The global hybrid diesel genset market was dominated by solar hybrid diesel genset in terms of revenues in 2019 – 6Wresearch
The growing construction sector, adoption of energy storage technologies, and emerging PV installations due to rising environmental concerns are the key factors that are positively affecting the hybrid diesel genset market globally. Additionally, the rising telecom industry and increasing investment in the establishment of new power plants among various countries have also propelled the growth of the global hybrid diesel genset market in recent years.
According to 6Wresearch, the Global Hybrid Diesel Genset Market revenue size is projected to grow at a CAGR of 3.7% during 2020-2026. The hybrid diesel genset market is still in its nascent growth stage; however, it is expected to witness substantial growth in the coming years owing to reliable power generation with minimized fuel, and reduced operations and maintenance costs offered by such gensets. However, the outburst of coronavirus is expected to adversely impact the global hybrid diesel genset market in 2020 as the government of various countries has imposed a nation-wide lockdown resulting in the closure of all construction operations which would negatively impact the demand and supply of hybrid diesel genset systems. However, post COVID-19 the hybrid diesel genset market is expected to recover as the economies would resume the normalcy after a protracted period of nationwide lockdown.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “Among all the end-users, the industrial sector is expected to remain the major contributor to the global hybrid diesel genset market over the coming years on account of the stringent government regulations to increase the adoption of renewable sources of energy in the industrial sector coupled with the rising installation of solar power plants. Moreover, the rising awareness about environment-friendly sources of power supported by government strategies to fulfill the sustainable development goals target would escalate the demand for hybrid diesel generators in the industrial segment over the forecast period.”
According to Eshita Goel, Research Associate, Research and Consulting, 6Wresearch, “Based on regions, Asia Pacific region emerged as the major shareholder in the global hybrid diesel genset market in 2019 owing to the growing manufacturing sector along with the increasing needs for a stable and reliable power supply.”
“Lack of grid-related infrastructure coupled with the presence of a large number of manufacturing hubs in countries such as India, Singapore, and Malaysia is anticipated to drive the demand for hybrid diesel genset market in the Asia Pacific region over the coming years. Additionally, China and India garnered the major market revenue share in the Asia Pacific region for the year 2019 and is anticipated to retain the same owing to numerous construction activities scheduled in these countries.”, Eshita further added.
“Global Hybrid Diesel Genset Market (2020-2026)” report provides an in-depth analysis with 75 figures and 62 tables, covered in 168 pages. The report estimates and forecasts the overall global hybrid diesel genset market by types, by end-users, and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
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