Posted On: 2019-02-27
Numerous ambitious initiatives have been introduced by the Indian government to drive the growth of several sectors over the coming years. The Smart Cities Mission, Make in India campaign, Saubhagya Scheme, as well as Housing for All 2022, are some of the plans that would help in the expansion of power utilities and growth of manufacturing and public infrastructure verticals in the country. The diesel genset market, being a complementary industry, would experience healthy growth over the coming years owing to the strengthening of these sectors. Improving the power supply situation in the residential sector and growing inclination towards solar energy may, however, stunt the growth of lower rating gensets during 2019-25.
According to 6Wresearch, India Diesel Genset Market revenues are projected to grow at a CAGR of 5.6% during 2019-2025. Construction of industrial corridors such as 'Delhi Mumbai Industrial Corridor' worth $100 billion to be completed by 2040, would spur the demand for diesel gensets in the future. Further, with the infrastructure sector receiving heavy allocations in the Union Budget for 2019-2020, the construction and transportation sectors are predicted to be the key drivers behind the growth of India diesel genset market over the next six years.
According to Hardik Malik, Research Associate, Research and Consulting, 6Wresearch, "Diesel gensets in the 5 kVA - 75 kVA range are the largest contributor in the overall market revenues, by kVA ratings, owing to their low costs, easy availability and widespread use across multiple domains."
"Higher and medium rating diesel gensets are commonly used in industrial, commercial, retail, hospitality, and other segments which would record growth due to expansion in these segments and requirement of genset as power backup solutions," Hardik further added.
According to Rachit Gulati, Senior Research Analyst, Research and Consulting, 6Wresearch, "The commercial sector accounted for majority of the revenue share in the overall market, by applications due to widespread implementation of diesel gensets in retail, transportation infrastructure and other commercial real estate verticals."
"By region, the Southern Region had the highest revenue share due to concentration of multiple industries in cities such as Chennai, Bengaluru, Hyderabad, Kochi and Vishakhapatnam. The northern region, however, is likely to witness the highest growth due to an increase in infrastructure development projects in the region such Kanpur Metro Project, Agra Metro Project and Meerut Metro Project," Rachit further said.
Some of the prominent companies in the India diesel genset market include - Cummins, Kirloskar, Mahindra Powerol, and Greaves Cotton.
"India Diesel Genset Market (2019-2025)" provides an in-depth analysis with 86 figures and 35 tables, covered in more than 180 pages. The report estimates and forecast the overall India diesel genset market by revenue, volume, kVA Rating, regions and applications such as residential, commercial and industrial. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.