Commercial sector accomplished the largest revenue in the Global Diesel Genset Market -6Wresearch
The Global Diesel Genset Market is one of the largest markets backed by rising demand for electricity as the construction projects associated with the construction of roads, hotels, railways, households, towers, entertainment, and economic cities and many more would require a reliable source of energy to fulfil the power needs of these projects, triggering the demand for diesel genset globally. Due to COVID-19 pandemic, the global disruption in supply chain activities impacted the market negatively resulted in decline of diesel genset market. The outbreak of COVID-19 has impacted the global economy, with most of the industry players suffering losses due to the lockdowns along with numerous challenges in production and supply of gensets.
According to 6wresearch, the Global Diesel Genset Market revenue is projected to grow at a CAGR of 2.8% during 2023-2029. The market for diesel genset is proliferating and is forecast to grow over the projected period. One of the prime driver behind the growth of diesel gensets market is the expanding construction sector with expected increase in budget allocation towards highways and public infrastructure by regional governments. In addition, the increasing demand for backup power in case of power outages, and the growing use of diesel gensets in the mining industries.
According to Ravi Bhandari, Research Head, 6Wresearch, “375- 750 kVA ratings segment obtained the highest revenues in the global genset market as diesel gensets are widely used in heavy industrial and commercial applications. Typically, these generators are more expensive than smaller ones due to their size. Thus, this factor is contributing in generating highest market revenues.
The commercial sector accounted for the major share of global diesel genset market revenues, as diesel gensets are generally used in commercial applications as a source of backup or standby power.
“Global Diesel Genset Market (2023-2029)” report provides an in-depth analysis with 215 figures and 103 tables, covered in 298 pages. The global diesel genset market report comprehensively covers the market by kVA ratings, applications, and regions. The global diesel genset market report provides an unbiased and detailed analysis of market trends, opportunities, high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.