India Prime Power Diesel Genset Market To Generate Revenue Worth $356.3 Million in 2030
- Published: March 2022
The rising infrastructure investments and large power deficit are the major growth drivers for the Indian prime power diesel generators market. Due to the aforementioned factors, the industry is projected to generate $356.3 million revenue in 2030, advancing at a CAGR of 10.6% during 2021–2030, according the recent study published by P&S Intelligence.
The COVID-19 pandemic had a negative impact on the Indian market growth, owing to the supply chain disturbance and economic uncertainty. The genset sector faced challenges such as the closure of manufacturing facilities and offices. Moreover, due to job losses, lower revenue, and reduced salaries, companies and individuals did not purchase non-essential items, which further impacted the demand for gensets. However, in the coming years, the demand for prime power diesel gensets will rise as the Indian economy resurges and manufacturing and construction activities return to their normal levels.
5 kVA–75 kVA Category To Witness Fastest Growth
The Indian prime power diesel generators market is categorized into 5 kVA–75 kVA, 76 kVA–375 kVA, 376 kVA–750 kVA, and above 750 kVA, based on power rating. Among these, the 5 kVA–75 kVA category is expected to witness the fastest growth during the forecast period (2022–2030). This will mainly be due to the Indian government's digitization projects, revival of the commercial real estate sector, and foreign and domestic investments in single-tenant and multi-tenant data centers.
Moreover, the Indian market is categorized into commercial, industrial, and residential, based on application. Out of these, the commercial category held the largest market share in 2021. This can be attributed to the surging demand for these gensets from telecom towers in rural areas. For instance, according to the IBEF, the tele density of rural subscribers reached 59.33% in September 2021 from 58.96% in September 2020.
Geographically, Uttar Pradesh held the largest share in the Indian prime power diesel generators market in 2021. The regional market is also expected to witness significant growth during the forecast period owing to the rapid development of commercial infrastructure and rising prime and backup power requirements in the residential facilities in the state.
Product Expansion Are Most-Effective Strategic Measures Taken by Players
Players in the Indian prime power diesel generators market have been frequently involved in product launches to gain a significant position. For instance, in January 2021, Atlas Copco AB expanded its QES portable generator lineup with six new variants designed to deliver consistent power in a wider range of applications. The QES range has varied features, such as noise protection, appreciable high-temperature performance, a dual-stage fuel filter, a water separator, easy transportability, and a manual oil drain pump.
Major players market include Kirloskar Oil Engines Limited, Ashok Leyland Limited, Greaves Cotton Limited, VE Commercial Vehicles Limited, Mahindra Powerol Ltd., Cummins India Ltd., Caterpillar Inc., Cooper Corporation Pvt. Ltd., Kohler Power India Ltd., Tractors and Farm Equipment Limited, and Escorts Limited.