January 28, 2022 07:20 ET | Source: Research Nester Research Nester
New York, New York, UNITED STATES
New York, Jan. 28, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the International Energy Agency (IEA), the consumption of electricity around the world increased from 19851.8 TWh in the year 2010 to 24738.9 TWh in the year 2018. Moreover, the statistics also stated that the industrial sector consumed the highest amount of electricity by growing from 640811.0 ktoe in the year 2010 to 804964.0 ktoe in the year 2018. Final electricity consumption in the residential and commercial & public services sector increased from 427705.0 ktoe and 357798.0 ktoe respectively in the year 2010 to 516595.0 ktoe and 412627.0 ktoe respectively.
Research Nester has recently released a report titled “Diesel Genset Market: Global Demand Analysis & Opportunity Outlook 2030” which focuses on the latest market trends, growth drivers, key opportunities, and the challenges that might hamper the growth of the market during the forecast period of 2021-2030. The report also includes a detailed competitive analysis along with the impact of COVID-19 on the market.
Industries worldwide are solely dependent on electricity for their operational processes. The sector is also known to be one of the largest consumers of electricity worldwide, and as a result, any fault in grid power or a power outage can cause major harm in the production process and cost significantly to these organizations. Owing to the rising concern for power outages in firms, which according to the World Bank, in a typical month grew from 2.42 numbers in the year 2019 to 6.19 numbers in the year 2020, there is a growing demand for alternative power backup sources, such as gensets, which in turn is expected to drive the growth of the global diesel genset market.
The global diesel genset market registered a revenue of USD 16198.2 Million in the year 2020 and is further expected to touch USD 30406.2 Million by the end of 2030, by growing with a CAGR of 6.5% during the forecast period. The market growth can also be ascribed to the rising number of business organizations worldwide, backed by the increasing focus of the government of nations to ease the process of doing business. The ease of doing business score in Europe & Central Asia, according to the statistics by the World Bank, increased from 71.8 percentage points in the year 2019 to 73.1 percentage points in the year 2020. Moreover, in the East Asia & Pacific, and Latin America & Caribbean, the score increased from 71.8 percentage points and 58.8 percentage points respectively to 73.1 percentage points and 59.1 percentage points respectively.
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On the other hand, increasing demand for diesel gensets in commercial complexes, backed by the surge in spending on construction activities, followed by the rising investments for smart cities are also expected to contribute to the market growth. According to the statistics by the United States Census Bureau, the total value of construction work done in the United States in the month of July 2021 touched USD 1568834 Million. This included USD 1231001 Million in the private sector and USD 337833 Million in the public sector. Moreover, the surge in IT data center spending worldwide, which is expected to reach close to USD 190 Billion by the end of 2021, is also expected to accelerate the market growth in the coming years.
The global diesel genset market is segmented on the basis of region into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Amongst the market in these regions, the market in the Asia Pacific registered the largest revenue of USD 5814.0 Million in the year 2020 and is further expected to touch USD 12557.8 Million by the end of 2030. The market in the region is further expected to grow with the highest CAGR of 8.01% during the forecast period. The market in the region is further segmented by countries into China, India, Japan, Malaysia, South Korea, Australia, and the Rest of Asia Pacific. Out of these, the market in China registered the largest revenue of USD 2614.31 Million in the year 2020 and is further projected to hold the highest market share during the forecast period. The market in the country is also anticipated to garner a revenue of USD 6216.09 Million by the end of 2030, by growing with the highest CAGR of 9.05% during the forecast period. On the other hand, the market in India is expected to grow with the second-highest CAGR of 8.64% during the forecast period.
The diesel genset market in North America, on the other hand, is projected to hold the second-highest market share and further attain revenue of USD 5746.8 Million by the end of 2030, up from a revenue of USD 3514.6 Million in the year 2020. The market in the region is further segmented by country into the United States and Canada. Amongst the market in these countries, the market in the United States is expected to garner the largest market revenue by the end of 2030, and further grow with the highest CAGR of 5.41% during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global diesel genset market is segmented on the basis of type into small (0-75 KVA), medium (75-375 KVA), and high (above 375 KVA). The small (0-75 KVA) segment, out of all other segments, registered the largest revenue of USD 7315.40 Million in the year 2020 and is further projected to touch USD 14473.34 Million by the end of 2030. The segment is further anticipated to grow with the highest CAGR of 7.06% during the forecast period. In the Asia Pacific, the segment registered the largest revenue of USD 5977.49 Million by the end of 2030, up from USD 2625.70 Million in the year 2020, while in North America, the medium (75-375 KVA) segment is expected to grow with the second-highest CAGR of 4.97% during the forecast period. The segment further garnered a revenue of USD 1143.02 Million in the year 2020 and is expected to reach USD 1856.21 Million by the end of 2030.
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On the basis of application, the global diesel genset market is segmented into standby power, peak shaving, and prime or continuous power, out of which, the standby power segment is projected to garner the largest revenue of USD 25358.75 Million by the end of 2030, up from USD 13167.74 Million in the year 2020. In the Asia Pacific, the segment is projected to grow with the highest CAGR of 8.28% during the forecast period, while in Europe, the segment is expected to touch the largest revenue of USD 4133.48 Million by the end of 2030.
The global diesel genset market is also segmented on the basis of mobility, cooling system, and by end-user.
Global Diesel Genset Market, Segmentation by Mobility
Global Diesel Genset Market, Segmentation by Cooling System
Global Diesel Genset Market, Segmentation by End-User
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Some of the prominent industry leaders in the global diesel genset market that are included in our report are Cummins, Inc., Caterpillar Inc., Generac Power Systems, Inc., Mitsubishi Heavy Industries, Ltd., Rolls-Royce Power Systems AG, AKSA POWER GENERATION (KAZANCI HOLDING), Cooper Corp., Briggs & Stratton Corporation, Atlas Copco, and others.
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