DUBLIN--(BUSINESS WIRE)--The "India Prime Power Diesel Genset Market Report: By Power Rating, Application - Industry Growth and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
India's prime power diesel genset market size is predicted to grow to $356.3 million by 2030 from an estimated $143.6 million in 2021, at a 10.6% CAGR.
The highest number of generators are in commercial spaces, because offices, hotels, hospitals, shopping malls, metro and railway stations, and other such places need a constant power supply. Moreover, the growth in the number of telecom towers and data centers is propelling the installation of these systems in the commercial sector.
In this regard, a major driver for genset sales in the country is the vast gap between power demand and supply. With a population touching 1.4 billion, India is not always able to meet the demand for electricity. As a result, even cities witness substantial power cuts, while many people in rural areas still do not have a grid connection. Therefore, with the rapid urbanization and industrialization, the demand for prime power diesel gensets is rising in the country.
The COVID-19 pandemic put a severe dent in generator sales in the country as the nationwide lockdowns drove down the demand for electricity from 190198 million units in 2019 to 1275534 million units in 2020, as per the Ministry of Power. This also brought down the demand-supply gap from 6566 million units to 4871 million units from 2019 to 2020. This was because of the shutdown of most manufacturing plants and commercial centers and suspension of metro, air travel, and train services.
Therefore, major Indian prime power diesel genset market players, including Kirloskar Oil Engines Limited, Mahindra Powerol Ltd., Ashok Leyland Limited, VE Commercial Vehicles Limited, Escorts Limited, Cummins India Ltd., Caterpillar Inc., Cooper Corporation Pvt. Ltd., Greaves Cotton Limited, Kohler Power India Ltd., and Tractors and Farm Equipment Limited, stepped up product launch and facility expansion activities in 2021, to make up for lost revenue.
Key Findings of India Prime Power Diesel Genset Market Report
- Another key reason for the growth of the Indian prime power diesel genset market is the higher prices of petrol and erratic gas supply, which make diesel the preferred fuel for generators.
- In the coming years, the sale of gensets that offer a power output of 5-75 kVA will rise the fastest in India as these variants are preferred for commercial spaces.
- In this regard, the biggest driver for the market is infrastructure development, for which the government has allocated INR 13,750 crore in the 2021 Union Budget.
- As a result, market players are launching newer variants and expanding their manufacturing capacities to meet the surging demand for prime and backup power via gensets.
- However, as these systems release GHGs, the usage of gensets with two small engines instead of one large engine is picking pace. As per company claims, twin-power generators release 40% lesser CO2 than conventional gensets.
- Uttar Pradesh accounts for the highest Indian prime power diesel genset market sales volume on account of being the most-populated state in the country. Additionally, commercial infrastructure, including telecom networks, is being rapidly enhanced here, which is driving genset sales.
Market Dynamics
Trends
- Rising Production of Twin-Power Generators
Drivers
- Rising Infrastructure Investment in Different Sectors
- High-Power Deficits
- Impact Analysis of Drivers on Market Forecast
Restraints
- High Capital, Installation, and Maintenance Costs
- Use of Green Technology
- Impact Analysis of Restraints on Market Forecast
Impact of Covid-19
Porter's Five Forces Analysis
Company Profiles
- Kirloskar Oil Engines Limited
- Ashok Leyland Limited
- Greaves Cotton Limited
- Ve Commercial Vehicles Limited
- Mahindra Powerol Ltd.
- Cummins India Ltd.
- Caterpillar Inc.
- Cooper Corporation Pvt. Ltd.
- Kohler Power India Ltd.
- Tractors and Farm Equipment Limited
- Escorts Limited
For more information about this report visit https://www.researchandmarkets.com/r/spzw4w
