India Residential DG Industry Revenue To Reach $184.9 Million by 2030

The Indian residential diesel genset market will grow at a CAGR of 7.1% during 2020-2030, due to the increasing construction of residential units and the surging need for hybrid, inverter-based, and bi-fuel generators. In addition, the rising incidence of power cuts in the country will also attribute to the market growth in the coming years. According to P&S Intelligence, the industry was valued at $91.3 million in 2020, and it will generate $184.9 million revenue by 2030.

The increasing number of residential buildings, owing to the vast population and rapid urbanization, will drive the demand for residential diesel gensets in India. For instance, according to the 2022 World Population Review, the number of people in India will grow from 1.4 billion in 2020 to 1.6 billion by 2050. Further, as per the World Bank, the urban population of the country grew from 471,031,529 in 2019 to 481,980,332 in 2020. The population surge and rapid urbanization have encouraged government and industrialists to encourage housing units, which deploy such generator systems in abundance.

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In recent years, the rising preference for high-power-rating gensets over low-power-rating gensets, owing to the surging electricity demand, has become a prominent trend in the Indian residential diesel genset market. Airports, real estate spaces, and data centers of the country are the prominent users of high-power-rating gensets. The increasing need for electricity can be attributed to the vast population of the country.

The stationary category, within the type segment, accounted for a larger share in the Indian residential diesel genset industry in 2020, and it is also expected to retain its dominance throughout this decade. The leading position of this category can be majorly owed to the continuous electricity supply offered by stationery diesel gensets. The deployment of these generator systems, therefore, ensures uninterrupted operations in residential settings. Owing to these advantages, the market in this category is also expected to display higher growth in the coming years.

Currently, the Indian residential diesel genset industry is fragmented, with the presence of a large number of players, such as Cooper Corporation Pvt. Ltd., Mahindra Powerol Ltd., Ashok Leyland Limited, Kirloskar Oil Engines Limited, Tractors and Farm Equipment Limited, Greaves Cotton Limited, Caterpillar Inc., FG Wilson, Kohler Power India Ltd., and Cummins India Ltd. Nowadays, market players are actively focusing on product launches and geographical expansions to gain a competitive edge.

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Geographically, the Tamil Nadu residential diesel genset market is expected to register the fastest growth in the coming years in India. This can be primarily credited to the burgeoning demand for housing units in the state. The total population of Tamil Nadu will grow from 76,402,000 in 2021 to 77,546,000 by 2026 and 78,082,000 by 2031, as per the National Commission on Population Ministry of Health and Family Welfare. The number of men and women will surge from 38,165,000 in 2021 to 38,654,000 by 2026 and 38,237,000 in 2021 to 38,892,000 by 2026, respectively.

Thus, the increasing number of housing projects will propel the demand for residential diesel gensets in India.

Browse more related reports:

India Prime Power Diesel Genset Market - https://www.psmarketresearch.com/market-analysis/india-prime-power-dg-set-market

Diesel Exhaust Fluid Market - https://www.psmarketresearch.com/market-analysis/diesel-exhaust-fluid-market

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This release was published on openPR.