Posted On: 2021-04-05
Industrial vertical accounted for the maximum revenue share in Bangladesh diesel genset market on account of widespread utility in factories and manufacturing plants in 2020– 6Wresearch.
Bangladesh genset market is projected to register steady growth during the forecast period, attributed to developments in industrial, commercial, and power sectors. Additionally, existing considerable power deficits, unreliable and uneconomical power supplies from the grid and rising trend of adoption of power backup solutions such as diesel gensets to ensure uninterrupted power supply is anticipated to positively impact the demand for the product during the forecast period. Over the coming years, it is expected that Bangladesh genset market would grow owing to the increase in investment in the key sectors such as transportation infrastructure, commercial (IT/ITES, data centres, hotels, malls, hospitals, educational institutions) & power applications. However, the market witnessed a slowdown during 2020 as a result nationwide lockdown due to the spread of COVID pandemic.
According to 6Wresearch, the Bangladesh Diesel Genset Market size is projected to grow at a CAGR of 4.2% during 2021-27. Bangladesh diesel genset market revenue was dominated by up to 100 kVA gensets in the year 2020, primarily due to the usage of such gensets in homes, small societies, shops and local offices on account of low electrification rates. Additionally, the market for low capacity gensets is anticipated to emerge as key growing segment on account rapid expansion pace of urbanization and growing use of genset by small shops. Furthermore, the diesel gensets with the rating of 100.1kVA to 350kVA are also anticipated to register significant growth over the coming years on account of rapid government investments in the industrial sector through public private partnerships. The industrial processes such as power plants, oil and gas plants require uninterrupted power supply, thereby, creating numerous prospects for the diesel genset market in the country over the forthcoming period.
According to Swati Acharya, Research Analyst, 6Wresearch, “Rising industrial sector infrastructure along with growing commercial segment would be the key factor driving the market for gensets in Bangladesh during the forecast period. Additionally, upcoming gas power plants projects such as GE and Mitsubishi LNG-to-power project, Wärtsilä 113 MW power plant and 800MW combined-cycle gas power plant project in Khulna would strengthen the demand for gensets over the coming years.
On account of the economic slowdown and country wide lockdown due to coronavirus, market is anticipated to fall in 2020. However, market demand is expected to recover in the forecast period as economic activities start to resume.”
Some of the major companies in India power and distribution transformer market include Caterpillar, Perkins, Kohler-SDMO.
"Bangladesh Diesel Genset Market (2020-27)" provides an in-depth analysis with 20 figures covered in 83 pages. The report estimates and forecast the overall Bangladesh 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 devise and align their market strategies according to the current and future market dynamics.