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NEW YORK , July 19, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the Malaysia diesel generator set market revenue was approximately $82.6 million in the year 2021, and it is predicted to rise at a growth rate of around 2% in the coming years, to $97.9 million by 2030. The strong focus of the Government of Malaysia on infrastructure expansion, with plans to construct 1 million houses for homebuyers below the 40% income bracket by the year 2029, can be credited for this. Due to such efforts, the construction sector of Malaysia grew by around 15% in 2021 from 2020.
Generators with a rating of above 750 kVA witness the highest demand in the Malaysia diesel generator set market, and their sales are projected to grow at a rate of around 2% over this decade. The requirement for them mainly arises in the industrial sector. In the last two decades, Malaysia has accounted for 40% of the global HDD production, and it continues to be one of its major exporters.
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In 2021, the commercial sector was the largest contributor to the Malaysia diesel generator set market. Over the last ten years, Malaysia has become significant for medical tourism, ICT, and logistics services. Furthermore, numerous MNCs have set up their offices in Malaysia as it has a promising business and consumer environment, an affinity for the products of the U.S., established infrastructure and legal framework, and an aptitude to make profits.
There is a continuous increase in the demand for energy in Malaysia ; however, the existing supply is not adequate, hence giving rise to frequent power cuts, chiefly because of natural disasters. The risk of floods and tsunamis in the country is perpetually high; for example, in December 2021 , TNB briefly shut down 333 power substations in six states, as a safety measure. This affected 17,251 consumers in Pahang, 5,062 in Selangor , 4,450 in the country's capital, 284 in Negeri Sembilan , 470 in Kelantan , and 634 in Melaka.
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Major companies in the Malaysia diesel generator set market are engaging in the introduction of new products to remain ahead of competitors. For example, Cummins Inc. launched in September 2021 the NEW EC-AGS+ wireless system for controlling Onan diesel and gas generator sets. It lets users control their generators with a mobile application, which also permits automatic, manual, and voice activation to start the generators, offers reminders for maintenance, through Bluetooth; and allows for climate monitoring.
Malaysia Diesel Generator Set Market Size Breakdown by Segment
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