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CHICAGO , April 16, 2024 /PRNewswire/ -- Diesel Generator Market is expected to reach USD 23.4 billion by 2029 from USD 17.9 billion in 2024 at a CAGR of 5.4% during the forecast period according to a new report 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. Diesel Generator Parts
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Poised to Grow at a CAGR of 5.4%
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Power rating, design, end-user, application, and region
Asia Pacific, North America, Europe, Middle East & Africa, and South America
Growing demand for uninterrupted & reliable power supply
The standby power, by application, is expected to grow as the largest segment during the forecast period.
Based on application, the Diesel Generator Market has been split into standby power, peak shaving, Prime & continuous power. The standby power segment in the Diesel Generator Market is anticipated to be the largest, primarily due to their cost effectiveness. Standby power Diesel generators are not designed to withstand overload capabilities and are mostly used in homes and businesses.
Stationary, by design, is expected to grow as the largest segment during the forecast period.
Based on design, the Diesel Generator Market has been split into Stationary and portable. The Stationary segment in the Diesel Generator Market is anticipated to be the largest because of their higher power output range from 3 Kw to 700 Kw. Stationary diesel generators can support high power levels continuously along with certain features like automatic transfer switches, making them a preferred choice for long-term and high-power backup solutions.
Up to 50 kW, by Power rating, is expected to grow as the fastest CAGR during the forecast period.
This report segments the Diesel Generator Market based on offering into Various power ratings: (Up to 50 kW, 51 – 280 kW, 281 – 500 kW, 501 – 2000 kW, Above 2000 Kw). Up to 50 kW is expected to be the fastest growing segment during the forecast period due to their versatility and widespread applications. Generators operate at a consistent engine speed, making them suitable for residential, personal, small scale commercial purposes like retail sectors and telecom.
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North America is expected to be the fastest region in the Diesel Generator Industry
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.
Some of the major players in the Diesel Generator Companies are Caterpillar (USA ), Cummins Inc., (USA ), Generac power systems, Inc (USA ), Rolls-Royce PLC (UK), Mitsubishi Heavy Industries, ltd (Japan ). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Generator Market by Fuel Type (Diesel, Gas, LPG, biofuels), Power Rating (Up to 50 kW, 51–280 kW, 281-500 kW, 501-2000 kW, 2001-3500 kW, Above 3500 kW), Application, End-User Industry, Design, Sales Channel, Region - Global Forecast to 2030
Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power rating (Up to 50 kW, 51- 500 kW, 501-2000 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2029
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