NEW YORK, Nov. 24, 2020 /PRNewswire/ -- The U.S. diesel genset market is expected to witness a CAGR of 7.2% between 2020 and 2030, owing to the increase in the number of data centers. At this rate, the revenue generated from the sale of diesel generator (DG) sets would rise from $2,187.4 million in 2019 to $3,797.6 million by 2030. In the country, the volume of the digital data being created, stored, and used is increasing, which is leading to a high need for efficient storage spaces, in the form of data centers, according the market research report published by P&S Intelligence.
This is positively impacting the growth of diesel generator market in U.S., as data centers are part of critical infrastructure, which have complex and expensive servers, routers, network gateways, and other information technology (IT) components. Owing to their sensitive nature, they are not able to withstand power cuts, which makes the continuous supply of electricity necessary. Therefore, the rising number of data centers, especially in Chicago, Atlanta, New York Tri-State, Dallas, Phoenix, Virginia, and Silicon Valley, is raising the installation rate of DG sets.
The COVID-19 pandemic is hampering the growth of the U.S. diesel genset market, as several manufacturers in the country depend on China for raw materials and components. With the supply chain of these products taking a hit, the production of diesel generators has slowed. In addition, numerous industrial and commercial end users of such equipment have also shut down operations, which has further led to a reduced demand for generators in the country.
Browse report overview with detailed COVID-19 impact analysis onU.S. Diesel Genset Market Research Report: By Power Requirement (Prime Power, Backup Power), Mobility (Stationary, Portable), Power Rating (7–14 kVA, 15–24 kVA, 25–44 kVA, 45–69 kVA, 70–99 kVA, 100–149 kVA, 150–199 kVA, 200–299 kVA, 300–399 kVA, 400–499 kVA, Above 500 kVA), Application (Commercial, Industrial, Residential) - Industry Analysis and Demand Forecast to 2030@https://www.psmarketresearch.com/market-analysis/us-diesel-genset-market
In the coming years, the stationary bifurcation, based on mobility, would witness higher CAGR in the U.S. diesel genset market, of 7.2%, in terms of value. This is attributed to the increasing installation of stationary DG variants in the commercial, residential, manufacturing, data center, warehousing & logistics, oil & gas, transportation, power, and hospitality sectors.
The 15–24 kilovolt-Ampere (kVA) division, under segmentation by power rating, is projected to continue holding the largest sales volume share in the U.S. diesel genset market during this decade. This is because gensets with this power rating are being quickly installed at residential apartments, as well as small offices, telecom towers, retail outlets, and other commercial spaces. For instance, the country had more than 104.0 thousand telecom towers in 2019, which are expected to increase in number, with the deployment of the 5G technology, thereby creating a high demand for 15–24 kVA diesel gensets.
In 2019, the highest sales volume in the U.S. diesel genset market was generated by the commercial classification, under the application segment, because of a high requirement for prime and backup power at commercial areas, including retail establishments, construction sites, and offices. During the execution as well as commissioning of engineering, procurement, and construction (EPC) projects a large number of DG sets are installed.
In order to gain as much revenue as possible, companies functional in the U.S. diesel genset market are regularly launching advanced products, which:
Offer power in the range of 250 kilowatts (kW) to 600 kW
Are designed for gasoline-engine marine vessels and compliant with U.S. EPA Tier 3 emission standards
Are more cost-effective and reliable than previously launched models
Feature Tier 4 Final emission standard-compliant engines
Are equipped with sealed sound attenuation and silent cooling fans, for low-noise operations
The major players in the U.S. diesel genset market are General Electric Company, Caterpillar Inc., Denyo Co. Ltd., Cummins Inc., American Honda Motor Co. Inc., Southwest Products Corporation, Atlas Copco AB, AB Volvo, Generac Holdings Inc., and Kohler Co.
Global Diesel Genset Market
The global diesel genset market is projected to generate a value of $17,821.3 million by 2024, increasing from $12,656.2 million in 2018, progressing at a 5.8% CAGR during the forecast period.
The expansion of the manufacturing industry is a major driving factor of the Indian diesel genset market. The manufacturing sector in the country is growing due to the government initiatives, including Make in India, investments in the industrial sector, and outreach and support programs for micro, small, and medium enterprises.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.