/PRNewswire/ From an estimated $816.0 million in 2021, the Indian diesel genset market value is set to grow to $1,831.2 million by 2030, at a 9.4% CAGR.
NEW YORK, Dec. 8, 2021 /PRNewswire/ From an estimated $816.0 million in 2021, the Indian diesel genset market value is set to grow to $1,831.2 million by 2030, at a 9.4% CAGR between 2021
/PRNewswire/ From an estimated $816.0 million in 2021, the Indian diesel genset market value is set to grow to $1,831.2 million by 2030, at a 9.4% CAGR.
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The Indian diesel genset market reached a value of $1.105.7 million in 2019 and is expected to advance at a 12.5% CAGR during the forecast period (2020-2030)
The market is witnessing growth due to the expanding manufacturing sector and increasing requirement for power for commercial applications in India. When power rating is taken into consideration, the market is divided into 5 kVA-75 kVA, 76 kVA-375 kVA, 376 kVA-750 kVA, and above 750 kVA.
Out of these, the 5 kVA-75 kVA division held a significant share of the market in the past, owing to the high adoption of these gensets in various commercial applications, such as retail outlets, hotels, telecom towers, offices, and malls. Moreover, the government s digitization projects, revival of the commercial real estate sector, and foreign and domestic investments are predicted to lead to the establishment of multi-tenant and single-tenant data centers, which wil
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The market is expected to reach $3,006.6 million by 2030, from $1,385.6 million in 2019 at a healthy 13.3% CAGR between 2020 and 2030.
The Indian gensets market has witnessed a slump in its growth rate during the COVID-19 crisis, as a result of the nationwide lockdown implemented to stop the virus from spreading. Subsequently, a large number of manufacturing plants and commercial complexes have shut down, while construction activities have stopped due to laborers heading back home. Even the Indian Railways has suspended its passenger services, which has further led to a reduced demand for gensets.
Historically, the above-15 kVA category has held the largest share in the Indian gensets market, based on power rating. Commercial complexes, residential facilities, restaurants, small industrial units, and telecom towers widely deploy these gensets to meet their auxiliary electricity demands. As the number of re