Diesel Generator Market worth $23.4 Billion by 2029
The global Diesel Generator Market is expected to reach USD 23.4 billion by 2029 from USD 17.9 billion in 2024 at a CAGR of 5.4% during the forecast period 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.
Application Segmentation
Based on application, the Diesel Generator Market has been split into standby power, peak shaving, Prime & continuous power. The standby power segment in the Diesel Generator Market is anticipated to be the largest, primarily due to their cost effectiveness. Standby power Diesel generators are not designed to withstand overload capabilities and are mostly used in homes and businesses.
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Design Segmentation
Based on design, the Diesel Generator Market has been split into Stationary and portable. The Stationary segment in the Diesel Generator Market is anticipated to be the largest because of their higher power output range from 3 Kw to 700 Kw. Stationary diesel generators can support high power levels continuously along with certain features like automatic transfer switches, making them a preferred choice for long-term and high-power backup solutions.
Power Rating Segmentation
This report segments the Diesel Generator Market based on offering into Various power ratings: (Up to 50 kW, 51 – 280 kW, 281 – 500 kW, 501 – 2000 kW, Above 2000 Kw). Up to 50 kW is expected to be the fastest growing segment during the forecast period due to their versatility and widespread applications. Generators operate at a consistent engine speed, making them suitable for residential, personal, small scale commercial purposes like retail sectors and telecom.
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Regional Analysis
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 Players
Some of the major players in the Diesel Generator Market are Caterpillar (USA), Cummins Inc., (USA), Generac power systems, Inc (USA), Rolls-Royce PLC (UK), Mitsubishi Heavy Industries, ltd (Japan).
Caterpillar
Caterpillar is a globally operating company specializing in construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates through four segments: construction industries, resource industries, energy and transportation, and financial products. Its Diesel generator falls under the Energy & transportation segment. The company offers its diesel generator products under its CAT brand, which meet diverse power needs, ranging from minimal to substantial requirements.
Generac power systems
Generac power systems, Inc is a globally recognized company offering light towers, generators, pumps, and heaters, that finds applications in residential, commercial, and industrial sectors. The company operates through three key segments: Residential Products, Commercial & Industrial Products, and Others. Generac power systems provides its diesel generators under the Commercial & Industrial products.
