Increasing foreign investment in the commercial sector as well as strengthening of infrastructure backed by government's 'Build, Build, Build' program would drive the growth of diesel gensets market in the country. Additionally, the Philippines government has planned to increase the electrification rate of the country. In order to attain the same, diesel gensets are being used for power generation, which would further escalate the growth of the diesel genset market in Philippines during the forecast period.
According to 6Wresearch, Philippines Diesel Genset market revenues are projected to grow at a CAGR of 3.8% during 2018-24. Constantly rising requirement for power in Philippines, especially in the commercial and transportation sectors, would drive the demand for diesel gensets, as an auxiliary power source. Additionally, growth in the tourism sector of the country would accelerate the construction of new hotels, which would surge the demand for diesel gensets in the hospitality segment over the coming years.
According to Priya Sharma, Senior Research Analyst, Research and Consulting, 6Wresearch, "The commercial application segment captured the highest revenue share in the overall Philippines diesel genset market in 2017. The dominance of the segment could be attributed to an increase in construction of commercial establishments, such as office spaces, which are a key application area for diesel gensets."
"Additionally, upcoming large-scale infrastructure projects in the country such as the proposed construction of the high-tech sustainable smart city - New Clark City, would also create new avenues for the use of diesel gensets in the country, "Priya further added.
According to Prithu Chawla, Research Associate, Research and Consulting, 6Wresearch, "Growing investment in the construction segment as well as numerous upcoming projects such as Century Spire, the Mega Tower and SM Keppel Tower, in the national capital region of Manila would lead to Luzon region capturing the highest revenue share in the overall diesel genset market of Philippines. "
"Additionally, growing construction of office and retail spaces in Luzon would also surge the demand for diesel gensets in the region during the forecast period." Prithu further added.
Some of the prominent companies in Philippines diesel genset market are Mitsubishi Heavy Industries Engine System, Caterpillar, FG Wilson, Cummins, MTU Asia and Deutz Asia-Pacific.
"Philippines Diesel Genset Market (2018-2024)" provides an in-depth analysis with 115 figures and 14 tables covered in more than 170 pages. The report estimates and forecast the overall Philippines Diesel Genset Market by kVA rating, regions, applications and verticals such as residential, commercial, transportation and others. 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.