Diesel Genset Market was valued at USD 15,835.2 million in 2021 and is poised to grow at a significant CAGR of 3.7% over 2022–2028. Increased customer awareness, rising power failures, and amplifying demand load on the main grid are some of the instrumental factors supporting global market statistics. Because of the unit’s cost-effectiveness, high reliability, and ability to provide a continuous power supply, the market for residential diesel gen-sets is expected to grow significantly. The application is primarily motivated by the widespread use of generators in residential buildings to meet emergency power needs in the event of a grid failure or blackout. These gensets also act as the source of a primary power supply where the grid supply is inaccessible. The expansion of the business will be aided by strong industrialization and burgeoning construction operations, which include both greenfield and brownfield infrastructure projects. The growing need for automated technologies and digital products has resulted in a significant expansion of data centers and communication stations, which will help to boost the industry’s prospects. Furthermore, rising public funding in the commercial sector, along with expanding efforts in IT and retail, is expected to boost global market demand. Major diesel generator set manufacturers are constantly looking for technical advancements in response to operational constraints such as noise levels, pollutant emission levels, and the ability to operate in extreme environments and climatic conditions such as humidity, sandstorms, and severe weather. Inadequate electricity generation, as well as an increase in the frequency of temporary power outages as a result of weather-related calamities such as earthquakes, hurricanes, and snowstorms, would boost demand for standby diesel generators. Furthermore, the ability to start immediately when an outage happens, lowering the massive downtime costs experienced by a data Center, is expected to boost product acceptance. Increasing per capita income, growing living standards, and a movement in consumer choice toward adopting technologically advanced units are some of the major factors driving global market trends.
Recent Market Developments:
In February 2021, Kirloskar Oil Engines Limited launched new high-horsepower gensets for the Indian market. With these additions, the company offers a wide range of diesel gensets of 2 kVA to 1,010 kVA power in India.
In June 2020, Greaves Cotton Limited launched of its technologically advanced smart gensets, Greaves Genius, which are available across a power range of 5 kVA–1,250 kVA. They have a smart device, which transmits data at a high speed, thereby allow for the real-time tracking their operations on mobile phones.