Insight of Industry
According to Market Research Future, the global diesel genset market 2020 is likely to attain a significant growth amid COVID 19 pandemic, recorded to be at a higher CAGR during the forecast period of 2018-2025 owing to some of the influential factors effecting actively. At this growth rate, the market will gather a higher valuation in the same timeframe.
Segmentation of Market
The global diesel genset market study has been conducted among segments such as probability, power output, application, and end-use.
Depending on probability, the global market has included stationary and portable.
Depending on the power output segment, the global market has included pp to 100 kVA, 100 kVA–350 kVA, 350 kVA–1,000 kVA, and beyond 1,000 kVA.
Depending on the application segment, the global market has included peak shaving, standby power, and continuous.
Depending on the end-user segment, the global market has included commercial, industrial, and residential.
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Geographically, the global diesel genset market has been studied among five major regions, namely, Europe, North America, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific is estimated to grasp a majority of the market share during the assessment period owing to the mounting demand for uninterrupted power supply, growing development in data centers, and the escalating oil and gas activities in the region. As per data published in China Daily, in 2019, a total of 300 major construction projects have been announced in Beijing, and the investment of the projects is anticipated to attain USD 35 billion. Also, in October the year 2017, CYRUSONE (U.S.), along with the partnership with GDS Holdings Limited (China), invested USD 100 million for the expansion of data centers in China. In August 2019, India, Reliance Industries (India) announced the country’s most significant foreign direct investment (FDI) deal with Saudi Aramco (Saudi Arabia), in which Saudi Aramco acquired a 20% stake in its oil-to-chemicals (OTC) business. This deal has augmented the demand for diesel gensets for continuous power supply in the oil production in India. Such factors are anticipated to motivate the expansion of the market for diesel gensets in Asia-Pacific during the assessment period.
The industry players in the global diesel genset market are listed as Ashok Leyland (India), Kirloskar Electric Company (India), Caterpillar (U.S.), Cummins Inc. (U.S.), Wärtsilä (Finland), Mitsubishi Heavy Industries, Ltd (Japan), Rolls-Royce plc (U.K.), Atlas Copco AB (Sweden), Yanmar Co Ltd (Japan), General Electric (U.S.), Generac Power Systems, Inc. (the U.S.), and Denyo Co., Ltd (Japan).
Global Diesel Genset Market—Top Impacting Factors
MRFR, in its story, revealed that rising demand for reliable power supply accompanied by a surge in the installation of backup supply devices is set to stimulate product adoption. The stimulus of its market will reach to a great extent. These systems have achieved the strategic importance of focusing on the impending power shortages amongst several other alternate backup sources.
The factors such as rising power outages owing to extreme weather conditions have positively impacted the business scenario all over the world amid the novel coronavirus outbreak. In the case of point, as per the U.S. Energy Information Administration, Hurricane Michael caused extensive power outages in the year 2018 and affected over 1.7 million customers across 6 U.S. states. In fact, strengthening consumer propensity & awareness toward reliable and affordable backup power solutions will complement the product demand in the coming years.
On the other hand, some more factors such as rising demand from the data center on account of surged data utilization through social networking & e-commerce platforms, government projects, and Smartphones will motivate the >750 kVA segment of the diesel gensets market trends. In fact, the factor of consumer shift toward smaller & less powerful units for domestic utilization on account of their operational suitability and economic viability will complement the business scenario after COVID-19 impact.
Furthermore, the rising dependency of industries and businesses on digitization and I.T., which necessitate the continuous & uninterrupted energy supply, is set to drive product adoption in the next time. Moreover, the rising cost of data center outages & downtimes has imparted a leading force for the wide-scale commercialization & adoption of diesel gensets.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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