India Prime Power Diesel Genset Market
India Prime Power Diesel Genset Market to Grow at a CAGR of 10.2% during Forecast Period
Published | 18 October 2022
India Prime Power Diesel Genset Market is growing at a high CAGR because of the fast–growing telecommunication industry and the novel projects and plans of the Government of India. The enormous gap in the demand and supply of power in India and the introduction of novel gensets with high energy–efficiency and environment–friendly features are also driving the growth of India Prime Power Diesel Genset Market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Prime Power Diesel Genset Market was worth USD 146.4 million in the year 2021. The market is projected to grow at a CAGR of 10.2%, earning revenues of around USD 287.8 million by the end of 2028. The India prime power diesel genset market is booming due to the extensive gap between demand and supply of power in India. The lack of grid infrastructure in rural areas and lack of non–renewable sources of energy like coal make prime power diesel gensets a need of the hour. Furthermore, the government initiatives like Housing for All by 2022, the Make in India Campaign will stimulate the demand for prime power diesel gensets as they provide power backup for commercial, industrial, and residential purposes. The increasing demand for high–speed telecommunication services is stimulating the growth of the Indian telecommunication industry, which is also propelling the growth of the India Prime Power Diesel Genset Market.
Growing Telecommunication Industry and Energy–efficient and Eco–Friendly Features in Gensets to Drive the Market Growth
The Indian telecommunication industry is growing rapidly. India has come a long way from a 1G cellular network in the 1980s to a 5G cellular network in the 2020s. It is facilitated by the installation of telecom towers, data centers, and continuous electricity supply from the grid. Unfortunately, the electricity supply is not continuous in India due to a power shortage. According to the Telecom Regulatory Authority of India, the number of telephone subscribers rose from 1,179.49 million in January 2021 to 1,187.90 million in February 2021, exhibiting a growth rate of 0.71%. To fulfill this ever–increasing demand for high–speed telecommunication services, the Indian telecommunication industry largely depends on prime power diesel gensets as they provide power backup and prevent revenue loss due to inadequacy of power for operations. This is driving the growth of India's prime power diesel genset market.
With changing times, the awareness of customers and manufacturers has increased, and this has resulted in product diversification in terms of energy–efficiency, noise cancellation, and eco-friendliness. As per EPR Magazine Editorial, Jackson Group was the first company in India to produce acoustic enclosures in generators to control noise pollution. Their gensets are environment friendly as they comply with Central Pollution Control Board II emission norms and mandatorily meet the exhaust emission standards issued by the Government of India. Moreover, their diesel generators have fuel injection systems to facilitate efficient combustion and controlled emissions.
India Prime Power Diesel Genset Market – By Region
Based on region, the India Prime Power Diesel Genset Market is segmented into Uttar Pradesh, Andhra Pradesh, Madhya Pradesh, Bihar, Karnataka, Gujarat, Tamil Nadu, Rajasthan, West Bengal, Jharkhand, Chhattisgarh, and others. Amidst the segmentation, Uttar Pradesh generates the highest demand for prime power diesel gensets and is also expected to grow with the highest CAGR during the forecast period 2022–2028. This is because Uttar Pradesh is the most–populated state in India; therefore, the prime power requirements in the residential facilities are spiking. Moreover, increasing investments in the manufacturing sector and telecom sector and the development of commercial infrastructure are also driving its growth.
Impact of COVID–19 on India Prime Power Diesel Genset Market
The India Prime Power Diesel Genset market was initially negatively impacted during the Covid–19 pandemic. The countrywide lockdown restrictions led to the shutdown of manufacturing industries. As the demand for electricity for industrial and commercial purposes decreased, the sale of generators also fell. During the second wave of Covid–19, the demand for prime power diesel gensets increased in the healthcare facilities due to the unexpected needs of hospitals. As the Indian economy reopened in the post–Covid times, the demand for prime power diesel gensets is expected to rise for commercial and industrial purposes. This will lead to intensified industrialization and lead to enhanced revenue generation in India.
Kirloskar Oil Engines Limited, Ashok Leyland Limited, Greaves Cotton Limited, VE Commercial Vehicles Limited, Mahindra Powerol Ltd., Cummins India Ltd., Caterpillar Inc., Cooper Corporation Pvt. Ltd., Kohler Power India Ltd., Tractors and Farm Equipment Limited, Escorts Limited are prominent players operating in India Prime Power Diesel Genset Market. In June 2021, Cooper Corporation Pvt. Ltd. launched Cooper Bolt Mini, a 5kVA compact diesel generator; it addresses the demand for a continuous power supply, offers low fuel consumption, and has lower maintenance requirements. These companies diversify their products and participate in alliances, acquisitions, and partnerships to expand their customer reach and gain a competitive advantage in the market.
The in–depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Prime Power Diesel Genset Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Prime Power Diesel Genset Market and industry insights to help decision–makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all–inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long–lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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