In recent times, the incidence of power outages has increased massively in the U.S., primarily because of overloading and the presence of an aging power grid infrastructure in the country. Moreover, the rising industrialization and urbanization have pushed up the power requirements in the country and increased the burden on an already failing power grid. As per the U.S. Energy Information Administration (EIA), the instances of power outages increased in the country from 95 to 127 from 2017 to 2018.
This growing prevalence of load shedding and power outages in the country is boosting the sales of diesel gensets, with many private and public companies increasingly adopting these gensets to meet their power requirements and protect their operations from getting affected because of power outages. Furthermore, the rapid growth of the construction sector over the last few years has boosted the power requirements, which has, in turn, caused a sharp surge in the sales of diesel gensets in the country.
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The growth of the construction sector is being driven by the huge investments being made in construction activities and infrastructural development projects in the country. For example, the second round of the Infrastructure for Rebuilding America (INFRA) discretionary grants program was announced by the U.S. Department of Transportation in December 2018. Under this program, the agency would invest nearly $900 million in various infrastructure development, improvement, and renovation projects in the country.
Apart from the aforementioned factors, the rising number of data centers in the country is also positively impacting the sales of diesel gensets. This is because the data centers need a regular supply of power, which is only possible with the usage of power backup systems such as diesel gensets. The rapid incorporation of advanced technologies such as IoT, 5G connectivity, and edge computing is augmenting the requirement for proper data storage space.
The growing demand for data storage facilities is fueling the development of data centers all over the country. As a result, many companies are making huge investments in the development of data centers and data storage facilities in the country. For example, in 2018, Alphabet Inc. made an investment worth $9 billion in office and data center construction in the U.S. The organization further invested $13 billion in data center development in 2019.
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Hence, because of the above-mentioned factors, the power requirements are shooting-up in the U.S., which is, in turn, driving the demand for diesel gensets in the country. As a result, the revenue of the U.S. diesel genset market is predicted to grow from $2,187.4 million to $3,797.6 million from 2019 to 2030. Furthermore, the market will progress at a CAGR of 7.2% from 2020 to 2030. Depending on power requirement, the market is divided into backup power and prime power.