Diesel Genset Market Size

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.