India Diesel Gensets Market to Surpass $ 1.5 Billion by 2024: TechSci Research
Rising demand for power backup and increasing investments in infrastructure and construction projects to boost India diesel gensets market through 2024
According to TechSci Research report “India Diesel Gensets Market By Rating, By End User, Competition Forecast & Opportunities, 2013 – 2024”, diesel gensets market in India is forecast to reach $ 1.53 billion by 2024. Growing demand for backup power from manufacturing, residential and commercial sectors, in addition to rising construction activities due to increasing number of government-sponsored projects such as AMRUT, 100 smart cities, freight corridors and national highways are expected to be the primary market drivers in the coming years. India’s electricity consumption registered a year-on-year growth of 5.55% in 2016, while its construction sector is expected to reach $ 1,000 billion by 2025 and emerge as the third largest construction market across the globe. All these factors are expected to positively affect the diesel gensets market in the country in the coming years.
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As of 2018, diesel gensets market in India was majorly dominated by low and medium voltage diesel gensets, owing to ease of availability, low cost and increasing adoption of these gensets in a wide range of applications across the country. Manufacturing sector accounts for the largest market share, on account of increasing demand for uninterrupted power supply from various manufacturing facilities such as automobile, auto components, among others. Major companies operating in India diesel gensets market are Cummins India Limited, Kirloskar Oil Engines Limited, Mahindra Powerol Limited, Caterpillar India Limited, Ashok Leyland Limited, Greaves Cotton Limited, etc.
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“Introduction of GST (Goods & Services Tax) is aiding the organized players to increase their market share in low rating diesel gensets market. Growing infrastructure, rising urbanization and increasing research and development activities by manufacturers to come up with technologically advanced and efficient diesel gensets is positively impacting the diesel gensets market in the Indian market. Moreover, with increasing environmental concerns, consumer inclination towards biodiesel gensets and Hybrid Renewable Energy Systems is also anticipated to grow in the coming years, which in turn would boost genset sales in the country over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global energy management consulting firm.
“India Diesel Gensets Market By Rating, By End User, Competition Forecast & Opportunities, 2013 – 2024” has evaluated the future growth potential of India diesel gensets market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Moreover, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India diesel gensets market.
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