BOULDER, Colo.--(BUSINESS WIRE)--A new 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.
Used as a source of emergency standby, prime, or continuous power, diesel gensets are poised for continued growth in most regions and power classes, yet the technology is expected to face increasing competition from natural gas generators. In the short term, however, developing countries that are increasingly burdened by unreliable power grid infrastructure are expected to drive diesel genset sales. Click to tweet: According to a new report from Navigant Research, global revenue from the installation of diesel gensets is expected to grow from $41.3 billion in 2015 to $67.5 billion in 2024.
“Diesel gensets are expected to see moderate growth during the forecast period in key segments such as critical infrastructure, data centers, and extraction industries,” says Dexter Gauntlett, senior research analyst with Navigant Research. “The market is also evolving as natural gas gensets are gaining market share, and at the same time, leading genset providers have initiated strategic partnerships with renewable energy companies to provide integrated hybrid and microgrid solutions targeting large customers concerned with high diesel costs.”
Globally, annual installations of diesel gensets in the 500 kW to 3.5 MW range are expected to account for the vast majority of installed capacity during the forecast period, according to the report. The leading countries for these installations are expected to include the United States, China, and India, among others.
The report, Diesel Generator Sets, analyzes the global market 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 Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global professional services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals deliver expert and advisory work through implementation and business process management services. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients’ needs in highly regulated industries, including Construction, Energy, Financial Services and Healthcare. 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.