How is Rising Need for Power Fuelling Growth of Global Diesel Genset Market?by Manish Kumar Digital Analyst
Some of the major factors propelling the demand for diesel-powered gensets are the rising volume of power transmission losses and the high-value base power deficit in many African countries such as Ghana and Nigeria. The increasing incidence of power outages in these countries, on account of the presence of a poorly developed power infrastructure, is further boosting the need for alternative power sources such as diesel powered gensets. Moreover, the increasing need for continuous power supply in many commercial, residential, and industrial applications is creating huge demand for diesel fuelled gensets.
Get a sample copy of this report: https://www.psmarketresearch.com/market-analysis/diesel-genset-market/report-sample
The other major factor responsible for the surge in the demand for diesel gensets is the increasing development of data centers across the globe. Data centers are being constructed all over the world in order to meet the rising data collection, analysis, and supply services needs arising from the large-scale creation and consumption of huge volumes of data across the globe. The increasing adoption of autonomous cars, internet of things (IoT), intelligent personal assistants, accounting services, digital currencies, and other advanced technologies are further boosting the need for data centers across the world.
Driven by the above-mentioned factors, the revenue generated from the worldwide sales of diesel gensets is predicted to increase from $12,656.2 million in 2018 to $17,821.3 million by 2024. The global diesel genset market is expected to demonstrate a CAGR of 5.8% during the forecast period (2019–2024). A diesel genset is basically a machine made from the combination of a diesel engine and an electric generator. These gensets are widely used in the industrial, commercial, and residential applications. Amongst these, the commercial applications recorded the highest usage of diesel gensets in 2018.
On the basis of power rating, the generator sets are classified as those having a rating of 5 kVA–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA. Out of these, the gensets having a power rating in the range of 5 kVA–75 kVA recorded the highest usage in 2018. This is mainly credited to the extremely high demand for these diesel gensets in applications having low-power requirements, the increasing power outages, and the lack of a well-developed power infrastructure in the developing nations.
The major trends currently being witnessed in the diesel genset market are the increasing number of product launches and acquisitions, partnerships, and mergers amongst the major diesel genset manufacturing companies all around the world. In the last few years, many major diesel genset manufacturing companies have taken a number of steps for expanding their product portfolio and increasing their distribution reach, developing brand identity, building customer base, and ensuring easy availability of genset product parts and product maintenance services across different regions in the world.
Therefore, it is clear that the demand for diesel gensets will shoot-up across the world over the next few years, owing to the ballooning number of data centers and the rising need for alternative power sources that can provide continuous power supply.
Created on Jun 26th 2020 03:45. Viewed 222 times.