Factors such as the burgeoning demand for data centers and the flourishing construction sector are expected to accelerate the genset market at a CAGR of 5.8% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $17,592.6 million in 2019, and it is projected to generate $27,863.0 million revenue by 2030. Moreover, the low power production and rising grid uncertainty in various countries will contribute to the market growth globally.
The demand for gensets is driven by the burgeoning number of data centers across the world. The increasing usage of autonomous cars, intelligent personal assistants, accounting services, digital currencies, and the internet of things (IoT) is encouraging the construction of data centers owing to the large volume of data generated by such advanced technologies. Data centers deploy generators to meet their prime and auxiliary power requirements. The critical appliances of data centers, such as backup controls, security systems, servers, and heating, ventilation, and air conditioning (HVAC) systems, require a continuous power supply for efficient operations.
Moreover, the growing construction industry steers the global genset market growth. At present, the progress of the construction sector can be ascribed to the economic recovery in developed countries and rapid industrialization in emerging economies. In the coming years, the U.S., the U.K., Indonesia, China, and India will witness a rapid surge in construction activities due to the hefty investments being made in the development of residential and commercial infrastructure and numerous public–private partnership (PPP) projects underway out in these countries.
The application segment of the genset market is classified into residential, industrial, and commercial. In 2019, the commercial category accounted for the largest market share due to the surging public infrastructure funding, increasing number of smart cities, and flourishing retail industry owing to the mounting customer expenditure. This category is further categorized into hotels, retail establishments, hospitals, commercial offices, telecom towers, and others, such as amusement parks, party halls, public transport agencies, petrol pumps, and cold storage facilities.
Asia-Pacific (APAC) held the largest share in the genset market during the historical period (2014–2019), primarily on account of the strengthening manufacturing sector due to the surging number of government initiatives, such as Made in China 2025, Make in India, and Making Indonesia 4.0. Additionally, the mounting investments being made in the infrastructure industry and burgeoning demand for backup power owing to the rising number of residential units will support the market growth in the region.
Whereas, the Middle East and African (MEA) genset market is expected to demonstrate the fastest growth throughout the forecast period because of the poor grid connectivity in several regional countries. Moreover, the growing commercial activities and escalating urbanization rate in the U.A.E., Turkey, Egypt, and Saudi Arabia will drive the demand for gensets in the region. Additionally, the expanding construction industry owing to the ambitious infrastructure projects, such as Saudi Vision 2030, and extensive government focus on diversifying their economies will catalyze the market growth in the MEA.
Therefore, the rising number of data centers and booming construction sector are the key contributors to the market advance.
The global Diesel Genset Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market shareThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Diesel Genset Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/diesel-genset-market/download-sampleMarket DynamicsThe market is mainly driven by growing demand for diesel genset in the industrial sector, and aging power infrastructure are significant factors that are likely to drive the market during the forecast period.
The advantages of diesel genset such as better fuel efficiency and low cost are also encouraged to adopt diesel genset in many industries and boost the demand in the upcoming years.
The market is anticipated to witness substantial growth over the forecast period due to rising costs of power outages across several IT-enabled service firms and data centers and growing consumer awareness regarding the requirement of a reliable emergency power supply.
Also, the market is driven by the rising vulnerability of grid power stations to disasters caused by changing weather conditions across the globe.
