From $13,773.0 million in 2019, the global diesel generators market is expected to reach a value of $21,929.9 million by 2030. According to the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6% from 2020 to 2030 (forecast period). The expansion of the market is credited to the burgeoning need for stationary and emergency power backup in several end-use industries, such as oil & gas, healthcare, marine, manufacturing, telecom, automotive, and construction.
Additionally, the surging number of data centers all over the world, owing to the generation of large volumes of data, is also fueling the expansion of the diesel generator set market. These facilities are required for storing and analyzing the data and providing various related services. Moreover, the rapid advancements being made in technology, such as the development of intelligent personal assistants and autonomous cars, and the increasing adoption of digital currencies, cloud computing, and the internet of things (IoT) are also pushing up the requirement for data centers, which is, in turn, propelling the need for diesel gensets.
This is because these devices serve prime and auxiliary power requirements in these facilities. Diesel gensets are used for powering various critical and non-critical components, such as backup controls, servers, security systems, and heating, ventilation, and air conditioning (HVAC) systems. Apart from the development of data centers, the low power production and the existence of uncertainties in power grid in several African countries, such as Ghana and Nigeria, are also fueling the expansion of the diesel genset market.
Depending on application, the market is divided into residential, industrial, and commercial categories. Out of these, the commercial category is predicted to dominate the market during the forecast period. This is ascribed to the soaring investments being made in infrastructure development in various developing nations and the increasing implementation of government initiatives for several smart city projects across the world. In addition, the boom in the retail sector is also positively impacting the progress of the commercial category in the market.
Globally, the diesel genset market will exhibit lucrative growth in the Asia-Pacific (APAC) region in the coming years. This is attributed to the huge investments being made in telecom infrastructure, surge in the manufacturing sector, and the soaring requirement for backup power in various residential facilities in the region. In this region, diesel gensets are deployed in large numbers for meeting the auxiliary power requirements, as the power infrastructure is not very well-developed. Additionally, the rising incidence of power outages in many Southeast Asian countries is also propelling the requirement for diesel gensets in the region.
Hence, it can be said with surety that the market will exhibit explosive growth in the forthcoming years, primarily because of the surging number of data centers, development of smart cities, and the existence of poor power infrastructure and uncertainties in power grids all over the world.
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