Diesel Generator Market 2021: Demand, Gross Profit, Future Estimations
A diesel generator is a compact and robust machine, which is used for converting mechanical energy to electrical energy. It uses diesel as fuel for combustion, which is injected into the combustion chamber under high pressure. This helps the generator start and rotate the shaft, producing electricity. It is used for supplying the electrical power during power cuts, blackouts, or any other interruption to the main power supply, mostly in the industrial and commercial sectors. The agriculture sector has also emerged as a major end user of diesel generators over the last few years, as electricity supply in rural areas where agriculture is practiced may be intermittent and unreliable.
The global market for diesel generators is expected to register a steady growth rate until the end of 2025 owing to a rise in demand for continuous power supply and the cost efficiency of diesel generators. A continuous power supply is the baseload electricity required to run a predefined set of electrical equipment. The baseload electricity supply has to be maintained at all times and is the minimum amount of electricity an end user’s facility will need to successfully operate the equipment and systems at the facility. Many end-user facilities generate their baseload power supply through diesel generators due to various factors such as the inaccessible grid electricity and the intermittent nature of grid-connected electricity. For instance, end-users who use diesel generators for oil & gas and mining applications mostly operate in remote areas and generate their baseload electricity through these generators.
As per the BP Statistical Review of World Energy 2019, global oil production grew from 92,502 thousand barrel per day (TBPD) in 2017 to 94,718 TBPD in 2018, and the global natural gas production grew from 3,677.7 billion cubic meters (BCM) in 2017 to 3,867.9 BCM in 2018. The growth in production can be attributed to the improving global economic conditions and the simultaneous increase in demand for energy. The sites for oil and gas exploration and production are mostly located in remote areas and are dependent on diesel generators to provide continuous electric power supply for powering critical equipment, such as pumps, motors, well control equipment, and lighting systems, at the drilling site.
After the oil price slump in 2014, the market has been growing at a steady rate since 2016 and is expected to continue growing during the forecast period. Thus, the growth in the global operational rig count is expected to increase the demand for diesel generators, globally, during the forecast period.
Competitive Leaderboard:
Leading players in the global diesel generator market include Cummins Inc., Caterpillar, Wartsila, Rolls-Royce plc, Mitsubishi Heavy Industries Ltd., Ashok Leyland, Greaves Cotton Limited, Denyo Co. Ltd., and Kirloskar Electric Company.
Segmentation:
The global diesel generator market is segmented on the basis of power rating, portability, end use, and region.
On the basis of power rating, the global diesel generator market is segmented into 375-1000 KVA and more than 1000 KVA.
By portability, the global diesel generator market is segmented into stationary and portable. The portable segment of the market has been growing at a steady growth rate over the last few years and is likely to be a major segment of the global diesel generator market over the forecast period.
By end use, the global diesel generator market is segmented into industrial, commercial, and agriculture. The industrial segment holds the largest share in the global diesel generator market. Driven by the growing demand for diesel generator in the oil and gas industry, the industrial segment is likely to be the major consumer of diesel generators over the forecast period.
Regional Analysis:
Asia Pacific is a prominent regional segment of the global diesel generator market, due to the growing oil and gas activities in the region. The growing agriculture sector in the region is also likely to be a major driver for the diesel generator market in the region.
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