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Diesel Generator Market Research Report Information By Power Rating (375 kVA - 1000 kVA and Above 1000 kVA), By Portability (Stationary and Portable), By End-Use (Industrial, Commercial and Agriculture), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032

ID: MRFR/E&P/2215-CR | 155 Pages | Author: Priya Nagrale| October 2020

Diesel Generator Market Overview:

Diesel Generator Market Size was valued at USD 18.53 billion in 2023. The diesel generator market industry is projected to grow from USD 19.94 Billion in 2024 to USD 35.74 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2024 - 2032). The key market driver for market growth is rising demand from the mining, manufacturing, agricultural, and construction industries. 

Global Diesel Generator Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Diesel generator Market Trends

  • Rising infrastructure investments to boost market growth

During the projected period, increasing infrastructure investment is anticipated to be one of the factors that can propel the market forward. Infrastructure spending may boost productivity across a range of industries and help the economy expand. Additionally, it is essential for local development. The market will have plenty of potential to expand as a result of the quick adoption of diesel generators as backup electric power for infrastructure projects. The US government announced plans to invest USD 2.25 trillion in April 2021 to upgrade its roads, levees, and other infrastructure. The diesel generator market may benefit from enough growth potential as a result of such expenditures. Similar to this, the Chinese government announced plans to invest USD 30 billion in March 2021 to upgrade Tibet's infrastructure, including new motorways and existing ones. Long-term, these expenditures may have further effects on market expansion. Therefore, this factor has enhanced the diesel generator market CAGR across the globe in the recent years.

Furthermore, the market for diesel generators is anticipated to increase as a result of the rise in demand for consistent and reliable power supply. Any business, industry, or residential operation needs a constant and uninterrupted source of power to function. Many areas still lack a consistent source of electricity and frequently have power outages, which cause disruptions and losses. Industries may suffer significant losses as a result of power interruptions. Diesel generators will be in high demand as there will be an increase in the need for consistent, uninterrupted power supply, which will help industries save a large amount of money each year. For instance, the Central Electricity Authority of India reports that the total demand for electricity supply in India in January 2021 was 190,253 MW (megawatt), but only 189,644 MW of that demand was supplied, resulting in a deficit rate of -0.3%. The demand met in January 2020 was 170,492 MW as opposed to 171,592 MW, resulting in a deficit rate of -0.6%. This discrepancy between supply and demand suggests a persistent deficit or disruption in the provision of electricity. Therefore, the market for diesel generators will expand as a result of the rising demand for a consistent and reliable power source.

However, another elements likely to propel the market forward is the rising demand for diesel generators for data centers. Data centers, which speed up data access, consume a lot of electricity for both their regular operations and for cooling the rooms in which they are housed. Data centers will utilize about 1% of the electricity used globally in 2019, according to an estimate from the International Energy Agency. A further factor driving demand for diesel generators is the millions of dollars hyper-scale data centre operators spend on backup electric power sources to provide their customers with uninterrupted service. For instance, in the first phase of Microsoft data centers being built in Sweden, Caterpillar Inc. and Microsoft Corporation worked together to deploy Cat C175-20 and C18 diesel generator sets for backup power applications in June 2021. Long-term market growth for diesel generators may be further impacted by these trends. Thus, driving the growth of the diesel generator market revenue.

Diesel Generator Market Segment Insights:

Diesel Generator Power Rating Insights

The Diesel Generator Market segmentation, based on power rating, includes 375 kVA - 1000 kVA and Above 1000 kVA. The 375 kVA - 1000 kVA segment held the majority share in 2021 in respect to the Diesel Generator Market revenue due to the fact that both the business and residential sectors have a sizable application base. In residential residences, generators with a capacity under 100 kVA are utilised as power backup options to power appliances like geysers, air conditioners, and water purifiers.

Diesel Generator Portability Insights

The Diesel Generator Market segmentation, based on portability, includes Stationary and Portable. The portable segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to a rise in government initiatives to provide effective options for electricity generation in rural places. The portable gadgets are also more operationally efficient and require less maintenance due to their extended runtime. Hence, it positively impacts the market growth.

