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NEW YORK , March 14, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, the Indian prime power diesel genset market size is predicted to grow to $356.3 million by 2030 from an estimated $143.6 million in 2021, at a 10.6% CAGR. In the country, the highest number of generators are in commercial spaces, because offices, hotels, hospitals, shopping malls, metro and railway stations, and other such places need a constant power supply. Moreover, the growth in the number of telecom towers and data centers is propelling the installation of these systems in the commercial sector.
In this regard, a major driver for genset sales in the country is the vast gap between power demand and supply. With a population touching 1.4 billion, India is not always able to meet the demand for electricity. As a result, even cities witness substantial power cuts, while many people in rural areas still do not have a grid connection. Therefore, with the rapid urbanization and industrialization, the demand for prime power diesel gensets is rising in the country.
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Key Findings of India Prime Power Diesel Genset Market Report
The COVID-19 pandemic put a severe dent in generator sales in the country as the nationwide lockdowns drove down the demand for electricity from 1,90,198 million units in 2019 to 12,75,534 million units in 2020, as per the Ministry of Power. This also brought down the demand–supply gap from 6,566 million units to 4,871 million units from 2019 to 2020. This was because of the shutdown of most manufacturing plants and commercial centers and suspension of metro, air travel, and train services.
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Therefore, major Indian prime power diesel genset market players, including Kirloskar Oil Engines Limited, Mahindra Powerol Ltd., Ashok Leyland Limited, VE Commercial Vehicles Limited, Escorts Limited, Cummins India Ltd., Caterpillar Inc., Cooper Corporation Pvt. Ltd., Greaves Cotton Limited, Kohler Power India Ltd., and Tractors and Farm Equipment Limited, stepped up product launch and facility expansion activities in 2021, to make up for lost revenue.
India Prime Power Diesel Genset Market Segmentation Analysis
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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.
Prajneesh Kumar P&S Intelligence Phone: +1-347-960-6455 Email: [email protected] Web: https://www.psmarketresearch.com Follow Us: LinkedIn Twitter
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SOURCE P&S Intelligence
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