Posted On: 2021-05-10
Industrial vertical accounts for the maximum revenue share in the diesel gensets market of Kuwait- 6Wresearch
Kuwait diesel genset market suffered a modest downturn from 2017 to 2020 due to the global oil price crisis and the subsequent outbreak of the global pandemic situation caused by COVID-19 in 2020. However, with the gradual opening of international borders and restart of construction, manufacturing, and trade activities, the economy has begun to recover in 2021. Moreover, the country's diesel genset market is expected to grow moderately in the coming years, owing to increasing demand for a consistent and reliable source of electricity, as well as a rise in power outages, which will necessitate the use of power backup solutions.
According to 6Wresearch, Kuwait Diesel Genset Market revenue size is projected to grow at a CAGR of 4.9% during 2021-2027F. The diesel genset market in Kuwait would be fueled by increasing demand for electricity in line with the country's infrastructural growth and projected growth in the construction market. In addition to this, upcoming new hotels and shopping malls such as Horeca Kuwait, Dusit Princess Mahboula, Al Khiran Hybrid Outlet Mall, Marina Mall, and increased government spending on infrastructural development projects would provide huge opportunities for the growth of the diesel genset market in Kuwait during the forecast period.
According to Navneet Aggarwal, Research Analyst, 6Wresearch, "In terms of kVA ratings, diesel gensets of 375.1- 750kVA emerged as a significant revenue contributor in Kuwait's diesel genset market in 2020. Such diesel gensets are a prime source of power during power outages and are reasonably priced & suitable in industrial and logistics applications."
"Further, 750.1kVA - 1000kVA rating diesel gensets would witness the fastest growth in terms of both revenues and volumes due to a rise in upcoming development projects. Such projects are the Zour Refinery integrated with the Olefins 3 Complex for petrochemical and petroleum derivatives, as well as other government-led industrial development initiatives where 750-1000 kVA diesel gensets would be commonly used as a power backup solution." Navneet further added.
According to Bhawna Singh, Research Associate, 6Wresearch, "Among applications, industrial sector emerged as the leading revenue share contributor in Kuwait diesel genset market for the year 2020. The segment is projected to lead the market during the forthcoming years due to the government's focus on industrial development under the ambit of the "New Kuwait" plan. The government's focus on providing the required infrastructure for industrial projects like Nuwaiseeb Independent Water and Power Project as well as efforts like the development of the South Jahra city, the Shadadia Industrial Area, the waterfront in Jahra (Al Jahra Corniche), the Shuaiba North Station in the country would accelerate the demand for diesel gensets in the industrial domain in the coming years."
"On the basis of regions, northern region acquired the largest revenue share in Kuwait diesel genset market in the year 2020, and this trend is likely to continue during the forecast period primarily because this region is Kuwait's most prominent construction market and all major developments and projects are ongoing in this region due to the increase in the government initiatives for the development of transportation infrastructure and the presence of significant oil and gas industries and refineries in this region. Bhawna further added.
Some of the major companies in the Kuwait diesel genset market include Caterpillar Inc., Cummins Inc., Aggreko PLC., Aksa Power Generation, MTU Onsite Energy Corporation.
"Kuwait diesel genset Market (2021-2027F)" report provides an in-depth analysis with 23 figures and 06 tables, covered in 87 pages. The report estimates and forecasts the Kuwait diesel genset market by kVA ratings, applications, and regions. The report provides an unbiased and detailed analysis of the ongoing 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.