BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research examines the global market for diesel generator sets (gensets) in residential, commercial, industrial, and power plant applications, including global market forecasts for capacity and revenue, through 2024.
Today, reciprocating engine-based diesel gensets are among the fastest-selling, least expensive distributed generation (DG) technologies in the world and cover many specialized segments that span different power classes, applications, and end-use customers. While natural gas (NG) gensets are now capturing increasing market share due to emissions regulations and lower fuel costs, the low capital cost and fast-start capabilities of diesel gensets make them well-suited for backup power, oil & gas, and in critical infrastructure applications, among others. Developing countries that are burdened by unreliable power grid infrastructure are expected to continue to be one of the major drivers of diesel genset sales in the short term across all power classes. Click to tweet: According to a recent report from Navigant Research, revenue from diesel genset installations is expected to total $538 billion from 2015 to 2024.
“While diesel generators will continue to see demand growth among traditional customer types, original equipment manufacturers (OEMs) are increasingly looking at service offerings that integrate renewable energy such as solar PV and wind,” says Dexter Gauntlett, senior research analyst with Navigant Research. “Renewable energy is both a threat and an opportunity for diesel genset OEMs, and we are starting to see significant partnership activity among leading diesel generator and solar PV companies in particular.”
Since they can be tuned to match load during lapses of power, diesel gensets are particularly effective at firming renewable resources that may be available on an intermittent basis, according to the report. When combined with renewables in a microgrid, diesel generators can also work together to increase resiliency for critical facilities.
The report, Diesel Generator Sets, analyzes the global market potential for diesel gensets for residential, commercial, industrial, and power plant applications. The study includes assessments of global regions for capacity installations, an analysis of market drivers and barriers, and a comparison of diesel and natural gas gensets. Global market forecasts for annual capacity additions and revenue, segmented by country and region, extend through 2024. The report also examines the key technologies and components related to diesel gensets, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Diesel Generator Sets, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.