Posted On: 2019-07-01
The oil & gas industry in Azerbaijan is rising rapidly owing to several major projects in pipeline such as modernization of Baku oil refinery, SOCAR GPC, and Karabakh oil fields. Moreover, rising investment, growing travel & tourism sector and government emphasis on the development of new luxury and budget hotels would further spur the market for diesel gensets in the hospitality domain in the country.
According to 6Wresearch, Azerbaijan Diesel Genset Market size is projected to grow at a CAGR of 4.1% during 2019-25. Rising investment in travel and tourism sector would lead to development of hospitality infrastructure, which would further benefit the growth of diesel gensets in the country. Further, with several oil and gas sector projects in pipeline, and growth in hospitality sector predicted would drive the market for diesel genset in Azerbaijan over the next six years.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Diesel gensets in the 300.1-500 kVA range captured maximum revenue share in the overall Azerbaijan diesel genset market as these are deployed in the oil and gas sector, which generates a large part of revenue for the Azerbaijan government.”
"The industrial application of diesel gensets had the highest revenue share followed by commercial application in 2018. The revenue share for the industrial application of diesel gensets is further expected to rise due to growth in the oil and gas domain in the country," Ravi further added.
According to Hardik Malik, Research Associate, Research and Consulting, 6Wresearch, "The Eastern region of Azerbaijan accounted for majority of the revenue share in the overall market due to the concentration of industrial and commercial activities in cities such as Baku, Sumqayit, and Lankaran."
Some of the prominent companies in the Azerbaijan diesel genset market include AKSA, Teksan, Caterpillar, Cummins, and Chinese brands.
"Azerbaijan Diesel Genset Market (2019-2025)" report provides an in-depth analysis with 41 figures, covered in more than 80 pages. The report estimate and forecast the overall Azerbaijan diesel genset market by kVA rating, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.