India Generator Set Market Set for Lucrative Growth in Coming Years

With the expansion of the manufacturing and construction industries, on account of the implementation of various government initiatives such as Make in India and the launch of outreach programs for micro, small, and medium enterprises (MSMEs), the demand for gensets is surging sharply in India. Moreover, the government is making huge investments in the development of industrial corridors and providing financial incentives, which are also contributing heavily toward the surge in the manufacturing industry.

This is, in turn, pushing up the requirement for gensets, owing to their ability to meet the captive, uninterrupted, and centralized power supply needs of the industry. Additionally, with the establishment of new facilities, the demand for gensets is predicted to rise even more, as they will be required for supply continuous power in these facilities. Just like the manufacturing industry, the construction industry in the country is also booming, owing to the soaring investments being made by various public and private players, development of urban housing infrastructure, and construction of commercial installations such as logistics centers and telecom towers.

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As work is conducted 24*7 at construction sites, gensets are used extensively at these sites. Because of this reason, the increasing construction activities are predicted to propel the Indian generator set market at a CAGR of 6.8% between 2020 and 2030 (forecast period). Furthermore, the value of the market will surge from $554.5 million in 2019 to $855.1 million by 2030, as per the estimates of the market research company, P&S Intelligence.

In India, gensets are widely used in industrial, residential, and commercial sectors. Out of these, the use of gensets was found to be the highest in the commercial sector in 2019 and this trend will continue in the forthcoming years as well. This is credited to the large-scale deployment of gensets in hospitals, malls, restaurants, retail outlets, telecom towers, and various other commercial establishments. Offices, hotels, hospitals, telecom towers, and retail establishments are the largest commercial users of gensets in the country.

Amongst these, the demand for gensets was observed to be the highest in telecom towers in 2019 and the situation will not change in the coming years as well. This is attributed to the fact that requirement for backup power is significantly high in the telecom sector. In India, the sales of gensets are expected to rise sharply in Tamil Nadu in the forthcoming years. This will be because of the existence of several genset manufacturing companies in the state. Additionally, many manufacturers are focusing on capacity expansions, which is further boosting the growth of the Indian gensets market in the state.

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Thus, the sales of gensets will soar rapidly in India in the coming years, mainly because of the expansion of the manufacturing and construction industries, on account of the enactment of supportive government policies, and rising requirement for backup power in various commercial facilities and residential houses in the country.

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.