Global diesel generator market may rise to $23.4 billion by 2028 from $16.5 billion in 2022, exhibiting a growth rate of 5.7 per cent during 2023-2028.
According to IMARC Group’s latest report, titled ‘Diesel Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,’ the market is majorly driven by the escalating demand for reliable power supply, particularly in the merging economies.
This can be attributed to the rising energy consumption levels across the globe, resulting in a higher demand for uninterrupted power supply.
In line with this, the rising adoption of mobile generators in numerous end-use industries such as construction, mining, and oil and gas is also providing an impetus to the market.
Moreover, the rising need for standby power sources in critical facilities including hospitals and data centers is resulting in a higher product uptake among the masses.
The market is further propelled by continual technological advancements, such as the development of hybrid diesel-electric generators with lower emissions and greater fuel efficiency.
Some of the other factors contributing to the market include rapid urbanization, rising environmental concerns, inflating disposable income levels and extensive research and development (R&D) activities.
Diesel generator refers to a type of electrical generator that converts mechanical energy into electrical energy by using a diesel engine.
The diesel generator functions by using a piston to compress air and fuel in a cylinder, and when ignited, creates a controlled explosion that drives the piston and generates mechanical energy which is subsequently converted into electrical energy.
Diesel generators have a wide range of power outputs, are highly efficient with low fuel consumption, and highly durable. Diesel generators can provide backup power during outages and supporting critical operations.
Furthermore, they can also supply power to remote/off-grid locations and serve as a primary power source in areas with unstable grids.
IMARC Group is a leading market research company that offers management strategy and market research worldwide.
