The global diesel genset market is predicted to attain a size of $17,821.3 million by 2024, advancing at a 5.8% CAGR during the forecast period. The progress of diesel-fueled gensets is mainly driven by the increasing consumption of standalone and backup power sources in construction sites, residential buildings, office spaces, retail stores, hotels, and hospitals. The production of diesel-fueled gensets is increasing due to the rapid aging of the grid infrastructure in nations such as the U.S., and insufficient grid infrastructure in Nigeria, Ghana, Algeria, and several Latin American and other African countries.

Thus, in order to meet the rising demand for backup and standalone power, various players are investing big amounts for expanding their product lines. For instance, Kirloskar Oil Engines Limited, Kohler Co., and Cummins Inc. are coming into partnerships with other companies to develop, localize production lines and reduce capex, and offer customized solutions. On the basis of power rating, 5–75 kVA, 76–375 kVA, 376–750 kVA, and above 750 kVA are the categories of the diesel genset market.

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Out of these, during the historical period, the 5–75 KVA category dominated the market in terms of sales volume. This is attributed to the fact that these diesel gensets have a high demand in low-power applications. In developing countries, the increasing incidence of power outage and lack of proper power infrastructure are fueling the production of 5–7KVA diesel gensets. Further, the diesel genset market is classified into industrial, commercial, and residential, based on application. Out of these, in 2018, the commercial classification held the largest share of more than 50.0% in the market.

This can be attributed to the heavy consumption of high-power gensets in commercial buildings and data centers for both prime and backup power supply. In addition, the rapid urbanization in developing countries, which are introducing smart city projects, and surging data center installation in both developed and developing nations are expected to aid the diesel genset market growth in the commercial sector during the forecast period.

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Among commercial offices, data centers make a significant revenue contribution due to their demand for high-capacity gensets. The emergence of new technologies, such as internet of things, edge computing, cloud computing, and artificial intelligence, is boosting the construction of hyperscale data centers, which are installed with thousands of servers, and thus need uninterrupted electricity supply for efficient operations. This requirement for uninterrupted electricity supply in data centers is therefore predicted to accelerate the diesel genset market progress during the forecast period.

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