Diesel Genset Market: Current Analysis and Forecast (2021-2027)

Report Description

Diesel Genset Market was valued at US$ 16 billion in 2020 and is expected to grow at a CAGR of 6% over the forecast period (2021-2027).Diesel Genset is an on-demand power generation machine use in vast range of establishments covering all areas of residential, commercial, and industrial settings. These gensets can be use either as a prime power and backup power depending on the areas where these gensets are install. Increasing industrialization along with rising industrial capital expenditure, growing number of commercial spaces including corporates, shopping malls, retail establishment, educational sector, and telecom towers among others are some of the key attributable factors for its high growth. Moreover, uncertain power outage can result to operational loss in the industries due to which consumers are using these machines to decrease dependency on grids. In addition, increasing role of data centers in today’s life is booming the demand of diesel gensets as these data centers requires same amount of energy as it is consumed by a small town. Changing global electricity demand is also driving the diesel genset market.

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Global Change in electricity demand in 2020 and 2021 by region (%)

Covid-19 has impacted almost every industry except for some essential sectors. Lockdown implemented by the several nations across the globe, resulted in factory shutdown which has minimize the power requirement thus effected the diesel genset demand. Moreover, many countries are solely relying on import of genset and its associated components while others import large power rating genset but to curtail the spread of disease, economies across the globe implement border closure which has impacted the demand of diesel genset in 2020. However, in rebound to 2020 effect, companies are planning to invest large capital on operation which is likely to boost the demand of diesel gensets.

Insights Presented in the Report

“Amongst Power Requirement, Backup Power category dominated the market in 2020.”

Based on power requirement, the market is bifurcated into prime and backup. Of both, backup power category dominated the market and is expected to hold its position during the forecast period as well. Large number of end-users use diesel gensets when there is a grid power outage which resulted in the demand of backup power requirement.

“Amongst Power Rating, XX category dominated the market in 2020.”

Based on power rating, the market is divided into 5kVA-75kVA, above 75kVA-375kVA, above 375kVA-750kVA, and above 750kVA. Among all, xx category dominated the market and is expected to showcase significant growth during the forecast period. However, xx category is likely to showcase robust growth during the forecast period owing to increasing utilization in industrial and commercial sectors.

“Amongst Mobility, Stationary category dominates the market in 2020.”

Based on size, the market is bifurcated into stationary and portable. In 2020, stationary diesel genset held significant shares in 2020. Further, the category is expected to growth at the faster rate compared to its peer owing to increasing usage of stationary power gensets in industries and commercial spaces. Further, increasing industrialization in countries like China, India, and ASEAN countries leading to the demand for stationary gensets as they are available in all ranges therefore found application in all the areas of industry and commercial settings. However, portable gensets are expected to showcase considerable growth from residential sector.

“Amongst End-User, commercial category dominated the market in 2020.”

Based on end user, the market is trifurcated into commercial, industrial, and residential. Among all, commercial sector accounted for the largest revenue share in 2020 and is likely to contribute xx% by 2030 in global diesel genset market. Large base of application areas of diesel genset in commercial spaces like shopping mall and complex, hyper, and super-market, offices, and telecom towers among others is one of the key factors behind the largest market.

“Asia-Pacific represents as the largest markets in the Global Diesel Gensets Market.”

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia-Pacific dominated the market with a significant share of the pie. Rising number of factories across various industries is the major factor driving the market for the global diesel genset market in the Asia-Pacific region. Some of the major companies profiled in the report includes Caterpillar Inc., Cummins Inc., Siemens AG, AB Volvo, Kirloskar Oil Engine Limited, Denyo Co. Ltd., Generac Holdings Inc., General Electric Company, Kohler Co., and Atlas Copco AB.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Diesel Gensets three major steps undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Diesel Gensets industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Diesel Gensets through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Diesel Gensets market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by power requirement, power rating, mobility, and end-user. Further regional and country-level analyses were conducted to evaluate the overall adoption of the Diesel Gensets globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Diesel Gensets. Further, we conducted factor analysis using dependent and independent variables such as growing demand for electricity due to rising urban population, increasing industrialization in developing economies etc. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Diesel Gensets industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Global Diesel Gensets market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Diesel Gensets across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Diesel Gensets market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Global Diesel Gensets market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power requirement, power rating, mobility, and end-user.

The main objective of the Diesel Gensets Market Study

The current & future market trends of Global Diesel Gensets were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Diesel Gensets in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of power requirement, power rating, mobility, and end-users
• Defined analysis of the regulatory framework for the Diesel Gensets industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Diesel Gensets for the major countries
• Major regions/countries analyzed in the report includes North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Diesel Gensets market players and the growth strategies adopted by them to sustain in the growing market
• Deep dive country level analysis of the industry