DUBLIN, Sept. 19, 2019 /PRNewswire/ -- The "U.S. Diesel Genset Market Research Report: By Power Rating, by Application - Competitive Analysis and Growth Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The U.S. diesel genset market is predicted to attain a size of $3,005.5 million by 2024, progressing at a 6.2% CAGR during the forecast period.
The key factor behind the growth of the market is the increasing demand for diesel gensets for meeting the need for standalone and backup power in industries, residential buildings, construction sites, retail stores, hospitals, office spaces, and hotels. The continuous instances of power outage in the U.S. because of aging grid infrastructure are leading to the high adoption of backup power sources.
Backup power sources include photovoltaic (PV) power systems and diesel or gas gensets, among which diesel gensets are being rapidly adopted due to their high reliability and low initial capital cost. Commercial offices and manufacturing plants are some of the end users in the U.S. diesel genset market. The sale of diesel gensets is predicted to surge during the forecast period owing to their growing installation rate in educational institutions, commercial offices, and residential buildings. On the basis of power rating, the market is categorized into 5-75 kVA, 76-375 kVA, 376-750 kVA, and above 750 kVA.
Out of these, during the historical period, the 5-75 KVA category led the market in terms of sales volume, which is attributed to the heavy requirement for these gensets in commercial complexes, residential buildings, hotels, and other areas with low power consumption. Further, based on application, the U.S. diesel genset market is classified into industrial, commercial, and residential. Among these, in 2018, the commercial classification held the largest sales volume share of more than 55.0% in the market. This can be attributed to the significant demand for high-power gensets in data centers and commercial buildings for prime and backup power supply.
As per the 2018 North America Construction Forecast Report, during 2017-18, the construction in the U.S.'s non-residential and residential sectors grew by 4.0% and 6.0%, respectively. Thus, the expanding construction sector is predicted to boost the sale of diesel gensets during the forecast period, thereby resulting in the growth of the diesel genset market in the U.S. Further, in the commercial office application, data centers are being witnessed as the largest revenue contributor in the market.
As per a report published by CBRE Data Center Solutions in 2018, the emergence of new technologies, including internet of things, artificial intelligence, edge computing, and cloud computing, is accelerating the development of hyperscale data centers, which are integrated with thousands of servers, and thus need a smooth electricity supply for efficient operations. Thus, the demand for uninterrupted electricity supply in data centers is projected to surge the diesel genset sales, which is further predicted to augment the U.S. diesel genset market prosperity during the forecast period.
- Launch of advanced diesel gensets
- Increase in the number of data centers
- Instances of power outage and the need for continuous power supply for certain operations
- Growth in construction industry
- Impact analysis of drivers on market forecast
- Adoption of alternative power sources
- Impact analysis of restraints on market forecast
- Growth in the mining industry
- Emission Standards and Related Requirements for Steady-State Testing of Engines
- Optional standards for diesel gensets below 8 kW
- Regulations for gensets covered under the primary family emission limit (FEL) caps
- General Conditions
Porter's Five Forces Analysis
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For more information about this report visit https://www.researchandmarkets.com/r/f44smy
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