The Europe Diesel Generator Market is projected to grow at a CAGR of around 6.57% during the forecast period of 2023-28, says MarkNtel Advisors in their recent research report. Rising industrial development initiatives by the government of European countries to strengthen their respective economies are the prime aspect driving the diesel generator industry in Kuwait. In addition, the presence of industries with high energy consumption, such as mining, construction, automotive, manufacturing, aircraft building, and military machinery, is driving diesel generator demand in the region.
Moreover, the rise in the number of commercial spaces & corporate offices is creating the need for standby diesel generators. The looming energy crisis caused due to the Russia-Ukraine war resulting in frequent power outages is generating the backup power needed by the countries of the region. These are the prominent factors projected to enhance the demand for standby diesel generators to be used as a backup source during the forecast period, reveals MarkNtel Advisors in their research report, “Europe Diesel Generator Market Analysis, 2023."
Standby Diesel Generators to Drive the Market Growth of Europe Diesel Generator
Based on type, the market is further classified as Standby, Prime & Continuous Power, and Peak Shaving. Standby diesel generators, which provide uninterrupted operation to commercial and industrial units, are expected to lead the Diesel Generator market in Europe in the coming years. The function of these generators is to act as a backup electrical system whenever a utility outage occurs or the grids go down. They are designed according to their electrical output. The backup power provided by these generators is the prime reason for their demand in the market. Their reliability allows them to work in various situations and to use them in homes, businesses, agriculture, farming, ranching, data centers, etc.
Further, the rising number of commercial projects & buildings, new industries, and manufacturing units are escalating the demand for standby diesel generators in the European region. Additionally, the presence of a large number of developed countries in the region, with a high disposable income population & a rising number of extreme weather events is expected to provide a lucrative opportunity for the growth of the market in Europe in the forecast years.
Russia to Dominate the European Diesel Generator Market
Geographically, the Russian economy is estimated to observe increasing growth in the demand share of the Europe Diesel Generator market during 2023-2028. This expansion is due to the presence of numerous industrial units in the country. Russia is the largest country in terms of the area & has a strong presence in many industries, including energy, mining, aerospace, defense manufacturing, automotive, and others. Furthermore, to become an internationally recognized superpower, the country is constantly working to expand its capabilities to counter the dominance of the United States. Additionally, in response to the ongoing conflict with Ukraine, the country is widening its manufacturing capacity. For instance, in 2022, Russia announced it would begin mass production of unmanned aerial vehicles, citing their effectiveness in special military operations.
Moreover, the efforts to provide electrification in the country's remote areas are raising the demand for diesel generators. Increasing & frequent power outages & disruption of power transmission lines caused by military attacks & extreme weather conditions have also been boosting and are expected to enhance the demand for diesel generators as a backup electricity source in the country in the upcoming years.
Key Competitors
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Caterpillar Inc., Mitsubishi Heavy Industries Engine & Turbocharger Ltd., Cummins Inc., Atlas Copco, Boudouin, F G Wilson, Kohler Co., Yanmar Holdings Co. Ltd., Aggreko, Himoinsa, and others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report