Increasing Demand for Power to boost India Diesel Genset Market during 2016-22
Posted On: 17-02-2020
India Diesel Genset market to witness growth owing to infrastructure expansion, establishment of new industries and changing business environment in the country. Strong economic growth coupled with power deficits in many parts of the country would foster the demand for diesel gensets over the forecast period. Also, growing number of telecom towers in the country are expected to boost the diesel genset market.
According to 6Wresearch, India diesel genset market is forecast to grow at a CAGR of 6.64% during 2016-22. Over the years, demand for power has increased tremendously in India. Requirement for continuous power has become one of the major challenges in the country. On account of increasing electricity demand-supply gap, lack of grid connectivity and surging infrastructure in remote areas, deployment of diesel gensets on larger scale is witnessed in the country.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "During last couple of years, diesel genset market in India registered sluggish growth due to improved power demand-supply situation and slowdown in industrial and construction activities especially in southern region".
"Further, with the adoption of alternative fuel powered gensets and increasing generation of electricity from solar power affected the growth of the market during this time frame. However, in the forecast period, 'Make in India' campaign, smart cities project, expansion of public & private infrastructures would fuel diesel genset market in India", Rajat added.
According to Ravi Bhandari, Research Analyst, Research and Consulting, 6Wresearch, " In 2014, government introduced new emission norms which increased the prices of diesel gensets throughout the country. Also, with these norms, share of unorganized market declined along with the import of low rating gensets from China".
"In India's diesel genset market, 5 KVA-75 KVA segment has generated key revenue share in the overall market. Over the next six years, share of medium rating gensets is expected to increase on account of deployment in manufacturing sector and usage in infrastructure development activities", Ravi further added.
States such as Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Gujarat, Uttar Pradesh, Delhi, Haryana and Bihar are generating key market demand. The major companies in India diesel genset market include- Cummins, Kirloskar, Mahindra and Caterpillar.
"India Diesel Genset Market (2016-2022)" provides in-depth analysis with 88 figures and 40 tables covered in 190 pages. The report estimates and forecast overall India diesel genset market by revenue, volume, KVA rating, verticals, regions and states. The report also gives the insights on competitive landscape, market share by companies, market trends, company profiles, market drivers and restraints.