Diesel Generator Market Size: 2021 by Demand and Global Forecast to 2027
Posted by Komal Boudhh on June 10th, 2021
In its research report, Market Research Future (MRFR), highlights that the global diesel generator market size 2020 is expected to develop exponentially over the review period, securing a substantial market valuation and a healthy CAGR over the review period.
The major market players operating in the global market as identified by MRFR are Ashok Leyland (India), Denyo Co Ltd (Japan), Kirloskar Electric Company (India), Greaves Cotton Limited (India), Mitsubishi Heavy Industries Ltd (Japan), Rolls-Royce plc (UK), Wärtsilä (Finland), Caterpillar (US), and Cummins Inc (US).
The global business regional analysis was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world.
Asia Pacific is a prominent region due to the rising demand for uninterrupted electricity supply and the region's increasing number of oil & gas activities. In India, Reliance Industries has announced the country's largest foreign direct investment ( FDI) deal with Saudi Aramco (Saudi Arabia) to pick up 20 per cent stake in its oil-to-chemicals (OTC) sector. Saudi Aramco has spent 75 billion USD for this reason. This deal has increased the market for diesel generators to be used for refinery and oil continuous power supply to chemical conversion activities in India. Additionally, according to the 2019 BP World Energy Statistical Review, Australia's oil production rose from 348,000 barrels per day in 2017 to 356,000 barrels per day in 2018, with an average growth rate of 2.2 %. Such factors are expected to increase demand from the Asia Pacific diesel generators.
Drivers and Restraints
As a result of the growth in various end-use industries including mining, power generation, and construction, the demand for diesel generators is growing. Mining is an important field, as it provides numerous industries with raw materials, including construction , manufacturing and electronics. Most mining sites, however, are located in remote areas, and have no grid electricity access. In the past century , the global mining industry was dependent on easily accessible mining areas. These resources are depleting, however, and mining companies are slowly venturing into remote areas, where earlier mineral resource extraction and processing was not economically viable. The feasibility of the project is currently being pursued, but once operational, the project is expected to install a range of diesel generators to power operations on site. Consequently, the rising number of mines in remote locations is expected to fuel the growth of the global demand for diesel generators during the forecast period.
The COVID-19 outbreak has adversely affected the global economy, as the operations of different sectors have come to a halt. Because of a decrease in demand for electricity post-COVID-19, companies are dealing with several challenges in the power generation sector. In addition, industries such as construction , manufacturing, tourism, and events have completely stopped operations which have had a dramatic effect on the global demand for diesel generators. Most of the companies in the supply chain for diesel generators have seized operations to ensure employee safety. Some companies, however, operate at minimum capacity to support critical industries, such as utilities and manufacturing. Numerous utilities across the globe rely on diesel generators for generating electricity. Given the global decline in demand for electricity, demand for new diesel generators has also declined.
The global diesel generator market is segmented by portability, power rating, end-use, and region. Based on the power rating, the market is bifurcated into 375 KVA–1000 KVA and above 1000 KVA. Based on portability, the global market has been bifurcated into stationary and portable. Based on end-use, the global market has been segmented into commercial industrial, and agriculture.
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About the AuthorKomal Boudhh
Joined: July 17th, 2020
Articles Posted: 121
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