South Korea Diesel Genset Market (2024-2030) | Trends, Growth, Share, Revenue, Companies, Analysis, Outlook, Size, Value, Forecast & Industry

Topics Covered in the South Korea Diesel Genset (Generator) Market

South Korea Diesel Genset Generator Market report thoroughly covers the market by KVA ratings and application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea Diesel Genset (Generator) Market Synopsis

South Korea Diesel Genset (Generator) Market is expected to grow in the forecast period due to Diesel gensets or generators have become an integral part of South Korea's industrial and commercial sectors. These gensets provide backup power supply during power outages, ensuring smooth functioning of operations and preventing losses due to interruption. South Korea's diesel genset market has grown significantly in recent years, fuelled by its expanding manufacturing and service sectors, coupled with increasing investment in energy infrastructure. South Korea has one of the world's most developed and technologically advanced economies, and it relies heavily on reliable and stable power generation systems. Therefore, diesel gensets have become an essential part of South Korea's energy mix, which translates into a thriving market for diesel gensets in the country.

According to 6Wresearch, the South Korea Diesel Genset (Generator) Market size is projected to grow  at  a CAGR of 4.92% during the forecast period of 2024-2030. The South Korea diesel genset market is being driven by several factors. The growing demand for uninterrupted power supply in various sectors, coupled with the increasing adoption of renewable energy sources, has created a demand-supply gap that diesel gensets can help bridge. Further, the government's initiatives to promote the manufacturing of diesel gensets in the country and export them to other regions have fuelled market growth. The rise in the construction of industrial and commercial buildings, coupled with increasing investments in the healthcare and education sectors, is also expected to drive the market over the forecast period. One of the major challenges facing the diesel genset market in South Korea is the increasing focus on environmental sustainability. The South Korean government has implemented several initiatives to encourage the adoption of renewable energy sources, which are seen as a more sustainable and eco-friendlier alternative to diesel gensets. As such, diesel genset manufacturers in South Korea are under pressure to innovate and develop more fuel-efficient and less polluting diesel engines. There are certain challenges present in the South Korea Diesel Genset (Generator) Industry. One of the most significant challenges faced by South Korea's diesel genset market is the high cost of diesel fuel. The price of diesel fuel in the country is among the highest globally, making it more expensive to operate diesel gensets. This has resulted in a shift towards renewable energy sources, which can be more cost-effective in the long run. Another obstacle is the stringent environmental regulations governing the diesel genset market. South Korea has implemented strict emissions standards, limiting the number of pollutants that diesel gensets can emit. While these regulations are necessary to protect the environment, they can make it challenging for manufacturers to comply or develop new technologies that are cost-effective.

Government policies and schemes introduced in the South Korea Diesel Genset (Generator) Market

The South Korean government has implemented several initiatives to promote renewable energy sources and reduce the country's reliance on traditional power sources. One such initiative is the Renewable Portfolio Standard, which requires power utilities to generate a certain percentage of their electricity from renewable sources. Additionally, the government has implemented several tax incentives and subsidies to encourage the adoption of renewable energy, which is expected to impact the diesel genset market in the coming years and this factor has hugely contributed towards increase in South Korea Diesel Genset (Generator) Market Share.

Leading players in the South Korea Diesel Genset (Generator) Market

The diesel genset market in South Korea is highly competitive, with several leading manufacturers such as Hyundai Heavy Industries, Doosan Engine, and STX Engine driving the market. Other notable players include Daedong Industrial, Yanmar, and Yuchai International. These companies have a strong presence in the domestic market and are actively expanding their operations in other parts of the world and these companies are  augmenting the South Korea Diesel Genset (Generator) Market Growth.

Market analysis by KVA

The 375.1 kVA - 750 kVA segment, which caters to larger industries that require more power is expected to dominate the market. South Korea's expanding heavy industry sector, driven by sectors such as automobile manufacturing, shipbuilding, and steel production, is the primary driver of growth in this segment

Market analysis by Application

According to Shivankar, Research Manager, 6Wresearch, On the basis of applications, the Residential and Commercial segments currently hold the most significant market share. The demand for uninterrupted power supply for critical operations such as hospitals and data centres has increased the need for the commercial sector. Simultaneously, the Residential segment has seen growth due to the need for backup power in areas with frequent power outages, such as rural communities on islands.

Key attractiveness of the report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea Diesel Genset (Generator) Market Outlook
• Market Size of South Korea Diesel Genset (Generator) Market, 2023
• Forecast of South Korea Diesel Genset (Generator)Market, 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues & Volume for the Period 2020 - 2030
• South Korea Diesel Genset (Generator) Market Trend Evolution
• South Korea Diesel Genset (Generator) Market Drivers and Challenges
• South Korea Diesel Genset (Generator)Price Trends
• South Korea Diesel Genset (Generator)Porter's Five Forces
• South Korea Diesel Genset (Generator)Industry Life Cycle
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by KVA ratings for the Period 2020 – 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and Volume by 5 - 75 KVA for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by 75.1 - 375 KVA for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by 375.1 - 750 KVA for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by 750.1 - 1000 KVA for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Above 1000 KVA for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Application for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Residential for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Commercial for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Industrial for the Period 2020 - 2030
• Historical Data and Forecast of South Korea Diesel Genset (Generator) Market Revenues and volume by Transportation and public Infrastructure for the Period 2020 - 2030
• South Korea Diesel Genset (Generator)Import Export Trade Statistics
• Market Opportunity Assessment by KVA ratings
• Market Opportunity Assessment by Application
• South Korea Diesel Genset (Generator)Top Companies Market Share
• South Korea Diesel Genset (Generator)Competitive Benchmarking by Technical and Operational Parameters
• South Korea Diesel Genset (Generator)Company Profiles
• South Korea Diesel Genset (Generator)Key Strategic Recommendation

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By kVA Rating

• 5 kVA - 75 kVA
• 75.1 kVA – 375 kVA
• 375.1 kVA - 750 kVA
• 750.1 KVA-1000 KVA
•  Above 1000 KVA

By Applications

• Residential
• Commercial
• Industrial
• Transportation & public Infrastructure

South Korea Diesel Genset Market (2024-2030) :FAQs