2024 Diesel Generator Market Report Predicts $40.8B Global, $6.6B USA By 2030
Generator Industry Predicted To Continue To Grow Given All The Changes Our Power Grid Faces
The 2024 Global Diesel Generators Market Report predicts a 63.2% increase from 2023 to 2030 as the world will need more generators to keep business humming as usual.
The global market for diesel generators is estimated at $25 Billion (US) in 2023 and is projected to reach $40.8 Billion (US) by 2030. That growth is at a Compound Annual Growth Rate (CAGR) of 6.3% over the analysis period 2023-2030, according to Research and Markets out of Dublin, Ireland.
When glancing at low power diesel generators, one of the segments analyzed in the report is expected to record 5.7% CAGR and reach $18.5B by the end of the analysis period. Growth in the medium power diesel generators segment is estimated at 6.2% CAGR for the next eight-year period.
The U.S. Market is estimated at $6.6B, while China is forecast to grow at 9.3% CAGR. Among the other noteworthy geographic markets are Japan and Canada, each forecasted to grow at 3.2% and 5.7% respectively over the 2023-2030 period.
Within Europe, Germany is forecast to grow at approximately a 3.8% CAGR.
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What is driving the growth in the diesel generator market?
The growth is being driven by factors like increasing demand for reliable backup power, rapid industrialization in developing countries, and the need for continuous power supply in critical sectors like healthcare, data centers and telecommunications.
Which regions are expected to see the highest growth?
China and other emerging markets in Asia are projected to see the highest growth rates, with China forecast to grow at 9.3% CAGR. The U.S. is still expected to be a major market, reaching $6.6 billion by 2030.
What size generators are in highest demand?
Low power diesel generators (up to 100 kW) are expected to be a large segment, reaching $18.5 billion by 2030. However, medium power generators are growing slightly faster at 6.2% CAGR.
How is the market being impacted by environmental concerns?
While diesel generators remain in high demand, there is increasing pressure to develop more fuel-efficient and lower emission models. Some companies are exploring hybrid and alternative fuel options as well.
What factors could limit market growth?
Potential limiting factors include stricter emissions regulations, competition from renewable energy sources, and high fuel/operational costs. However, the need for reliable backup power is expected to sustain demand.
Which industries are driving demand for diesel generators?
Key industries include healthcare, data centers, manufacturing, construction, mining, and telecommunications - any sector that requires uninterrupted power supply.
Brian La Rue
| 6/12/2024 2:06:02 PM
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