The Ghana DG set market is projected to generate $67,032.6 Thousand revenue by 2030, advancing at a CAGR of 2.3% during 2021–2030. This can be attributed to the increase in demand for standalone and backup power sources, primarily in offices, residential buildings, retail stores, hospitals, and hotels. Furthermore, these gensets are required for construction, manufacturing, power, mining, and oil & gas applications.
Moreover, large-scale infrastructure developments in the country are projected to be supported by the country's policies. The significant increase in the development of airport, telecom, and transportation infrastructure, and the rise in demand for power in rural areas are expected to drive the demand for diesel gensets in Ghana during the forecast period.
The COVID-19 pandemic had a detrimental influence on Ghana's DG set industry, as the closure of commercial and industrial establishments temporarily reduced the demand for generators. However, post-pandemic, with a focus on the development in sectors like railway, transportation, ports, aviation, agriculture, and education, the demand for diesel generators is expected to rise in the country, as a result of a discrepancy in the transmission system for electricity supply and a greater reliance on generators for continuous power supply.
Based on power rating, the market is classified into 15–75 kVA, 76–375 kVA, 376–750 kVA, 751–999 kVA, and 1,000 kVA and above. Of these, the 751–999 kVA category is projected to grow at the highest growth rate. Diesel gensets of 751–999 kVA are becoming more popular in the country, owing to their great reliability. Furthermore, the need for these gensets is expected to rise, due to their surging demand from end-use industries like construction, mining, power, and oil & gas.
Furthermore, based on end use, the market is categorized into commercial, industrial, and residential. Among these, the industrial category is expected to hold the dominant position in the market, accounting for more than 35% share, in 2030. This can be attributed to the surging adoption of gensets in industries, including manufacturing, energy and power, small industrial units, construction, and locomotives.
Players operating in the Ghana DG set market have been involved in client wins to gain an upper hand over their competitors. For instance, in April 2022, Mantrac Group, an authorized dealer of Caterpillar Inc., supplied five Caterpillar 3516 diesel generator sets to Koidu Limited, an underground diamond mining company.
Major players operating in the 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.