What Are The Market Opportunities And Threats Faced By The Diesel Generators Market?
Author : Sheryl Martins | Published On : 09 Jun 2021
The global diesel generator market size is expected to reach USD 30.0 billion by 2027, expanding at a CAGR of 8.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. Proliferating demand for emergency power backup and stand-alone power generation systems across several end-use industries, including manufacturing and construction, telecom, chemical, marine, oil and gas, and healthcare, is likely to strengthen the market growth over the forecast period.
Rapid industrialization, infrastructure development, and continuous population growth are among the major factors driving the global power consumption. Rising penetration of electronic device load across various commercial scale structures, such as data centers, has resulted in the higher deployment of diesel generators in order to prevent disruption of daily business activities and provide uninterrupted electricity supply during sudden power outages.
Diesel generator set manufacturers adhere to several regulations and compliances regarding the safety, design, and installation of the system. For instance, the genset should be designed in facilities certified to ISO 9001 and be manufactured in facilities certified to ISO 9001 or ISO 9002, with the prototype test program authenticating the performance reliability of the genset design. Certifications to leading organizations such as US Environmental Protection Agency (EPA), CSA group, Underwriters Laboratories, and International Building Code are expected to enhance product marketability over the forecast period.
Industry participants are continuously focusing on finding the next generation of diesel generators due to strict regulations. These generators have automatic voltage regulators and built-in electronic governors that automatically control the generator engine speed as needed, thereby making the diesel gensets more energy-efficient. Additional features such as remote monitoring of the generator set are expected to boost the product sustainability over the forecast period.