PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1465230
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1465230
The diesel generator market is forecast to reach USD 23.4 billion by 2029 from an estimated USD 17.9 billion in 2024, at a CAGR of 5.4% during the forecast period (2024-2029). The rise in the demand for uninterrupted power supply, and the need to provide power during emergencies is driving the market.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million/Billion) |
Segments | Power rating, design, end-user, application, and region |
Regions covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
"Peak shaving: The second fastest segment of the diesel generators market, by application."
Based on application, the diesel generators market has been split into three types: standby power, peak shaving, prime & continuous power. Peak shaving is expected to be the second fastest segment in the market. Peak shaving is a practice of levelling out peak electricity use by consumers in industrial and commercial sectors to maintain grid stability and reduce energy costs. peak shaving helps avoid spikes in energy consumption, influencing energy costs, and ensuring a stable energy supply during high demand periods.
"Commercial segment is expected to emerge as the fastest segment by end user."
Based on end user, the diesel generators market has been segmented into commercial, industrial, and residential. The growth in the commercial sector is driven by the increased demand from Commercial venues such as agriculture, healthcare, data centers, complexes, government centers, malls, theaters, educational institutions, and telecommunications. The diverse power requirement in commercial segment drives the demand for diesel generators, ensuring their constant business neglecting risks.
"Asia Pacific is expected to be the largest region in the diesel generators market."
Asia Pacific is expected to be the largest region in the diesel generators market between 2024-2029. The market in Asia Pacific comprises China, India, Australia, Japan, South Korea, New Zealand, and Rest of Asia Pacific countries. The growth of the Diesel generators market in the Asia Pacific region is largely supported by factors such as urbanization, rapid industrialization and increasing demand for backup power solutions. The Asia pacific region home to developing economies like India, Japan and China provide better growth in the diesel generators market.
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 10%, Europe- 15%, Asia Pacific- 60%, the Middle East & Africa- 10%, and South America- 5%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined based on their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Diesel generators market is dominated by a few major players that have a wide regional presence. The leading players in the diesel generators market are Caterpillar (US), Cummins Inc., (US), Generac power systems, Inc (US), Rolls-Royce PLC (UK), Mitsubishi heavy industries, ltd (Japan).
The report defines, describes, and forecasts the diesel generators market, by power rating, by application, by design, and by end user for various regions. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the diesel generators market.
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