Diesel Generators Market to Expand At A CAGR Of 6.8% from 2015 to 2022
The global diesel generator market size was valued at USD 12.65 billion in 2014 and is projected to exhibit a CAGR of 6.8% during the forecast period. Surging demand from residential, commercial, and industrial sectors is expected to drive the market. In addition, rising demand from various emerging economies is expected to propel demand over the forecast period.
The current demand for electricity globally far outstrips the supply. Factors such as continuous population growth, infrastructure development and rapid industrialization in emerging economies are pacing demand for power. Diesel gensets have numerous advantages such as low operating costs and better fuel efficiency.
Favorable growth of end-use industries such as oil and gas, telecom, mining, and retail is likely to augment demand for diesel gensets in the upcoming years. Diesel gensets offer a reliable and high-quality power, due to which they are widely used for emergency power backup, as well as stand-alone power generation systems.
Major companies in the diesel gensets market are continuously striving to find the next-generation diesel generators due to strict regulations. The next-generation generators have built-in electronic governors and automatic voltage regulators. These technologies automatically control the speed of generator engines as needed, thereby making the generators more energy-efficient. They also have some additional features such as remote monitoring of genset. These developments may help the sustainability of diesel gensets, thereby boosting the market growth.
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Further key findings from the study suggest:
- The global diesel gensets market generated USD 12.65 billion in 2014 and will reach USD 21.37 billion by 2022
- By product, low power gensets led the market and held 49.0% of the market in 2014
- On the basis of end use, the commercial segment dominated the market with an estimated share of 31.0% in 2014
- Key companies include Cummins Inc.; Generac Power Holdings, Inc.; FG Wilson Inc.; Himoinsa S.L.; Mitsubishi Heavy Industries, Ltd.; Caterpillar Inc.; and Atlas Copco AB
- In December 2013, Neuson launched a new mobile generator model 256 kW/320kVA. This new model is compliant with EPA and California Air Resource Board standards.
Grand View Research has segmented the global diesel generators market on the basis of product, end use, and region:
Diesel Generators Product Outlook (Revenue, USD Million, 2013 – 2022)
- Low Power Generators
- Medium Power Generators
- High Power Generators
Diesel Generators End-use Outlook (Revenue, USD Million, 2013 – 2022)
Diesel Generators Regional Outlook (Revenue, USD Million, 2013 – 2022)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
Access Press Release of Diesel Generators Market@ https://www.grandviewresearch.com/press-release/global-diesel-genset-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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