FELTON, California, July 7, 2020
FELTON, California, July 7, 2020 /PRNewswire/ -- The global diesel generator market size is projected to touch USD 21.37 billion by the end of 2022, as per the report released by Million Insights. It is estimated to grow with a CAGR of 6.8% over the forecast period. Growth of various industries such as retail, oil and gas, mining and telecom are projected to fuel the market growth over the estimated duration. Diesel generators provide a consistent and excellent power back-up, owing to which they are extensively preferred for separate power and emergency power back-ups.
Major companies are focusing on the development of new diesel generators owing to stringent regulations. These next-generation gensets are capable of regulating voltage automatically due to embedded electronic governors. They are also capable of controlling the swiftness of the engine as required, thereby, making these gensets more energy and fuel-efficient. They are also equipped with additional qualities such as remote monitoring. These features may help in maintaining the eco-friendly nature of diesel generators, which, in turn, is expected to supplement the growth of the diesel generators market over the forecast duration.
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Diesel generators are classified based on power rankings such as lower power gensets with power emission ranging from 0 to 350 kVA, medium power gensets with 350 to 1000 kVA, and high power gensets having more than 1000 kVA. Lower power generators are widely preferred in the residential sector. These generators have occupied a market share of 49.0% in 2014. They are predicted to lose their market to medium power and high power generators in the upcoming years. Rapid industrial growth in developing nations such as Brazil, India and China is projected to bolster the sales of medium power and high power generators.
Asia Pacific held the largest market share owing to the rapid development of the manufacturing sector and increasing purchasing power of customers. Asian nations such as China, India and Japan are the key hubs for consumer electronics manufacturing. These are predicted to grow further over the forecast years. The presence of many semi-finished power infrastructure has resulted in increasing the application of diesel generator in the region.
Further key findings from the report suggest:
Browse 83 page research report with TOC on "Global Diesel Generator Market" at: https://www.millioninsights.com/industry-reports/global-diesel-generator-market
Million Insights has segmented the global diesel generators market on the basis of product, end use, and region:
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