Figure 2: Diesel Generator Market, by Portability, 2024 & 2032 (USD Billion)

Diesel Generator Market, by Portability, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Diesel Generator End-Use Insights

The Diesel Generator Market data, based on end-use, includes Industrial, Commercial and Agriculture. The commercial segment held the majority share in 2021 in respect to the Diesel Generator Market revenue. The broad application scope, which spans a number of sectors including data centers, government buildings, schools, hospitals, hotels, communications, agriculture, and others, can be credited for the high growth rate.

Diesel generator Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific diesel generator market accounted for USD 7.02 billion in 2021 and is expected to exhibit a significant CAGR growth. The region's industrial landscape is expected to benefit from China's expanding manufacturing facilities and infrastructure developments, growing electricity demand-supply imbalance, and quickening expansion of commercial office space.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Diesel Generator Market Share By Region 2021 (%)

Diesel Generator Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America diesel generator market accounts for the second-largest market share. The infrastructure of data centers and other commercial industries is constantly evolving, and the power grid's increased sensitivity to weather-related outages has increased demand for dependable backup power solutions, which in turn has boosted demand for diesel generators in the area. Further, the US diesel generator market held the largest market share, and the Canada diesel generator market was the fastest growing market in the region.

Europe diesel generator Market is expected to grow at the fastest CAGR from 2022 to 2030. The market expansion in this region has been influenced by factors like rising construction activity, fast industrialization, and rising investment in construction and infrastructure projects. Moreover, UK diesel generator market held the largest market share, and the Germany diesel generator market was the fastest growing market in the region.

Diesel generator Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the diesel generator market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the diesel generator industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global diesel generator industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, diesel generator industry has provided medicine with some of the most significant benefits. The diesel generator market major player such as Kirloskar Electric Company (India), Denyo Co Ltd (Japan), Greaves Cotton Limited (India), Ashok Leyland (India), Mitsubishi Heavy Industries Ltd (Japan), Rolls-Royce plc (UK), WÃrtsilà (Finland), Caterpillar (US) and Cummins Inc (US).

American construction equipment manufacturer Caterpillar Inc. The business is the biggest producer of construction machinery in the world. On the Fortune 500 list and the Global Fortune 500 list, Caterpillar was rated 65 and 238 respectively in 2018. In June 2021, twelve new models have been added by Caterpillar Inc. to the rapidly expanding Cat GC diesel generator set range. The new diesel generator set is primarily intended for the global market for electrical contractors and is built for stationary standby applications.

Also, an American multinational firm called Cummins Inc. develops, produces, and sells products for power generation, filtration, and engines. Additionally, Cummins provides maintenance for engines and associated machinery, such as vehicles, fuel systems, controls, air handling, filtration, and pollution control. In February 2019, the new 7.5 kW Onan marine generator with ignition protection was introduced in the United States by Cummins Inc. The genset's purpose is to provide marine vessels with gasoline propulsion engines with auxiliary power.

Key Companies in the diesel generator market includes

  • Kirloskar Electric Company (India)

  • Denyo Co Ltd (Japan)

  • Greaves Cotton Limited (India)

  • Ashok Leyland (India)

  • Mitsubishi Heavy Industries Ltd (Japan)

  • Rolls-Royce plc (UK)

  • WÃrtsilà (Finland)

  • Caterpillar (US)

  • Cummins Inc (US)

Diesel Generator Industry Developments

March 2022: Power Electrics Generators (PEG) have been purchased by DTGen, a UK-based provider of gas and diesel generators, for an unknown sum. With locations in the Midlands, Scotland, and the south, DTGen hopes to increase its capacity and experience while gaining national coverage across the UK as a result of the agreement to purchase PEG's sales and projects section.

October 2021: The new SD 20 diesel generator set for mobile commercial applications was introduced by Cummins Inc. The SD 20 is well suited for a range of trailer and vehicle applications, including ambulances, food trucks, mobile command centres, utility boom trucks, mobile medical, and disaster assistance.

