Diesel Genset Market To Cross $17,500.0 Million by 2024

Diesel generator set sales are growing around the world due to the increasing demand for electricity for backup and primary purposes, itself owing to the burgeoning population, urbanization, and industrialization. As a result, from $12,656.2 million in 2018, the diesel genset market is projected to advance to $17,821.3 million in 2024, at a 5.8% CAGR during 2019–2024 (forecast period). In such systems, a diesel engine drives an alternator to create electric power; these gensets also consist of a canopy or enclosure, fuel delivery system, cooling and exhaust system, and control panel.

 

The categories, when the market is segmented by power rating, are 5 kilovolt-Ampere (kVA)–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA. Among these, the 5 kVA–75 kVA category held the largest share in the diesel genset market, in terms of volume, during the historical period (2014–2018). This is because generator sets of this power rating are immensely popular in small commercial installations, residential complexes, retail establishments, and telecom towers.

The diesel genset market is also booming on account of the grid uncertainties and inadequate production of electricity in emerging economies. Apart from these two factors, considerable transmission losses in Ghana, Nigeria, and several other African nations lead to a wide gap in the demand and supply of power. This is resulting in the rising need for alternative electricity generation sources, most commonly diesel generator sets, in residential, commercial, and industrial settings.

This market research report provides a comprehensive overview of the Diesel Genset Market

    Historical and the present size of the Diesel Genset Market
    Future potential of the market through its forecast for the period 2019–2024
    Major factors driving the market and their impact during the short, medium, and long terms
    Market restraints and their impact during the short, medium, and long terms
    Recent trends and evolving opportunities for the market participants
    Historical and the present size of the market segments and understand their comparative future potential

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