Development initiatives drive the market
The India Diesel Genset market is projected to grow at a CAGR of 5.6% during 2019-2025, according to a report by ResearchAndMarkets.
Numerous ambitious initiatives have been introduced by the Indian government to drive the growth of several sectors over the coming years, noted the report.
The Smart Cities Mission, Make in India campaign, Saubhagya Scheme as well as Housing for All 2022, are some of the plans that would help in the expansion of power utilities and growth of manufacturing and public infrastructure verticals in the country.
The diesel genset market, being a complementary industry, would experience healthy growth over the coming years owing to the strengthening of these sectors.
Improving the power supply situation in the residential sector and growing inclination towards solar energy may, however, stunt the growth of lower rating gensets during 2019-2025.
Diesel gensets with 5 kVA-75 kVA rating accounts for significant India diesel genset market share due to their wide usage across various applications, ease of availability, and low cost.
Increasing utilization of lower rating gensets across domains such as telecom infrastructure in unreliable and off-grid areas would help 5 kVA-75 kVA diesel genset market segment to maintain its dominance during the forecast period.
By region, the Southern region accounted for the highest revenue share in the overall market in 2018, according to the report.
The Northern region would, however, witness a significant increase in demand for diesel gensets over the coming years on account of upcoming large-scale infrastructure projects such as Delhi Metro expansion and Lucknow Metro. fiinews.com
