Global Diesel Genset Market is expected to reach USD 21.37 billion by 2022, according to a new report by Grand View Research, Inc. Growth of oil & gas, mining, telecom and retail sectors across the globe has lead to an increased demand for electricity. High supply demand gap for electricity is expected to drive the market for back-up energy sources such as diesel gensets.
Industrial Diesel Genset Market was estimated at USD 3.97 billion in 2014 and is expected to witness growth over the forecast period on account of rising power failure issues during production resulting in heavy losses. Diesel gensets offer a cost and fuel efficient alternative during the time of power outages. Establishment of new production facilities, particularly in Asia Pacific and MEA is expected to result in fueling market growth.
In terms of revenue, low powered gensets dominated the market in 2014 and this trend is expected to continue over the next seven years. Growing power shortage in India, China, and Singapore is expected to propel growth. In addition, rising occurrences of natural calamities such as earthquakes and floods is likely to propel demand for gensets during electricity outages from grid sources.
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Further key findings from the report suggest:
- The World Nuclear Association has projected that the electricity requirement is expected to double than the current consumption by 2035. According to the U.S. Department of Energy, solar energy will be the most abundant energy source available which may give rise to solar powered gensets. This is expected to pose challenge for industry expansion over the forecast period.
- High power Diesel Genset Market is projected to register CAGR of 7.4% during the forecast period. Growth of the IT, hospitality and retail sectors on a global scale is expected to accelerate demand for diesel gensets.
- Asia Pacific accounted for over 35% of the global market in 2014 and is expected to witness immense growth in light of expansion of the manufacturing and telecom sectors in China and India. In addition, the “Make In India” policy is also expected to stimulate market size significantly.
- Middle East & Africa Diesel Genset Market is expected to witness substantial growth over the forecast period and is estimated to be valued at USD 2.80 billion by 2022. Rapid technological development coupled with growing purchase power parity in Saudi Arabia and UAE is expected to enhance the market in the coming years.
- Key industry players include Kirloskar Electric Co. Ltd., Caterpillar Inc., Cummins Inc., F.G.Wilson Inc. and Himoinsa S.L. Various companies are involved in continuous R&D activities and ongoing product development to enhance their diesel gensets product portfolio. For instance, in April 2015, Himoinsa entered into a partnership with Yanmar. According to this agreement, Yanmar is holding 70% of the shared capital of Himoinsa. This agreement will further strengthen the position of Yanmar in the global Diesel Genset Market.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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