The diesel genset market is expected to grow at a CAGR of 6.0% during the forecast period (2020–2030), due to the surging demand for stationery and emergency power backup across industries such as marine, manufacturing, oil and gas, automotive, telecom, healthcare, and construction. The market generated revenue of $13,773 million in 2019 and it is expected to generate $21,929.9 million by 2030. Moreover, the escalating number of data centers, owing to the largescale creation and consumption of data, will propel the diesel genset market growth in the coming years.
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Hyperscale creation and consumption of data has led to the establishment of numerous data centers, as supportive infrastructure, to analyze and store the data. Additionally, factors such as developments of intelligent personal assistants and autonomous cars and widening application of technologies, including cloud computing and internet of things (IoT), and digital currencies, will lead to the creation of a large number of data centers. This would, therefore, propel the demand for diesel gensets to serve prime and auxiliary power requirements at the data centers.
Geographically, the Asia-Pacific diesel genset market accounted for the largest share in 2019, due to the large number of installation of low-power gensets in telecom towers, rise in construction activities, and largescale adoption of these systems in the residential and commercial industries in the region. Furthermore, the regional market is expected to display lucrative growth in the forecast period, on account of the escalating investments in telecom infrastructure, surging demand for backup power in residential units, and growing manufacturing sector in APAC nations.
Thus, the uncertainties in power supply and the development of data centers will propel the market growth in the coming years.
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