The increasing number of data centers in the U.S., on account of the rising need for additional data storage space, owing to the rapid evolution and adoption of 5G, internet of things (IoT), and edge computing technologies in the country, is creating a high requirement for power backup facilities. This power backup need in the U.S. is being met by diesel gensets. Moreover, the soaring investments being made in the development of data centers will also augment the need for diesel gensets in the country.
Besides, the rising number of power cut instances in the country, mainly on account of overloading and the presence of an aging power grid infrastructure, will also fuel the U.S. diesel genset market at a CAGR of 7.2% during 2020–2030. According to P&S Intelligence, the market value is expected to rise from $2,187.4 million in 2019 to $3,797.6 million by 2030. According to the U.S. Energy Information Administration (EIA), the instances of power outages in the country surged from 95 in 2017 to 127 in 2018.
In the coming years, the residential sector is expected to install diesel gensets at the fastest pace, owing to the vast requirement for prime backup and standalone power. Residential units, such as mobile homes, on-lease properties, and family houses, have been increasingly deploying such power generating systems, due to the surging instance of power outages and amplifying load on the grid system. Moreover, the low initial cost of diesel gensets and their high reliability will further augment their usage in residential facilities in the foreseeable future.
The burgeoning need for backup and standalone power in the country is being met by Atlas Copco AB, Caterpillar Inc., Kohler Co., Cummins Inc., SouthWest Products Corporation, Generac Holdings Inc., and American Honda Motor Co. Inc. These players of the U.S. diesel genset market are currently engaging in product launches to reach out to more customers. For instance, in March 2020, Caterpillar Inc. introduced a new line of standby power solutions, named Cat GC diesel generator sets. This new series consists of eight new models with standby power ratings 250 kW–60 kW.
Thus, the booming number of data centers, expanding construction sector, and growing power outage instances in the U.S. will fuel the need for diesel gensets in the country in the forthcoming years.
A diesel genset is a device that can be used to generate electric power using a diesel engine or an electric generator.
The alternator spins when the diesel engine is running, producing an AC electrical current.
This is used to power electrical energy equipment... Read more: https://www.businessmodulehub.com/blog/a-complete-guide-on-buying-the-best-diesel-gensets/
The global Diesel Genset Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market shareThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Diesel Genset Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/diesel-genset-market/download-sampleMarket DynamicsThe market is mainly driven by growing demand for diesel genset in the industrial sector, and aging power infrastructure are significant factors that are likely to drive the market during the forecast period.
The advantages of diesel genset such as better fuel efficiency and low cost are also encouraged to adopt diesel genset in many industries and boost the demand in the upcoming years.
The market is anticipated to witness substantial growth over the forecast period due to rising costs of power outages across several IT-enabled service firms and data centers and growing consumer awareness regarding the requirement of a reliable emergency power supply.
Also, the market is driven by the rising vulnerability of grid power stations to disasters caused by changing weather conditions across the globe.
