June 02, 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 predicted to register a remunerative growth rate through 2026.
Increasing utilization of diesel gensets as a source of backup power in shops, offices and homes in tandem with high occurrence of power outages are major factors driving the growth of diesel gensets market. The equipment is largely adopted at industrial sites where electric access from grids is a challenge for powering machinery and tools. Increasing focus towards minimizing electricity costs is further aiding the market outlook.
In terms of power rating, 375-750 kVA diesel gensets segment is expected to showcase a y-o-y growth rate of 6% between 2020 and 2026. Widespread installation of these units in a plethora of industries is fueling the segmental share.
Elaborating on the application landscape, peak shaving segment is estimated to generate lucrative revenues during the analysis timeframe. Focus on minimizing electricity consumption is favoring the business scenario. Diesel gensets offer instant energy to the consumer’s location in order to meet the sufficient power requirements.
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Parallelly, prime/continuous application segment is anticipated to showcase significant growth in the forthcoming years. Prime diesel gensets are adopted in applications that do not acquire electricity from public or local utility, whereas continuous diesel gensets are utilized where electricity is constantly required to be supplied for long durations.
As per the regional scope, Middle East & Africa accounted for 6% revenue share in the overall market in 2019 and is set to record commendable growth in the subsequent years. Booming oil & gas and mining sectors have increased the demand for diesel gensets in the region.
Alternatively, Latin America market is estimated to amass notable gains by 2026, primarily due to rising oil & gas exploration activities.
The prominent companies operating in global diesel gensets industry are C&S Electric, Ashok Leyland, Generac, Atlas Copco, Ingersoll-Rand PLC, YANMAR Co. Ltd., Sterling Generators Pvt. Ltd., Caterpillar, Escorts Group, Honda Motor Co. Ltd., Yamaha Motor Pvt. Ltd., Kohler Power Group, Briggs & Stratton, Kirloskar Oil Engines Ltd. (KOEL) and Cummins among others.