The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 18, 2023 /PRNewswire/ -- As per The Business Research Company's Diesel Generator Global Market Report 2023, the global diesel generator market has experienced robust growth, with the market size surging from $18.82 billion in 2022 to $21.07 billion in 2023, marking an impressive compound annual growth rate (CAGR) of 11.9%. Projections indicate that the diesel generator market will continue its upward trajectory, reaching a projected value of $35.25 billion by 2027, propelled by a CAGR of 13.7%. Key factors driving this surge include the expanding construction industry, the thriving growth of the manufacturing sector, and the ongoing remote work revolution.
Driving Factors for Market Growth
- Expanding Construction Industry: The construction sector's growth, driven by infrastructure projects worldwide, fuels the demand for reliable backup power solutions, enhancing the diesel generator market's prospects.
- Thriving Manufacturing Industry: The manufacturing sector's vitality necessitates uninterrupted power supply, driving the adoption of diesel generators across industrial facilities.
- Remote Work Revolution: The shift toward remote work arrangements increases the need for backup power solutions, as businesses prioritize uninterrupted operations.
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Digital Technologies Transforming the Market
Digital technologies have played a pivotal role in reshaping the diesel generator market. Manufacturers are channeling investments into research and development to create sophisticated diesel generators equipped with advanced technologies, including remote monitoring, predictive maintenance, and data analytics. These innovations optimize fuel efficiency and enhance overall performance.
For instance, in October 2021, Generac Mobile Products Srl, a Germany-based mobile power solutions and equipment provider, introduced the MDE330 and MDE570 diesel generators. These models prioritize user-friendliness and maintenance ease. The MDE330 features a 9.3L Perkins Tier 4 Final-certified engine, while the MDE570 boasts an 18.1L Perkins Tier 4 Final-certified engine. Both models integrate Perkins Exhaust Temperature Management (ETM) load management technology to prevent wet stacking, ensuring efficient and reliable operation. Accessible removable doors simplify servicing, and robust steel construction enables versatility across applications and weather conditions.
Asia Pacific Takes the Lead
Asia Pacific emerged as the largest region in the diesel generator market, accounting for 41.7% of the total market share in 2022. It was followed by Western Europe and other regions. Looking ahead, Asia Pacific and South America are expected to be the fastest-growing regions in the diesel generator market.
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Market Segmentation
The global diesel generator market is segmented along several key dimensions:
- Type:
- Small Diesel Generator
- Medium Diesel Generator
- Large Diesel Generator
- Mobility:
- Stationary
- Portable
- Power Rating:
- Below 75kVA
- 75-375kVA
- 375-750kVA
- Above 750kVA
- Application:
- Standby Backup Power
- Peak Shaving
- Other Applications
- End-User:
- Industrial
- Commercial
- Residential
Among these segments, the small diesel generator segment is poised for significant growth, with projected annual sales reaching $3,029.8 million by 2027.
In summary, the Diesel Generator Global Market Report 2023 provides a comprehensive outlook on a thriving industry. With insights into market trends and growth drivers, this report equips industry players with invaluable information to make informed decisions and harness the vast opportunities within the diesel generator market. It serves as a strategic tool, enabling businesses to navigate the dynamic diesel generator market, enhance their competitive edge, and contribute to the continued success of this vital sector.
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