2023 Q3
Third quarter view of the market for diesel generator sets
January 2024
The diesel generator set market continues to perform strongly overall, driven by the data center sector and localized regional demand.
2023: A Record Year
Through Q3, the market for diesel generator sets has continued to perform strongly and Q3 itself has been another industry record quarter. Â
Overall industry growth for the first three quarters of 2023 was more than 20% above the same period in 2022.
Global Opportunity for Diesel Generator Sets > 7.5 kVA
(US$ Billions)
Source: Genstat from Parkinson Associates. Values based on OEM ex-works.  Includes price inflation.
Growth by Power Bands
Looking at high-level power bands, below 750 kVA, the market has grown at around 12 - 13%, with strongest growth in Europe (mainly Ukraine).Â
By far the most rapid growth has been inÂ
1501 - 3,000 kVA power bands (more than 30% growth)Â
3001 - 4000 kVA power bands (more than 60% growth).
Quarterly Global Opportunity for Diesel Generator Sets by Power Band
(US$ Millions)
Source: Genstat from Parkinson Associates. Values based on OEM ex-works. Includes price inflation.
Growth Across Regions
Globally the strongest underlying growth through 2022 and 23 is in:
North America, driven primarily by the data center sector, and generally favorable economic conductions, compared with other regions, from Q1 - Q3 2023, the US market has grown more than 30% compared with the same time period in 2022. Much of this growth has been in higher power bands, particularly above 2,000 kVA.      Â
South East Asia, which has a rapidly growing data center sector has seen 25% overall growth compared with Q1 - 3 2022. Growth has been substantially more in higher power bands.
Europe has seen substantial market growth, driven partly by shipments to Ukraine, mostly in the earlier part of 2023, and partly by growth in the data center sector.Â
Quarterly Opportunity for Diesel Generator Sets > 7.5 kVA by Region
(US$ Millions)
Source: Genstat from Parkinson Associates. Values based on OEM ex-works. Includes price inflation.
2023 Full Year
From Q1 - Q3, the overall market has seen growth of just over 20% compared with the same period in 2022. Â
We expect full year market growth to be in the range of 20 - 25%, with an expectation towards the higher end of the range. Although there was a relatively strong Q4 in 2022, through 2023 the market "run-rate" has been running well above any quarter of 2022. We expect Q4 to be another record quarter for the market. Â
Across the full year, North America, South East Asia and Europe will outperform the global market average. Power bands above 1,500 kVA and particularly around 3,000 - 4000 kVA will substantially outperform the overall market.  Â
OEMs which have a strong presence in these faster-growing regions and power bands are likely to feel the benefit.  Â
The data center sector is driving rapid growth in the generator set market.
Insights on Opportunity for Producers of Diesel Generator Sets
To find out more about this study, contact us at at enquiries@parkinsonassociates.com
Parkinson Associates publish an opportunity database, Genstat, available quarterly and annually, for diesel generator sets, split by 12 power bands for every country. Click here to find out more.
To find out more about our research in the diesel generator set industry, click here Â
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2023 Q3 Jan 24.pdf