Factors such as the flourishing manufacturing sector in India and burgeoning demand for power for commercial applications will help the Indian diesel genset market to advance at 12.5% CAGR during the forecast period (2020–2030). The market was valued at $1,105.7 million in 2019 and it is expected to generate $2,365.2 million revenue by 2030. Diesel gensets are required in almost every manufacturing and commercial facility to maintain continuous power supply, on account of the frequent power cuts in the country.
In recent years, the booming manufacturing sector in India has become a primary catalyst for the market growth. The boom in the manufacturing sector can be credited to the launch of government initiatives such a Make in India and the introduction of numerous outreach programs for micro, small, and medium enterprises (MSMEs). Additionally, the hefty investments being made by the government in industrial corridors are also facilitating the growth of the manufacturing sector in the country. Manufacturing facilities are deploying diesel gensets to meet their uninterrupted, centralized, and captive power supply needs.
According to P&S Intelligence, the Indian diesel genset market was collectively dominated by Tamil Nadu, Uttar Pradesh, Maharashtra, Karnataka, and Andhra Pradesh in 2019. This can be attributed to the mounting investments being made in the telecom sector and escalating focus on the development of commercial infrastructure in these Indian states. Leading telecommunication companies, such as Bharti Airtel and Reliance Jio Infocomm Ltd. are actively focusing on the development of a strong telecom infrastructure in these states. Additionally, the soaring number of residential facilities will also supplement the market growth in these states in the forecast years.
Therefore, the expansion of the manufacturing and commercial sectors and rising number of housing infrastructure projects will augment the market growth in the coming years.
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