U.S. Diesel Genset Market Research Report: By Power Rating (5 kVA–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, Above 750 kVA), by Application (Commercial, Industrial, Residential) – Competitive Analysis and Growth Forecast to 2024
NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the U.S. diesel genset market is projected to reach $3,005.5 million by 2024, registering a CAGR of 6.2% during the forecast period. The demand for diesel gensets in the country is primarily driven by the growing requirement for standalone power and backup power in construction sites, industries, residential buildings, retail stores, office spaces, hospitals, and hotels.
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The increased instances of power outages in the U.S. in recent years on account of the aging electricity grid infrastructure has led to the heavy adoption of backup power sources, such as diesel or gas gensets and photovoltaic (PV) power systems. Among these power sources, diesel generator sets are highly preferred owing to their low initial capital cost and high reliability. Manufacturing plants and commercial offices are the major end users of these gensets in the U.S. The sale of diesel gensets is expected to grow further due to their increasing demand in commercial offices, educational institutions, and residential buildings, which, in turn, would boost the U.S. diesel genset market growth.
In the report, the U.S. diesel genset market is segmented on basis of power rating and application. Based on power rating, the market is categorized into 5 kVA–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA diesel gensets. Among these, 5 kVA–75 kVA generator sets accounted for the largest market share in terms of sales volume during the historical period, owing to the heavy demand for these gensets in residential buildings, commercial complexes, hotels, and other areas with low-power requirements.
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In 2018, offices accounted for over 36.0% sales value in the commercial demand for diesel generator sets in the U.S. In commercial office applications, data centers are the largest revenue-generating end users of diesel generator sets in the country. According to a report published by CBRE Data Center Solutions in 2018, the advent of new technologies, such as edge computing, internet of things (IoT), cloud computing, and artificial intelligence, is driving the development of hyperscale data centers, which are equipped with thousands of servers and, therefore, require uninterrupted electricity supply for smooth operations. This need for reliable electricity supply in data centers is expected to drive the diesel genset sales, further boosting the U.S. diesel genset market growth during the forecast period.
Some of the major players operating in the U.S. diesel genset market are Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co., American Honda Motor Co. Inc., Southwest Products Corporation, General Electric Company, Denyo Co. Ltd., AB Volvo, and Atlas Copco AB.
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Caterpillar Inc. held over 26% share in the U.S. diesel genset market in 2018. The company has a robust product portfolio and a vast distribution network (comprising dealers and e-commerce gateways). The company offers diesel generator sets under the Caterpillar, FG Wilson, Perkins, and Olympian brands in the U.S.
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In 2018, telecom towers accounted for over 12.0% sales volume in the commercial demand for diesel generator sets in Nigeria. Additionally, the category is expected to register a CAGR of 6.3% in terms of revenue during the forecast period. This can be attributed to the growing demand for these gensets to serve prime and auxiliary power requirements in telecom towers. Telecom towers in Nigeria majorly employ diesel generator sets of 27 kVA–35 kVA capacity to meet their power requirements. Moreover, investments in the telecom sector, coupled with increased installation of towers in off-grid areas and erratic power supply scenario, are expected to be support the Nigerian diesel genset market growth in this category in the near future.
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India Diesel Genset Market
The demand for diesel gensets by telecom towers is estimated for a volume share of over 51.0% in the Indian commercial diesel genset industry in 2018. This is attributable to high-volume demand for gensets to serve prime and auxiliary power requirements in telecom towers. Furthermore, the demand is likely to be driven by investments in the telecom sector, and growing installation of telecom towers to cater data and voice coverage requirements in remote locations across the country.
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