May 05, 2022 06:58 ET | Source: Research and Markets Research and Markets
Dublin, May 05, 2022 (GLOBE NEWSWIRE) -- The "India Prime Power Diesel Genset Market Report: By Power Rating, Application - Industry Growth and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering. India's 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.
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.
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 190198 million units in 2019 to 1275534 million units in 2020, as per the Ministry of Power. This also brought down the demand-supply gap from 6566 million units to 4871 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. 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. Key Findings of India Prime Power Diesel Genset Market Report
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