Diesel Generator Market Size Expected to Grow $23.4 Billion by 2029 | MarketsandMarkets™
/EIN News/ -- Chicago, May 02, 2024 (GLOBE NEWSWIRE) -- The global Diesel Generator Market size is expected to grow from USD 17.9 billion in 2024 to USD 23.4 billion by 2029, at a CAGR of 5.4% according to a new report by MarketsandMarkets™. Diesel generators are essential because they provide reliable and constant source of electricity during power outages and emergencies. The longevity and durability of diesel generators allow them to operate over extended periods ensuring continuous power supply during emergencies.
The diesel generator market is expanding due to the increasing demand for reliable backup power sources in regions prone to frequent power outages has bolstered the adoption of diesel generators, industries and businesses are increasingly relying on diesel generators to ensure uninterrupted operations, particularly in sectors where power stability is critical, such as healthcare and telecommunications and the portability and versatility of diesel generators make them a popular choice for remote locations or construction sites where grid connectivity may be limited or non-existent.
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Diesel Generator Market Scope:
| Report Coverage | Details |
| Market Size | USD 23.4 billion by 2029 |
| Growth Rate | 5.4% of CAGR |
| Largest Market | Asia Pacific |
| Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
| Forecast Period | 2024–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Diesel Generator Market by power rating, design, end-user, application, and region. |
| Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America. |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Growing electrification of rural and remote areas in developing countries |
| Key Market Drivers | Increased demand for uninterrupted and reliable power supply |
Asia Pacific is expected to be the largest region in the diesel generators market.
Asia Pacific is expected to be the largest region in the diesel generators market between 2024–2029. The market in Asia Pacific comprises China, India, Australia, Japan, South Korea, New Zealand, and Rest of Asia Pacific countries. The growth of the Diesel generators market in the Asia Pacific region is largely supported by factors such as urbanization, rapid industrialization and increasing demand for backup power solutions. The Asia pacific region home to developing economies like India, Japan and China provide better growth in the diesel generators market.
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Diesel Generator Market Dynamics:
Drivers:
- Increased demand for uninterrupted and reliable power supply
- Rising power outages
Restraints:
- Increased adoption of renewable energy systems
- High maintenance and operating costs
Opportunities:
- Rising urbanization and industrialization
- Growing electrification of rural and remote areas in developing countries
Challenges:
- Implementation of stringent regulations by governments to achieve net-zero emissions
- Rising investments by utilities in transmission and distribution (T&D) systems
North America is expected to be the fastest region in the Diesel Generator Industry
North America is expected to be the fastest region in the Diesel Generator Market during the forecast period. The region's increasing focus on Diesel generators is due to the increasing infrastructure activities, Oil and gas exploration activities and the Industrial sector. Moreover, the rising demand of reliable power across data centers and other critical infrastructure needing backup power coupled with a growing need for convenience in households. The increasing expansion in manufacturing and construction, particularly in the US, is also expected to boost the diesel generators market in North America. The affordability of the diesel generators, since these generators are cost-effective, thus it is also a preferred choice among the North American customers.
Key Market Players:
Some of the major players in the Diesel Generator Companies are Caterpillar (US), Cummins Inc., (US), Generac power systems, Inc (US), Rolls-Royce PLC (UK), Mitsubishi heavy industries, ltd (Japan).
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