In July 2020, Rolls-Royce bolsters its expansion prospects through the purchase of Kinolt, a Belgian expert in dynamic uninterruptible power supply. Kinolt joins Rolls-Royce's Power Systems business unit and aligns with its MTU product and solutions brand. This acquisition bolsters Rolls-Royce's standing in safety-critical sectors and fills gaps in its power supply product range.
Related Reports:
Generator Market - Global Forecast to 2030
Power Rental Market - Global Forecast to 2029
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