U.S. Diesel Gensets Market Value to Hit $3 Billion by 2025
North American diesel gensets market is poised to register over 4% CAGR from 2019 to 2025, helped by increasing digitalization has resulted in the expansion & development of existing & new data centers.
Due to growing demand for continuous electricity supply, global diesel gensets market revenue is anticipated to exceed USD 20 billion by 2025, according to a new report published by Global Market Insights, Inc. The report provides a comprehensive analysis of power rating, end-use, application, and regional trends.
Increasing demand for uninterrupted power supply will be one of the major driving forces for the size of the diesel gensets market. Expansion of healthcare, manufacturing, communications, transportation and pharmaceutical industries has added impetus to the demand for reliable and continuous power supply. Increasing investment in oil & gas, mining, and construction sectors is also expected to strengthen the case for diesel genset deployments.
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Owing to adverse weather conditions, power disruptions are becoming more common. U.S. Energy Information Administration declared that electric power outages in the country nearly doubled between 2016 and 2017. But the criticality of having an uninterrupted power supply has never been more apparent than under present industry conditions. On these grounds, the diesel gensets market share is anticipated to gain major traction over 2019-2025.
Burgeoning industrialization and expanding infrastructure, especially in the emerging economies, will add impetus to the prime power diesel gensets industry as having a reliable power supply will become an indispensable necessity. An increase in activity in remotely located mines, oil & gas fields and construction sites, that have no access to grid infrastructure, would also strengthen the diesel gensets industry.
The standby diesel gensets industry would register expansion due to increased temporary grid disruptions often caused by the inefficiency of electrical infrastructure which is sometimes compounded by weather-related disasters. The need for emergency backup power solutions and increasing awareness for the product’s efficiency in such situations would add traction to the growth of the diesel generators market during the forecast period.
Gensets are increasingly being deployed in residential as well as commercial centers. As a measure for preparedness and due to frequent grid disruptions, most residential units are adopting gensets, a trend that is expected to help residential diesel gensets industry outlook.
Residential diesel gensets market is predicted to expand over 6% through 2025.
Rapid urbanization and industrial expansion in the emerging economies are adding to revenue generation for the diesel gensets market. The industry is being further reinforced by expansion of data centers and growing number of internet users as data centers have been recorded to have consumed over 400 terawatts of electrical energy in 2017 and need robust gensets systems to provided uninterrupted service.
Data centers and their intensifying requirements for high-power necessitate gensets that have optimum reliability and quick start-up times. Therefore the >750 kVA diesel generators market segment share is increasing rapidly. Investments by technology giants like Apple, Google, IBM and Amazon as well as the ongoing expansion of commercial businesses is anticipated to further accelerate product deployment.
The <75 kVA diesel gensets industry will also gain traction due to the product’s suitability in residential applications. Techno-economic viability of such gensets coupled with lack of reliability of aging grid infrastructure and rampant power failure are factors that will be fueling this segment.
Browse key industry insights spread across 327 pages with 612 market data tables & 28 figures & charts from the report, “Diesel Gensets Market” in detail along with the table of contents:
The U.S. diesel gensets market share is set to exceed $3 billion by 2025.
Increasing incidence of natural calamities, especially hurricanes such as Irma and Maria that had left millions without electricity would emerge to be strong driving forces for the regional diesel gensets industry share.
The UK diesel gensets market outlook is expected to be augmented due to the impending Brexit which is expected to lead to positive industrial investments and capacity auctions in the country. The Middle East diesel gensets industry is also expanding due to increased focus towards economic diversification and regional infrastructure development. Most Middle Eastern countries are working towards diversifying their oil-based economy and thus intensifying their focus on ventures in other industries which will expand the growth scope for the diesel gensets industry in the region.
Governments across the globe are being proactive in supporting the expansion of infrastructure and industrialization, acts which in turn are expected to reinforce diesel generators market trends. For instance, the Indian government is substantially investing in the development of smart cities which is opening novel opportunities to diesel gensets industry players. Also in China, the 13th Five-year plan has undertaken the initiative of deploying gensets across numerous industries.
Some of the prominent participants in the diesel gensets market include Atlas Copco, Kirloskar, Cummins, Briggs & Stratton, Wärtsilä, Himoinsa, Caterpillar, Greaves Cotton, Ashok Leyland, Generac, Mitsubishi Heavy Industries etc.