https://www.psmarketresearch.com/market-analysis/india-gensets-market-outlookThe ‘Make in India' campaign of the Government of India aims to facilitate investments, enhance skill development, protect intellectual property, foster innovation, and create world-class manufacturing infrastructure across the country. Further, the Department for Promotion of Industry and Internal Trade (DPIIT) states that the cumulative foreign direct investment (FDI) in the manufacturing subsectors stood at $ 100.35 billion between April 2000 and June 2021. The strengthening manufacturing sector is creating a high requirement for power, owing to which this industry is observing the large-scale deployment of gensets in India.
Besides, the burgeoning demand for power for construction projects and commercial applications will also drive the Indian gensets market at a CAGR of 6.8% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $554.5 million in 2019, and it will generate $855.1 million revenue by 2030. In addition, the surging construction and localization of data centers, on account of the enactment of stringent data protection laws and favorable government policies will also drive the demand for gensets in the country.
In contemporary times, diesel gensets were preferred over petrol and compressed natural gas (CNG)/liquified natural gas (LNG) variants in India due to their low cost and easy availability. In addition, rapid industrialization in India will also accelerate the adoption of diesel gensets in the nation. All these types of generator systems serve as a power source in amusement parks, cold storage facilities, hotels, hospitals, offices, party halls, public transport agencies, petrol pumps, retail establishments, telecom towers, manufacturing plants, energy and power companies, small industrial units, locomotives, construction sites, and residential units.
Browse detailed report – India Gensets Market Analysis and Demand Forecast Report
Whereas, Tamil Nadu is expected to register the fastest growth in the Indian gensets market during the forecast period, primarily on account of the presence of several market players in the state. Additionally, the surging focus of genset manufactures on capacity expansion in the southern part of the nation will also contribute to the market growth in Tamil Nadu. For example, in January 2018, Perkins started the production of 625 kVA 2806D and 500 kVA 2506D engines at its manufacturing plant in Hosur, Tamil Nadu.
Therefore, the flourishing manufacturing industry and the increasing number of construction projects will facilitate the usage of gensets in India.
