Published: May 2022 | Report Code: 12323 | Available Format: PDF | Pages: 112
The Ghana DG set market size stood at $54,572.6 thousand in 2021, and it is expected to demonstrate a CAGR of 2.3% during 2021–2030, to reach $67,032.6 thousand by 2030. The growing demand for power from industries, increasing instances of power outages, and the high price of electricity, along with the growth in the construction sector, are the major factors driving the industry.
Based on the survey conducted by the World Bank, more than 36% of business establishments and around 24% of local businesses were shuttered during the lockdown period in the country. This reduced the demand for power in the country in 2020. Also, the lockdowns implemented around the world led to the stoppage in the manufacturing of such systems. As a result, the import and export of these systems in the country were affected, which had a detrimental influence on the market.
However, the industry has witnessed a sharp recovery since 2021, owing to the reopening of manufacturing hubs and offices and the growing construction activities in the country.
Despite the energy generation has increased, power remains expensive and unreliable, and has become a constraint on doing business in Ghana. Although there is an improvement in electricity access and distribution, the tariff structure places a burden on industrial and commercial users. This makes unintended consequences of electricity theft and unpaid bills, hindering full cost recovery. Thus, this negatively affects further investments that could enhance the supply of electricity.
Furthermore, compared with some neighboring West African countries, power in Ghana is expensive. For example, the average tariff of Ghana is more than its neighbor Côte d'Ivoire. This leads to a reduction in the country’s competitiveness, as cheaper power attracts both foreign investment and domestic capital. It is also important to meet sustainable development goals, which aim to combat climate change and surge access to modern energy. Thus, the high price of electricity has played a pivotal role in propagating the growth of the DG set market in Ghana.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$54,572.6 Thousand |
Revenue Forecast in 2030 |
$67,032.6 Thousand |
Growth Rate |
2.3% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Segments Covered |
By Power Rating; By End user |
Explore more about this report - Request free sample pages
Ghana has made significant progress in infrastructure development over the last decades, which has fueled socioeconomic growth. For example, access to electricity has become ubiquitous, with 85% of the population now having access, i.e., a 32% increase since 2010. Moreover, now some transportation projects are in pipeline. One of them is the 'Central Spine Rail Line,' which is set to begin construction in 2023 and will connect Ghana and Burkina Faso, thereby facilitating economic development.
In addition, there is another project called 'Airport City II,' which is a 291-acre high-end, mixed-use commercial precinct for the development of hotels, shopping malls, offices, and parks. It will consist of roads and accessways, residential facilities, open space car parks, and intermodal transport terminals, among others. Thus, the rapid development in the economy, due to the growing infrastructure, transportation, and construction industries, is providing ample opportunities for the growth of the industry in the country.
Gensets of 15–75 kVA power rating generated the largest revenue, of $21,443.5 thousand, in 2021 in the market. Due to their suitability for small-to-medium-size locations, these have a high installation rate in residential apartments and commercial complexes, such as telecom towers, small-scale businesses, and retail shops. As a result of the abovementioned factor, these gensets are predicted to have high sales in the coming years as well in the country.
The generators are widely used in industrial end-use applications, such as manufacturing, energy and power, small industrial units, construction, and locomotives. Furthermore, the country's expanding industrial and mining activities are expected to propel the market growth in this category, advancing at the highest CAGR, of about 2.5%, throughout the projection period.
In recent years, major manufacturers in the industry have been fairly active, taking various steps, such as product launches, facility expansions, and collaborations, to enhance their product portfolio, expand their customer reach, develop their brand identity, and ensure aftermarket services for their products. For instance, in December 2020, Mantrac Group, an authorized dealer of Caterpillar Inc. in Ghana, opened a new component rebuild center in Takoradi. The facility was developed to rebuild components, including powertrains, engines, hydraulic systems, and power solutions, so that equipment owners can receive maximum reliability and performance throughout the life of their systems. The Mantrac CRC site also includes a 5000-square-meter parts distribution center.
The research offers the market size of the Ghana DG set market for the period 2017–2030.
Based on Power Rating
Based on End Use
During 2021–2030, the growth rate of the Ghana DG set market will be around 2.3%.
In 2021, the size of the Ghana DG set market stood at $54,572.5 Thousand.
Industrial is the largest end-use category in the Ghana DG set market.
The major Ghana DG set market drivers are the surging demand for power from industries, increasing instances of power outages, and the high price of electricity in the country.
Top players in the Ghana DG set market include Jubaili Bros, Cummins Inc., Atlas Copco AB, Caterpillar Inc., Kohler Co., Aggreko Ltd., Mitsubishi Heavy Industries Ltd., General Electric Company, Siemens AG, and SUMEC Group Corporation.
Get a bespoke market intelligence solution
Want a report tailored exactly to your business strategy?
Request CustomizationWant an insight-rich discussion with the report author?
Speak to AnalystOur dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws