NEW YORK, Dec. 8, 2021 /PRNewswire/ -- From an estimated $816.0 million in 2021, the Indian diesel genset market value is set to grow to $1,831.2 million by 2030, at a 9.4% CAGR between 2021 and 2030. The biggest reason for the rising demand for these electricity production systems is the booming construction industry, itself due to the increasing public and private investments. At construction sites, generators provide a continuous power supply to keep the machines running.
The demand for such systems is predicted to surge the fastest in Karnataka in the coming years because of the growth in its residential and commercial real estate sector. For instance, the Government of India is planning to invest $15.68 billion (INR 1.16 lakh crore) in infrastructure projects in the state, while the Karnataka government would construct 900,000 houses in the coming years.
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Key Findings of India Diesel Genset Market Report
- Systems ranging between 5 kilovolt-Ampere (kVA) and 75 kVA in power rating are the most popular in the DG set market in India as they witness a high demand from residential facilities, small industries, commercial complexes, restaurants, and telecom towers.
- Among all industrial applications, the requirement for these systems, specifically medium- and high-power variants, will increase the most rapidly in manufacturing. Hence, with the rising investments in the construction of factories, DG set usage in the industrial sector will continue to boom.
- The emission regulations implemented by the government are a key trend in the diesel genset industry. Since diesel fumes are one of the largest contributors to air pollution, the Bharat Stage VI emission norms were implemented in April 2020 on on-road and non-road diesel engines in the country.
- Due to the presence of numerous companies, the Indian diesel genset market is fragmented in nature. As a result, industry players are launching new systems to attract end users and augment their market share.
- The sale of DG sets was negatively impacted by the COVID-19 pandemic due to the shutting down of construction sites and manufacturing plants. Similarly, market players found it difficult to source DG set components, which affected their manufacturing output as well.
- Residential applications have been the most productive for market players in the country till now because of the increasing incidence of power cuts and growing housing construction.
Browse detailed report on India Diesel Generator Set Market Size and Growth Forecast to 2030
The market is dominated by Uttar Pradesh, as investments in its construction domain are booming. Currently, five of the biggest construction projects underway in the state are the Purvanchal Expressway, Bundelkhand Expressway, Ganga Expressway, Gorakhpur-Azamgarh Link Expressway, and Noida International Airport (Jewar Airport).
Kirloskar Oil Engines Limited, Greaves Cotton Limited, Ashok Leyland Limited, VE Commercial Vehicles Limited, Cummins India Ltd., Mahindra Powerol Ltd., Caterpillar Inc., Kohler Power India Ltd., Cooper Corporation Pvt. Ltd., and Tractors and Farm Equipment Limited are the biggest companies in the DG set market in India.
Explore Detailed Report on Residential Diesel Genset Market of India
The Indian residential diesel genset market value stood at $91.3 million in 2020, and it is predicted to rise to $184.9 million by 2030, registering a CAGR of 7.3% from 2020 to 2030.
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