The global diesel generators market size is expected to reach USD 21.37 billion by 2022, registering a CAGR of 6.8% during the forecast years, according Grand View Research, Inc. 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.
Diesel gensets are segmented on the basis of power ratings such as low power (0-350 kVA), medium power (350-1000 kVA), and high power (above 1000 kVA). Low power gensets are mostly used in residential sector. They accounted for 49.0% of the global diesel generator market share in 2014; however, are expected to lose this share to medium and high power gensets over the forecast period. Rapid industrialization in emerging economies including India, China, and Brazil is expected to drive demand for medium and high-powered gensets.
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.