The diesel generators market has been growing steadily over the past few years. Diesel generators are combustion engines that use diesel fuel as their power source to generate electricity. They are frequently used as backup power supplies during power failures and outages or in remote locations where utility grid power is unavailable. Diesel generators have widespread industrial and commercial applications such as in mining sites, telecom towers, hospitals, data centers and corporate offices that require uninterrupted power. They provide reliable standby power when utility grids fail or during power cuts which have been increasing globally. The global demand for diesel generators has also been rising from the construction and real estate sector due to growth in infrastructure development activities.
The diesel generators market is estimated to be valued at USD 20.02 Bn in 2024 and is expected to reach USD 29.51 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
Key Takeaways
Key players operating in the Diesel Generators Market are AKSA Power Generation Company, Atlas Copco AB, Caterpillar, Cummins Inc., Doosan Portable Power, Generac Power System Inc., Honda India Power Products Ltd., Kohler Co., Rolls-Royce plc, Wartsila Corporation, Honda India Power Products Ltd., Yamaha Motor Co Ltd., Mitsubishi Heavy Industries Ltd., Mahindra Mahindra Ltd., and Kirloskar Oil Engines Ltd.
Market Drivers
One of the key drivers for the diesel generators market is the unreliable power infrastructure and rising power outages in many parts of the world. According to reports, power outages cost global economy over $500 billion each year highlighting the critical need for backup power solutions. The Diesel Generators Demand is growing strongly in Asia Pacific and Africa regions which face regular power disruptions. The need for uninterrupted power supply in industries, healthcare, IT/Telecom sectors during outages is driving sales of diesel generator sets globally. Their flexible operation and fuel efficiency compared to gas generators is further positively impacting the market.
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