July 20, 2020
According to the research report titled ‘Global Diesel Generator Market Analysis, 2020’, available with Market Study Report LLC, global diesel generator market is expected to grow with a CAGR of 4% between 2020 and 2025.
For those uninitiated, diesel generators are used to supply power backup in an event of a connection breakup in order to prevent discrepancies in operations. These generators operate using injected fuel and can work without any connection to the electrical grid.
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Technological advancements have led to the development of high performing diesel generators with low-cost maintenance, which in turn is a key factor fueling the market growth. Numerous manufacturers and suppliers are focusing on developing innovative products in order to comply with strict regulations. In fact, these leading companies are developing advanced and smart generators which can be operated and monitored remotely, which in turn is further aiding the market size.
However, shutdown of construction activities owing to rising prevalence of COVID-19 and subsequent enforcement of strict lockdowns may act as a hindering factor to the overall market growth. The report cites that financial inadequacy among end-users may also inhibit the market expansion. Nevertheless, factors such as increasing business activities owing to easing lockdowns may propel the growth of global diesel generator market in the subsequent years.
Based on application landscape, the market is segmented into base load/continuous power, standby power, and peak shaving. In terms of end-user scope, worldwide diesel generator industry is categorized into telecommunications, construction, oil, gas & mining, government & utilities, and others. As per power rating, the market is classified into 500-1000 KW, 300-500 KW, 150-300 KW, 60-150 KW, 30-60KW, and up to 30KW.
From the regional perspective, Middle East & Africa diesel generator industry is expected to register moderate growth during the study duration. The COVID-19 pandemic has resulted in reduced demand and disrupted the supply of crude oil in the region, which in turn has resulted in sluggish growth of the MEA diesel generator market. However, resurgence of construction industry and stabilizing prices of crude oil may propel the demand for diesel generators in the region.
On the other hand, diesel generator market in Asia-Pacific is predicted to expand substantially in the ensuing years, with China being the major revenue generator. Increasing construction activities in China and India coupled with rising adoption of backup power supply in commercial and residential establishments are favoring the market scenario in Asia-Pacific.
The major companies formulating the competitive terrain of worldwide diesel generator market are Mitsubishi Heavy Industries Ltd., Burtonwood Generator & Switchgear Services Ltd., Generac Power Holdings Inc., Aggreko Plc, Kohler Co., Cummins Inc., Kirloskar Electric Co. Ltd., Atlas Copco AB, APR Energy and Caterpillar Inc. among others.