Wide Electricity Demand–Supply Gap Driving Diesel Genset Market

The worldwide diesel genset market is growing due to the uncertainty of grid electricity supply, low power production, and an increase in the number of data centers. In 2018, the market valued $12,656.2 million, and the revenue is predicted to increase to $17,821.3 million by 2024 at a 5.8% CAGR during the forecast period (2019–2024). In such a device, a diesel engine drives an electricity generator to produce power, which can be used for meeting the prime as well as backup requirement.

Apart from the oil & gas and manufacturing sectors, the IT niche is also rapidly advancing across the globe. With a monumental rise in the amount of online data owing to the growing use of intelligent personal assistants, connected cars, digital currencies, internet of things, and cloud computing, places to store, analyze, and transmit it are swiftly being constructed. At data centers, continuous electricity supply is essential for heating, ventilation, and air conditioning systems, servers, and security apparatus, for which the grid cannot always be trusted.

 

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Across the world, Asia-Pacific (APAC) was the largest market for diesel gensets in terms of value and volume during the historical period, and it is predicted to hold on to its position during the forecast period. The dominance of APAC is owed to the expansion of the manufacturing sector, rising investments in the telecommunications sector, growing requirement for backup electricity in residential settings, and the surging prevalence of power outages, primarily in Southeast Asian nations.

Therefore, the market has a bright future owing to the growth in various sectors and a significant electricity demand–supply gap in several countries.

Competitive landscape of the diesel genset market

Some of the major players operating in the global diesel genset market are Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co., General Electric Company, Denyo Co. Ltd., AB Volvo, Escorts Limited, Siemens AG, and Kirloskar Oil Engines Limited.

Caterpillar Inc. held over 24% share in the diesel genset market in 2018. The company has a robust product portfolio and a vast distribution network (comprising dealers and e-commerce gateways). The company offers diesel generator sets under the Caterpillar, FG Wilson, Perkins, and Olympian brands.