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Genset Market Size

ID: MRFR//1177-CR | 128 Pages | Author: Anshula Mandaokar| March 2024

The diesel genset market is poised for substantial growth, with an expected Compound Annual Growth Rate (CAGR) of 6.1% from 2022 to 2030. In 2021, the market was valued at USD 18,695.87 million and is projected to reach USD 31,581.01 million by 2030. A diesel genset, a robust machine, transforms mechanical energy into electrical energy by burning diesel fuel in a combustion chamber under high pressure. The global diesel genset market is primarily fueled by the escalating demand for uninterrupted power supply, driven by rapid urbanization, industrial growth, and expansion.
The market benefits from the increasing frequency of power outages globally. Diesel gensets, serving as reliable emergency or backup power sources, are pivotal in addressing power deficits during outages. However, environmental sustainability concerns and initiatives have led to the implementation of regulations worldwide, affecting diesel genset manufacturing and trade based on emission levels. Additionally, the fluctuating prices of diesel and the rising adoption of gas-powered gensets pose challenges to market growth. Despite these hurdles, the need for electrification in undeveloped regions, coupled with the growing demand for diesel gensets in industrial applications, offers significant market opportunities.
Segmentation based on power capacity reveals the dominance of the 5kVA-75kVA category in 2021, driven by applications in households, residential areas, and various commercial units. This segment is expected to register a CAGR of 6.40% during the forecast period. The industrial segment leads in application-based segmentation, particularly in the oil & gas and mining industries, relying on portable and cost-effective diesel generators for power supply in remote areas.
the Asia-Pacific region is poised to steer the global diesel genset market, driven by substantial industrial growth in countries like India and China. The region is expected to offer an incremental opportunity of USD 9,398.51 million by 2030, underlining the significance of diesel gensets in addressing energy supply deficits in developing nations.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2022 USD 19.8 Billion
Market Size Value In 2023 USD 20.84 Billion
Growth Rate 5.30% (2023-2032)
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