The growth of the construction sector is being driven by the huge
investments being made in construction activities and infrastructural
development projects in the country. For example, the second round of
the Infrastructure for Rebuilding America (INFRA) discretionary grants
program was announced by the U.S. Department of Transportation in
December 2018. Under this program, the agency would invest nearly $900
million in various infrastructure development, improvement, and
renovation projects in the country.
Apart from
the aforementioned factors, the rising number of data centers in the
country is also positively impacting the sales of diesel gensets. This
is because the data centers need a regular supply of power, which is
only possible with the usage of power backup systems such as diesel
gensets. The rapid incorporation of advanced technologies such as IoT,
5G connectivity, and edge computing is augmenting the requirement for
proper data storage space.
The growing demand
for data storage facilities is fueling the development of data centers
all over the country. As a result, many companies are making huge
investments in the development of data centers and data storage
facilities in the country. For example, in 2018, Alphabet Inc. made an
investment worth $9 billion in office and data center construction in
the U.S. The organization further invested $13 billion in data center
development in 2019.
Hence, because of the
above-mentioned factors, the power requirements are shooting-up in the
U.S., which is, in turn, driving the demand for diesel gensets in the
country. As a result, the revenue of the U.S. diesel genset market
is predicted to grow from $2,187.4 million to $3,797.6 million from
2019 to 2030. Furthermore, the market will progress at a CAGR of 7.2%
from 2020 to 2030. Depending on power requirement, the market is divided
into backup power and prime power.
Between the
two categories, the backup power division recorded higher growth, both
in terms of revenue and volume, in the U.S. diesel genset market in
2019. This category is predicted to dominate the market in the future
years as well, because of the rising need for backup power in the
country, for continuing business operations in commercial and industrial
facilities such as manufacturing plants, retail outlets, hospitals, and
commercial complexes without any hindrances.
Get the sample copy of the report at: https://www.psmarketresearch.com/market-analysis/us-diesel-genset-market/report-sample
When
application is taken into consideration, the U.S. diesel genset market
is classified into commercial, industrial, and residential categories.
Out of these, the commercial category recorded the highest growth in
2019 and this trend will continue in the forthcoming years as well, as
per the estimates of the market research firm, P&S Intelligence.
This would be because of the rising demand for continuous power,
especially at telecom facilities, construction sites, manufacturing
units, commercial complexes, and offices in the country.
0 Comments