Renewable energy technology: Global market for alternative tech to reach $4.8bn (~€4.3bn)

Renewable energy technology: Global market for alternative tech to reach $4.8bn (~€4.3bn) by 2029
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With renewable energy technology becoming more affordable, the global market for diesel generator alternative tech is predicted to reach $4.8bn by 2029.

Becoming more efficient and affordable, renewable energy technology is increasingly embraced. And because of this more diesel generator end-users are looking to replace large portions of their installed genset capacity. Moreover, according to a new report from IDTechEx, the diesel genset alternative market has been forecasted to grow from just under $1.5bn (~€1.3bn) in 2019 to over $4.8bn in 2029.

Entering the world of renewable energy technology

Reducing the dependence of diesel minimises the risks of fluctuating diesel supply costs and can save millions of dollars over the period of a project’s lifetime.

By analysing generator use across all key industries and engaging with key stakeholders, the report examines where the highest potential for replacement regarding alternative technologies is.

In the short term, there are several situations where entering the market of renewable energy technology will be greatest:

  • Replacement of stationary genset systems: used in standby mode for backup power applications with zero emission alternatives, largely solar with battery storage. And for primary power applications in locations where diesel supply is expensive and/or unreliable including islands and remote or rural locations.
  • Hybridisation of both existing and new temporary power systems for industrial activity including mining, oil & gas, construction.
  • Replacement of smaller sized diesel gensets for mobile applications and shorter term projects.

The rise of renewable energy technology

The rate of growth is predicted to be comparatively less than the wider renewable energy technology and energy storage markets, this is due to the natural gas genset supply chain forecasted to strengthen in parallel, driving many end-users to the fuel in order to save money and meet tighter emission regulations.

Whilst forecasts see the recovery in the diesel generator market continuing over the next five years, this will, however, then be followed by a prolonged period of steady decline as market penetration of renewable technologies grows.

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