From $13,773.0 million in 2019, the global diesel genset market is expected to reach a value of $21,929.9 million by 2030. According to the forecast of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 6.0% from 2020 to 2030 (forecast period). The expansion of the market is credited to the burgeoning need for stationary and emergency power backup in several end-use industries, such as oil & gas, healthcare, marine, manufacturing, telecom, automotive, and construction.
Additionally, the surging number of data centers all over the world, owing to the generation of large volumes of data, is also fueling the expansion of the diesel genset market. These facilities are required for storing and analyzing the data and providing various related services. Moreover, the rapid advancements being made in technology, such as the development of intelligent personal assistants and autonomous cars, and the increasing adoption of digital currencies, cloud computing, and the internet of things (IoT) are also pushing up the requirement for data centers, which is, in turn, propelling the need for diesel gensets.
This is because these devices serve prime and auxiliary power requirements in these facilities. Diesel gensets are used for powering various critical and non-critical components, such as backup controls, servers, security systems, and heating, ventilation, and air conditioning (HVAC) systems. Apart from the development of data centers, the low power production and the existence of uncertainties in power grid in several African countries, such as Ghana and Nigeria, are also fueling the expansion of the diesel genset market.