Westford, USA, Nov. 11, 2022 (GLOBE NEWSWIRE) -- As the world progresses, the demand for energy grows along with it. This increased demand has led to a corresponding increase in the demand for diesel generator market. Diesel generators are a critical part of the power infrastructure and are used in a wide variety of applications, from powering emergency backup systems to providing standby power for data centers.
The increased demand for diesel generator market is driven by a number of factors, including population growth, expanding industrialization, and the rise of renewable energy sources. Population growth leads to an increased demand for electricity, as more people require power for their homes and businesses. Expanding industrialization also increases the demand for electricity, as factories and other businesses require power to operate. The rise of renewable energy sources, such as solar and wind power, has led to an increase in the need for backup power generation. When renewable energy sources are not available or are not generating enough power, diesel generators can provide the necessary power to meet demands.
Diesel generators are more efficient than ever before, thanks to advances in technology. Today’s diesel generators are much cleaner than older models, making them more environmentally friendly. They are also more fuel-efficient, which reduces operating costs. These factors make diesel generators an attractive option for many businesses and organizations.
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SkyQuest's Diesel Generator Market Outlook is Positive: Construction Sector to Keep Contributing Heavily to Market Growth
SkyQuest's diesel generator market outlook for 2028 is positive, with expected growth in both revenues and profits. The main drivers of this growth are expected to be increased demand from the construction and mining sectors, as well as continued high oil prices. Diesel generators are a critical component of many industries, providing backup power in case of grid failures or blackouts. They are also used extensively in off-grid applications such as construction sites, mining operations, and remote villages.
The construction sector is expected to see the biggest increase in demand for diesel generators, due to continued infrastructure development across the globe. This includes large projects such as the Belt and Road Initiative in China, which is expected to drive up demand for construction equipment and machinery including diesel generators. The mining sector is also expected to see increased demand, due to continued high commodity prices and new projects coming online. In addition, oil prices are expected to remain high throughout 2019, which will provide a further boost to the diesel generator market.
The Asia-Pacific region is expected to be the largest market for diesel generators, followed by North America and Europe. The main drivers of growth in the Asia-Pacific region are the increasing population and economic development. In North America, the main driver of growth is the replacement of aging infrastructure. In Europe, growth is being driven by the need for backup power during outages caused by extreme weather events.
SkyQuest's analysis of the global diesel generator market also identifies some key challenges that the diesel generator industry will face in the future. These include the declining cost of renewable energy technologies, which could make diesel generators less competitive in certain applications, and the possibility of new emissions regulations that could further hamper the market growth.
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Data Center to Offer Lucrative Growth Opportunity for Diesel Generators
As the world goes digital, the demand for data center infrastructure is growing at an unprecedented rate. This rapid expansion is set to continue, with SkyQuest predicting that global data center traffic will quadruple between 2021 and 2030. As of 2021, we found that there are more than 7.2 million data centers around the globe and most of them are concentrated in North America. Data centers consume a lot of power in the global diesel generator market. In fact, they are required to keep running for 24/7 without fail to keep the operation running smoothly. Wherein data operators are turning to diesel generators to provide backup power in case of a power outage. Diesel generators are reliable and efficient, making them ideal for mission-critical applications.
Recently in November 2022, AWS bought more than 100 diesel generators to provide backup for its data center based in Ireland.
This growth of the diesel generator market will be driven by the continued expansion of cloud computing, big data, and the Internet of Things (IoT). As data centers consume more power, they will need to increasingly rely on backup generators to maintain operations during power outages or other disruptions. Diesel generators are well-suited for this purpose due to their reliability and fuel efficiency.
Diesel generators are more expensive than other types of generators, but they are more reliable and can operate for longer periods of time. SkyQuest expects that the demand for diesel generators will continue to grow in the coming years as data center infrastructure continues to expand.
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Rapid Shift to Renewable Energy, a Boon or Bane for Diesel Generator Market?
The diesel generator market has been witnessing a growing shift to renewable energy in recent years, and this trend is likely to continue.
On the one hand, the shift to renewable energy is a boon for the diesel generator industry because it opens up new markets and opportunities for growth. Diesel generators are well-suited for use in renewable energy systems, such as wind or solar farms, and this increasing demand could lead to more jobs and investment in the industry.
On the other hand, the shift to renewable energy is also a potential bane for the diesel generator market because it threatens to displace traditional diesel generators from their current role in powering many homes and businesses. If renewable energy becomes cheaper and more widespread, diesel generators could become less necessary and eventually obsolete. This would obviously be bad news for the companies that make them and the people who work in the industry.
Diesel generators are not well suited to an intermittent power supply, such as that provided by wind and solar. As a result, the market for diesel generators is expected to decline in the coming years as more renewable energy comes online. This presents both challenges and opportunities for the diesel generator industry. On the one hand, declining demand will put pressure on profits and could lead to consolidation in the industry. On the other hand, those companies that are able to adapt and provide solutions that complement renewable energy will be well-positioned for growth.
In either case, the shift to renewable energy is likely to have a major impact on the diesel generator market.
Major Players in Diesel Generator Market
- Kirloskar Electric Company (India)
- Denyo Co Ltd (Japan)
- Greaves Cotton Limited (India)
- Ashok Leyland (India)
- Mitsubishi Heavy Industries Ltd (Japan)
- Rolls-Royce plc (UK)
- Wartsila (Finland)
- Caterpillar (US)
- Cummins Inc (US)
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