The India diesel genset market is
expected to generate a revenue of $1,518.1 million by 2024, progressing at a
CAGR of 6.5% during the forecast period (2019–2024), according to P&S Intelligence.
The major factors driving the growth of the market are increasing demand for
these gensets in construction, manufacturing, and commercial projects. In
addition, the expansion of the construction sector is likely to push the demand
for these gensets to meet the prime and compounded auxiliary power requirements,
resulting in the market growth.
The market is segmented by
application, state, and power rating. Based on power rating, the Indian diesel genset market is divided
into above 750 kVA, 376 kVA–750 kVA, 76 kVA–375 kVA, and 5 kVA–75 kVA. Out of these, during the historical period,
the 5KVA–75KVA division held the largest volume share in the market. Due to the
surging demand for telecom towers, small commercial complexes, hotels,
residential installations, and other low–power requirement spaces, the market
for this category is predicted to grow in the forecast period.
Telecom towers are projected
to create the highest demand in the diesel genset market in India. In 2018, telecom towers registered a
volume share of more than 51.0% in the Indian commercial diesel genset sector.
This is ascribed to the high requirement for gensets to produce auxiliary and
prime power in telecom towers. Investments in the telecom sector and increasing
installation rate of telecom towers to offer data and voice coverage in remote
locations across the country are expected to drive the demand for diesel
gensets in the telecom sector.
On the
basis of end user, the diesel genset market in India is categorized into industrial, commercial, and residential.
Among these, in 2018, the commercial
category dominated the market with a revenue share of more than 60.0%.
Furthermore, the growth of the hospitality, healthcare, telecommunications, and
retail industries is anticipated to escalate the demand for gensets in the commercial
sector in the forecast period. Diesel gensets are majorly used at construction sites,
acting as the primary and backup power source. Thus, these are anticipated to remain
high in demand in the forecast period, particularly those that come under the
medium and high-power categories.
The major key players in
the Indian diesel genset market are
Ashok Leyland Limited, Kirloskar Oil Engines Limited, Mahindra Powerol Ltd., VE
Commercial Vehicles Limited, Cummins India Ltd., Greaves Cotton Limited, and
Caterpillar Inc. Among all these, Cummins India Ltd., a subsidiary of the
Cummins Group, in 2018, held the largest revenue share in the market, equaling more
than 35.0% This is mainly attributed to the company’s large product portfolio, backed
by huge sales volume in the medium and high-power genset categories, and wide
distribution network.
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