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Diesel Genset Market size was over USD 17.33 billion in 2023 and is projected to exceed USD 38.82 billion by 2036, growing at over 6.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of diesel genset is assessed at USD 18.22 billion. The growth of the market can be attributed to the growing demand for electricity worldwide, and for the rising concern for the increasing number of power outages. According to the statistics by the World Bank, power outages in firms in a typical month around the globe increased from 2.42 numbers in the year 2019 to 6.19 numbers in the year 2020. The rising concern for power outages is driving the need for reliable power source, such as standby generators, which in turn is anticipated to drive the growth of the market during the forecast period.
The industrial sector is one such sector which requires constant supply of electricity for smooth operational processes. As the sector is heavily dependent on electricity for its day-to-day operations, a power outage can result in massive losses to these organizations. Diesel generators help to provide standby power and are available in various load handling capacities, based on the requirement of the end-user. The surge in urbanization, increasing industrialization, and the rising number of small, medium and large enterprises is further expected to create massive demand for diesel gensets, and in turn drive the market growth.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.4% |
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Base Year Market Size (2023) |
USD 17.33 billion |
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Forecast Year Market Size (2036) |
USD 38.82 billion |
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Regional Scope |
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The market in the region is segmented by countries into China, India, Japan, Malaysia, South Korea, Australia, and the Rest of Asia Pacific. Out of the market in these countries, the market in China is expected to garner the largest market revenue of USD 6216.09 Million by the end of 2030, up from USD 2614.31 Million in the year 2020. The market in the country is also expected to grow with the highest CAGR of 9.05% during the forecast period. The diesel genset market in North America is expected to hold the second highest market share and further grow with a CAGR of 5.04% during the forecast period. Increasing demand for standby generators in North America, and the increasing investments in the construction industry, are some of the major factors expected to contribute to the market growth in the region.
On the other hand, surge in demand for uninterrupted power supply amongst the end-use industries, is one of the major factors attributed to the rising demand for gensets in Europe. The market in the region is further expected to garner a revenue of USD 4956.2 Million by the end of 2030.
Our in-depth analysis of the global market includes the following segments:
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by Type |
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Mobility |
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Cooling System |
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End-User |
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Regionally, the global diesel genset market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific industry is anticipated to garner the largest revenue share of 41% by 2036, attributed to increasing urbanization and surge in the number of businesses. In other statistics by the World Bank, urban population as a share of total population in the Asia Pacific increased from 41.421% in the year 2000 to 60.695% in the year 2020. On the other hand, the region has also scored significantly over the years in terms of ease of doing business, which is why companies from around the world are increasingly investing in the region. In other statistics by the World Bank, the ease of doing business score in the East Asia & Pacific region grew from 62.7 percentage points in the year 2019 to 63.3 percentage points in the year 2020. Europe & Central Asia scored 73.1 percentage points in the year 2020, up from 71.8 percentage points in the year 2019. The surge in the number of organizations is expected to drive the need for reliable electricity, and in turn drive the market growth in the region.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global diesel genset market that are included in our report are
May 17, 2021: mtu, the product and solution brand of Rolls-Royce Power Systems AG, announced that it had installed and commissioned 8 numbers of emergency generator sets to a Spanish bank to power its data center in the vicinity of Madrid. The eight gensets included 4 numbers of 16-cylinder mtu 2000 DS1100 units and 4 numbers of mtu 12-cylinder 4000 DS1650 units.
March 24, 2020: Atlas Copco has announced the launch of QAS 5 range of mobile diesel generators. These generators are equipped with high-capacity fuel tanks that allow running for up to five working shifts, and also offer a 20% smaller footprint as compared to other similar models in the market. These generators also meet EU Stage V compliance and are based on a plug and play connectivity principle.
April 30, 2019: Briggs & Stratton announced that it has launched the new P4500 PowerSmart Series inverter generator, which is focused primarily on RV travelers. These generators are known to be 60% quieter than a standard generator and also provide nearly 16 hours of runtime.
Author Credits: Dhruv Bhatia
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