NEW YORK, July 26, 2016 /PRNewswire/ -- Global Diesel
Genset market is expected to reach USD 21.37
billion by 2022. The presence of a large electricity
demand-supply gap owing to increase in demand from of mining,
telecom, retail and oil & gas sector, is projected to drive
diesel gensets industry.
The market for industrial use was valued at USD 3.93 billion in 2014. Industrial Diesel
Genset is expected to grow substantially over the forecast period
owing to the occurrence of frequent power failures resulting in
high monetary losses. Furthermore, rapid industrialization in
Asia Pacific and the Middle East & Africa is expected to fuel industry
growth.
The market was dominated by low powered gensets in 2014, and this
trend is projected to continue over the forecast period. Growing
power shortage in countries including Singapore, China and India is expected to further fuel growth.
Furthermore, rising occurrence of natural calamities such as floods
and earthquakes is projected to bolster further demand for gensets,
to supply interrupted electricity during a grid outage.
According to The World Nuclear Association, the power requirement
is expected to double than the current consumption by 2035. The
U.S. Department of Energy has projected solar energy to be the most
abundant energy source available giving rise to the development of
solar powered gensets. This development is likely to pose a
challenge to the overall growth of the industry over the forecast
period.
Growing demand for the product in retail, hospitality and IT
sectors globally is poised to propel the demand for high power
diesel gensets. High power Diesel Genset market is expected to grow
at a CAGR of more than 7% over the forecast period.
Asia Pacific is poised to witness
substantial growth, growing at a CAGR of over 8.0% from 2015 to
2022. Increasing capacity expansion of manufacturing and telecom
sectors particularly in countries such as China and India is expected to drive demand over the
next seven years. In addition, government policies such as "Make in
India" policy by the Indian
government is expected to fuel growth.
The Middle East & Africa is expected to reach over USD 2.80 billion by 2022. Technological
development coupled with growing purchasing parity in UAE and Saudi
Arab is supposed to fuel market growth over the forecast
period.
Some of the major players include Himoinsa S.L, Caterpillar Inc.,
Cummins Inc., F.G.Wilson Inc., Kirloskar Electric Co. Ltd.
Companies continuously spend a considerable amount for R&D
activities to develop and enhance their portfolio of the product.
Himoinsa partnered with Yanmar in April
2015 to strengthen their product portfolio.
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