The diesel genset market was approximately $12.65 billion in 2014 and is anticipated to grow significantly due to increasing requirement from industrial, residential, and commercial segments over the forecast period. Increasing demand from upcoming economies is going to boost the market in the future. Rising per-capita income due to growing power outages and fast industrialization is also going to boost the growth.
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New launch of products, partnership and agreement by the major companies is anticipated to inspire the expansion of the market. Additionally, requirement will increase as it is cheap and readily available. Nevertheless, strict emission regulations led for environment along with substitute threat like solar and fuel cells is anticipated to obstruct the growth over the forecast period.
The market is divided into end-user, products, and regions. Commercial end-users had the highest demand for diesel gensel with more than 35% revenue globally and are going to witness rise in demand from different segments including telecom and retail. Additionally, the market will prove important increase due to more usage as power source in distant applications like telecom, mining, and oil & gas.
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The growth in residential segment is anticipated at 7% CAGR from 2015 to 2022 resulting into increasing requirement due to rise in per-capita income. Commercial segment’s upcoming economies of MEA and Asia Pacific are showing excellent growth due to rapid growth of sectors like retail, IT, and telecom.
Product wise diesel genset is sectioned on the bases of power rating, for example low (0 to 350 kVA), medium (350 to 1000kVA), and high (above 1000 kVA).
Asia Pacific has come up as the biggest market in the world with a value of more than $ 1.2 billion in 2014. This is due to rising population and regular gap between demand and supply. This region is estimated to be the fastest growing due to above reasons in nations like India, Australia, China, South Korea, and Malaysia. The major industries are Kirloskar Electric Co. Ltd., Himoinsa S.L., Cummins Inc., Caterpillar Inc., F.G.Wilson Inc. and Aggreko PLC.
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