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Increasing Need for Interruptible Power Supply to Stimulate the Global Diesel Generator Market: Forecast (2017-2023)Market Scenario
The global diesel generator market is considered to demonstrate 6.5% CAGR during the forecast period (2017-2023) owing to the increasing need for interruptible power supply at low cost, asserts Market Research Future (MRFR). A diesel generator is referred to as a combination of an electric generator and a diesel engine used to generate electricity. The diesel generator comprises an integrated internal diesel combustion engine which ignites the diesel fuel. The energy produced is further converted into mechanical energy in order to generate electricity. Diesel generators are available in several sizes, power ratings, and have wide-scale operation across major end-use sectors. Diesel generators play an important role in supporting the hospitals and industries to keep running during power cut.
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Drivers and Constraints Impacting the Market
With the augmenting need for interruptible and reliable power supply at lower costs, the global diesel generator market is considered to flourish during the assessment period. Frequent power outages caused due to natural calamities like floods, severe weather events, and storms can cause trouble to the operations of residential homes, emergency services, commercial establishments, and industrial operations. Diesel generators thus act as a backup system in order to fulfill the need for reliable power. Moreover, diesel generators are cost-effective and have longer life span compared to other generators, thereby increasing its market size. Diesel generators are also fuel efficient and is known for customized applications related to electrical control and industrial power equipment for the operation of industrial machinery, control equipment, and power generation. Thus, they find a vast application area and the market is augmenting over the years.
On the flip side, high maintenance and operating cost of diesel generator coupled with rising renewable energy technologies are some of the major concerns considered to dampen the market growth during the appraisal period. Moreover, diesel generators cause air and noise pollution, thereby damaging the environment. This is likely to hamper the market growth in the coming years.
Global Diesel Generator Market: Sentimental Analysis
The global diesel generator market has been segmented on the basis of operation, portability, end-user, power rating, and region.
By mode of portability, the global diesel generator market has been segmented into portable and stationery. Among these, the stationery diesel generator is likely to dominate the global diesel generator market owing to its wide application in the industrial and commercial sectors. Moreover, stationary diesel generators can support very high-power levels in the range of 3kW to several megawatts, which further trigger its demand in the global market.
By mode of operation, the global diesel generator market has been segmented into peak savings, standby power, and continuous power. Among these, the standby power is considered to dominate the global market and is presumed to be the fastest-growing operating segment as it offers instantaneous power backup to all major electrical devices in order to perform non-stop operations.
By mode of power rating, the global diesel generator market has been segmented into 0.5 MW, 0.5 MW - 1.0 MW, 1.0 MW - 5.0 MW, and above 5.0 MW.
Up to 0.5 MW segment is considered to dominate the market and is projected to be the fastest-growing segment in the coming years. The growth in this segment is due to the augmenting demand for small power rating diesel generators among the residential sectors and small enterprises.
By mode of end-users, the global diesel generator market has been segmented into commercial, industrial, and residential. Among these, the commercial segment is anticipated to dominate the global market and is likely to develop as the fastest-growing segment in the coming years owing to the need for uninterrupted and continued power supply in the commercial sector.
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Regional Insights
Geographically, the diesel generator market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Among all the regions, the Asia Pacific region is likely to register the largest market share owing to the presence of economies such as Japan, China, and India. The growth is also attributed to the rapid industrial development in China and India as there are issues with continuous reliable power in this region.
The South American and African markets are expected to emerge as the prominent markets owing to the increasing power needs. The large-scale industrialization and economic development in the European and North American regions have created huge demand for power backup devices, which has resulted in the augmenting demand for diesel generator in this region. Moreover, the high dependability of commercial, industrial, and residential sectors over continuous power for smooth operational functioning is further creating a fruitful market for diesel generators.
Industry Updates
December 05, 2018: Vertiv, the critical infrastructure specialist has recently acquired the genset service and maintenance unit of UK-based MEMS Power Generation. The deal is Vertiv's third acquisition since it was spun off from Emerson. The company has also bought thermal management company PDU maker Geist and Energy Labs earlier this year.
Competitive Dashboard
The prominent players operating the global diesel generator market are Aggreko PLC (U.K), General Electric Company (U.S.), Rolls-Royce Power Systems AG (Germany), Mitsubishi Heavy Industries Engine & Turbocharger Ltd. (Japan), MAN Diesel & Turbo SE (Germany), Caterpillar Inc. (U.S.), Generac Holdings Inc. (U.S.), AKSA Power Generation (Turkey), Wartsila Corporation (Finland), Wuxi Kipor Power Co. Ltd. (China), Kohler Co. (U.S.), and Cummins Inc. (U.S.).
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