Increasing Tourism, Subsequently Growing Hospitality Sector, Increasing Infrastructure and Need to Provide Auxiliary Back up Power Would Drive the Growth of Diesel Genset Market in Thailand - 6Wresearch
Thailand is one of the major tourist destinations of the world, recording around 35 million international tourist arrivals in 2017. This number is expected to grow substantially in the future, creating more opportunities for the growth of the hospitality and commercial sectors in the country. The development of new hotels, resorts and other related infrastructure would require power backup solutions such as diesel genset in the country. Further, expansion of SME market along with surge in industrial activities would provide the necessary boost to the market.
According to 6Wresearch, Thailand Diesel Genset market revenues are forecast to grow at a CAGR of 3.1% during 2018-24. Thailand, being one of the major industrial and tourism hubs in the APAC region, would continue to attract significant government and private investment for infrastructure and transportation development in future. Further, Thailand market is expected to witness expansion in retail sector and social infrastructure which would create the demand for diesel gensets in the country during the forecast period.
According to Priya Sharma, Research Analyst, 6Wresearch, "Thailand's political crisis of 2013-14, which saw the military junta overthrow incumbent Prime Minister, caused a slowdown in the country's trade and economy. The country has however recovered post 2015 from the consequences through positive government policies and investment in multiple sectors including construction, healthcare and infrastructure development. Projects such as metro rails, smart cities, expansion of public and private infrastructure are expected to fuel the demand for diesel gensets in Thailand over the coming years."
"Bangkok, being a hotspot for domestic and international tourists in Thailand, lies in the central region of the country. As a result, the Central Region accounted for the highest market revenue share in the overall Thailand diesel genset market in 2017. Bangkok has attracted several substantial investment for the development of hospitality, commercial and healthcare projects such as The Best Western Chatuchak, DusitD2 Chaengwattana Hotel, Grand Rama 9 Tower, Emsphere Mall and One Bangkok Mall, "Priya further added.
According to Chirag, Research Associate, 6Wresearch, "Diesel gensets in the 375.1-750 kVA range captured the highest market revenue share, by rating, in the overall Thailand diesel genset market in 2017 due to their widespread application across the manufacturing, construction and power sector verticals as an auxiliary power back-up option."
"Diesel gensets emits hazardous gases, such as carbon monoxide, nitrogen dioxide and several others, which have adverse effects on the environment. As a result, the government has adopted several environmental laws and policies targeted at curbing carbon dioxide emissions. The European emission standards define the acceptable limits for exhaust emissions for new engines. As a result, engines complying with these Euro IV standards are being introduced in Thailand, where, at present, Euro II and Euro III engines are more commonplace," Chirag further added.
Some of the major companies in Thailand Diesel Genset Market include Cummins, Caterpillar, Perkins, Mitsubishi, Deutz and Namsang.
"Thailand Diesel Genset Market (2018-2024)" provides an in-depth analysis with 64 figures and 9 tables covered in 118 pages. The report estimates and forecast the overall Thailand diesel genset market by revenue, volume, 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.