Diesel Generator Market Size, Share, Growth Analysis, By Application(Continuous Load, Peak Load, Standby Load), By End-User(Mining, Oil & Gas, Construction, Residential), By Power Rating(0-100 kVA, 100-350 kVA, 350-1000 kVA, above 1000 kVA), By Portability(Stationary and Portable), By Region - Industry Forecast 2024-2031

Diesel Generator Market size was valued at USD 13.86 billion in 2019 and is poised to grow from USD 15.16 billion in 2023 to USD 34.64 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

Rising global demand for electricity and the growing public concern over the frequency of power outages are driving market growth. The World Bank said that the number of power outages in businesses over a normal month grew from 2.42 in the year 2020 to 6.19 in the year 2021. The need for reliable power sources, such as standby generators, is increasing as people become more concerned about power outages. When a generator is used as a standby, it is generally known as a Transfer switch. This mechanical device prevents the generator from being attached at the same time. The reliability of these generators is from 30% to 50% and is an integration of engine and alternator productivity. During the projected period, this is expected to propel the expansion of the global diesel generator market. One industry that depends on a steady supply of electricity for efficient operations is the industrial sector. Due to the industry's reliance on electricity for daily operations, a power outage might cause these businesses to suffer enormous losses. Depending on the needs of the end-user, these generators come in a variety of load handling capacities that help provide standby power. Furthermore, it is anticipated that there would be a significant increase in demand for diesel generators, which will propel market expansion, due to the surge in urbanization, rising industrialization, and rising number of small, medium, and big businesses.

US Diesel Generator Market is poised to grow at a sustainable CAGR for the next forecast year.