April 23, 2020
According to the research report titled ‘Global Diesel Gensets Market Size By Power Rating By End-Use, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020-2026’, available with Market Study Report LLC, global diesel gensets market is expected to record a remunerative growth rate through 2026.
Increasing adoption of diesel gensets as a backup power supply for shops, offices and homes along with rising prevalence of power outages are major factors driving the diesel gensets market. These products are also widely used in industrial applications such as power tools and machinery where accessibility to electric grids is limited. Shifting focus towards reducing electricity costs is further aiding the market expansion.
As per the power rating, 375-750 kVA diesel gensets market segment is presumed to expand with a CAGR of 6% during 2020-2026. Increasing deployment of these gensets across various industry verticals is fueling the segmental growth.
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Based on the application spectrum, peak shaving segment is expected to grow significantly during the forecast period. Inclination towards reducing consumption of electricity is favoring the market outlook. Also, diesel gensets provide on-site energy to meet adequate power requirements.
On the other hand, prime/continuous application segment is slated to witness lucrative growth in the forthcoming years. Prime diesel gensets are utilized in applications that do not obtain electricity from public or local utility, whereas continuous diesel gensets are used where electricity is required to be supplied continuously for long hours.
Considering the geographical landscape, Middle East & Africa held 6% revenue share of global diesel gensets market in 2019 and is poised to acquire commendable returns in the ensuing years. Flourishing oil & gas as well as mining sectors have impelled the demand for diesel gensets in Middle East and Africa.
The major companies operating in diesel gensets industry are C&S Electric, Ashok Leyland, Atlas Copco., Ingersoll-Rand PLC, Caterpillar, YANMAR Co. Ltd., Sterling Generators Pvt. Ltd., Escorts Group, Honda Motor Co. Ltd., Yamaha Motor Pvt. Ltd., Generac, Kohler Power Group, Briggs & Stratton, Kirloskar Oil Engines Ltd. (KOEL) and Cummins among others.
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