Generator Industry Predicted To Continue To Grow Given All The Changes Our Power Grid Faces
The 2024 Global Diesel Generators Market Overview
The 2024 Global Diesel Generators Market Report predicts a 63.2% increase from 2023 to 2030 as the world will need more generators to keep business humming as usual.
Market Size and Growth Projections
The global market for diesel generators is estimated at $25 Billion (US) in 2023 and is projected to reach $40.8 Billion (US) by 2030. That growth is at a Compound Annual Growth Rate (CAGR) of 6.3% over the analysis period 2023-2030, according to Research and Markets out of Dublin, Ireland.
Growth in Market Segments
- Low Power Diesel Generators:
One of the segments analyzed in the report is expected to record 5.7% CAGR and reach $18.5B by the end of the analysis period. - Medium Power Diesel Generators:
Growth is estimated at 6.2% CAGR for the next eight-year period.
Geographic Market Insights
- United States:
The U.S. Market is estimated at $6.6B. - China:
China is forecast to grow at 9.3% CAGR. - Other Markets:
Japan and Canada are forecasted to grow at 3.2% and 5.7% respectively over the 2023-2030 period. - Europe:
Germany is forecast to grow at approximately a 3.8% CAGR.
Story Summary
Reliable Standby Power Solutions
Do you need reliable standby power to help your business or operation?
Generator Source can help. Click here to see our current inventory. Keep in mind, we offer immediate availability—no waiting 32 to 54 weeks!
Key Market Drivers and Trends
What is driving the growth in the diesel generator market?
The growth is being driven by factors like:
- Increasing demand for reliable backup power.
- Rapid industrialization in developing countries.
- The need for continuous power supply in critical sectors like healthcare, data centers, and telecommunications.
Which regions are expected to see the highest growth?
- China and other emerging markets in Asia are projected to see the highest growth rates, with China forecast to grow at 9.3% CAGR.
- The U.S. is still expected to be a major market, reaching $6.6 billion by 2030.
What size generators are in highest demand?
- Low Power Diesel Generators (up to 100 kW):
Expected to be a large segment, reaching $18.5 billion by 2030. - Medium Power Generators:
Growing slightly faster at 6.2% CAGR.
How is the market being impacted by environmental concerns?
- Diesel generators remain in high demand.
- There is increasing pressure to develop more fuel-efficient and lower-emission models.
- Some companies are exploring hybrid and alternative fuel options.
What factors could limit market growth?
- Stricter emissions regulations.
- Competition from renewable energy sources.
- High fuel and operational costs.
Which industries are driving demand for diesel generators?
Key industries include:
- Healthcare.
- Data centers.
- Manufacturing.
- Construction.
- Mining.
- Telecommunications.