- Rise in need for continuous & stable power supply and rapid industrialization & urbanization drive the global diesel generator market
PORTLAND, Oregon, June 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Diesel Generator Market by Type (Small (0-75 KVA), Medium (75-375 KVA), and High (Above 375 KVA)), Mobility (Stationary and Portable), Cooling System (Air Cooled and Liquid Cooled), and Application (Standby Backup Power and Pick Shaving), and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global diesel generator market garnered $20.8 billion in 2019, and is estimated to reach $37.1 billion by 2027, registering a CAGR of 9.8% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increase in need for continuous & stable power supply and rapid industrialization & urbanization drive the growth of the global diesel generator market. However, stringent government regulations toward environmental pollution and rapid development in the renewable energy sector hinder the market growth. On the other hand, increase in investment on electrification of remote & rural area is anticipated to offer new opportunities in the coming years.
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COVID-19 Scenario-
- Halt in the services including hospitality, mining, and construction industry due to active lockdown and social distancing has adversely affected the growth of this industry.
- In addition,the operational disruption in the generator manufacturing companies, due to COVID-19 outbreak, has impacted the diesel generator market.
The large diesel generator (above 375 KVA) segment to maintain its lead status-
Based on type, the large diesel generator (above 375 KVA) segment accounted for nearly three-fifths of the global diesel generator market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due to the increase in demand from large-scale industries such as mining, healthcare, commercial, manufacturing, and data centers. However, the medium diesel generator (75-375 KVA) is estimated to portray the highest CAGR of 10.1% from 2020 to 2027. Rapid growth in the infrastructure projects such as metro, road construction and others in the developing and developed economies across the globe drives the growth of the segment.
The peak shaving segment to maintain its leadership position-
Based on application, the peak shaving segment contributed to the highest market share with more than four-fifth of the global diesel generator market in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the rise in power demand from highly dense populated area and from manufacturing sites. However, the standby backup power segment is estimated to generate the fastest CAGR of 10.0% from 2020 to 2027. This is attributed to the increase in demand for uninterruptible power supply and rise in growth of the construction & building sector.
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Asia-Pacific to dominate the market, North America to grow at a significant pace by 2027-
Based on region, Asia-Pacific accounted for the highest share based on revenue, holding for nearly two-fifth of the global diesel generator market in 2019, and is projected to maintain its dominant position throughout the forecast period. Moreover, the same region is estimated to generate the fastest CAGR of 10.0% from 2020 to 2027. This is attributed to the large number of key players and availability of the manufacturing facilities in Asia-Pacific region. Furthermore, North America region is anticipated to manifest the CAGR of 9.4% from 2020 to 2027.
Leading market players
- Caterpillar, Inc.
- Cummins, Inc.
- Rolls Royce plc
- Kohler Co.
- Generac Power Systems, Inc.
- Southwest Products
- Atlas Copco AB
- FG Wilson
- Denyo Co. Ltd.
- Kirloskar Electric Company.
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