October 2021: The MDE330 and MDE570 diesel mobile generators, two new large diesel units from Generac Mobile that are designed to be simple to operate and maintain, were introduced. Wide-opening removable doors are a feature of the rental-ready machines that maximise serviceability by enabling the technician to access all service locations.

December 2019: The new Industrial DC Diesel Generator Set was introduced by Generac Holdings Inc. In addition to wireless communication and telecom applications, hybrid energy systems, and DC power solutions, the new SDC015 Industrial Diesel Generator is made to be used as a backup for a variety of international applications.

February 2024- The distributor of Himoinsa and Yorpower diesel generators in Bangladesh, ACI Motors, has come to rise as the leader in the market this fiscal year 2023-24, as per the statement by its Executive Director Subrata Ranjan Das. In the latest interview, he stated that the business standard the market size for diesel generators with a capacity of nearly 10-3,000 KVA slowed down by nearly 8% in the last fiscal year and is anticipated to deal with the same this year as well, because of the inflation and economic slowdown. At the same time, the dollar crisis made timely imports a hard job. On the other hand, the escalating demand for quality products and services among the current projects assisted the company in beating other brands, gaining market share, and emerging as the market leader. Among the nearly 600 diesel generators purchased in 2023 for megaprojects, industries, and real estate projects, Himoinsa's and Yorpower's market share was 21% and 24%, respectively. FG Wilson, Tempest, Ferbo, CAT, and Welland Power were the followers, respectively.

April 2024- A prominent leader in the supply and global distribution of diesel, petrol, and OEM-manufactured generators, GFE Power Products, has lately received a significant export order to Africa. As one of just several of many orders the company has supposedly finished on the continent in recent months, GFE dispatched a substantial export order of high-quality generators from its UK distribution center to Côte d'Ivoire. The order included a diversity of generator brands comprising generators from Caterpillar (DE110GC and DE88GC models) and Perkins Powered range (GFE165PLC 150kVA diesel generator). The client said that after staying with the GFE team in the UK, they knew they were the business to support them.

Diesel Generator Market Segmentation

Diesel Generator Power Rating Outlook (USD Billion, 2024-2032)

  • 375 kVA - 1000 kVA

  • Above 1000 kVA

Diesel Generator Portability Outlook (USD Billion, 2024-2032)

  • Stationary

  • Portable

Diesel Generator End-use Outlook (USD Billion, 2024-2032)

  • Industrial

  • Commercial

  • Agriculture

Diesel Generator Regional Outlook (USD Billion, 2024-2032)

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2023 USD 18.53 billion
Market Size 2024 USD 19.94 billion
Market Size 2032 USD 35.74 billion
Compound Annual Growth Rate (CAGR) 8.70% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018 & 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Power Rating, Portability, End-Use and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Kirloskar Electric Company (India), Denyo Co Ltd (Japan), Greaves Cotton Limited (India), Ashok Leyland (India), Mitsubishi Heavy Industries Ltd (Japan), Rolls-Royce plc (UK), WÃrtsilà (Finland), Caterpillar (US) and Cummins Inc (US)
Key Market Opportunities Rising infrastructure demand
Key Market Dynamics R&D and the introduction of new products among the main players In emerging economies, there is a need for constant power supply and frequent power disruptions

Frequently Asked Questions (FAQ) :

The Diesel Generator Market size was valued at USD 18.53 Billion in 2023.

The global market is projected to grow at a CAGR of 8.70% during the forecast period, 2024-2032.

Asia Pacific had the largest share in the global market.

The key players in the market are Kirloskar Electric Company (India), Denyo Co Ltd (Japan), Greaves Cotton Limited (India), Ashok Leyland (India), Mitsubishi Heavy Industries Ltd (Japan), Rolls-Royce plc (UK), WÃrtsilà (Finland), Caterpillar (US) and Cummins Inc (US).

The 375 kVA - 1000 kVA category dominated the market in 2021.

The commercial had the largest share in the global market.

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