LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the gensets market in India is predicted to grow at a CAGR of close to 14% until 2020.
This research report titled ‘Gensets Market in India 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. Gensets are being used in India to convert mechanical energy into electrical energy through the use of diesel or gas as fuel. They consist of an engine, alternator, fuel system, voltage regulator, cooling and exhaust system, lubrication system, battery charger, control panel, and a main assembly frame.
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“The increasing demand for consumer durable goods has not only increased residential electricity consumption but has also added extra load on industrial electricity supply. With a large number of units of consumer electronics being manufactured every day, the electricity consumption in the manufacturing plants has skyrocketed. Due to frequent power outages, these plants depend on gensets to supply power for smooth and uninterrupted power supply, helping the market grow at a fast pace,” said Abhay Sinha, one of Technavio’s lead analysts.
Genset market in India by end-user segmentation
- Industrial
- Residential
- Services
- Transport
- Agriculture
- Other energy sector
Genset market in India by industrial sector
The rapid growth of industrialization resulting in increased demand for electricity and eventually deficit in power supply have increased the demand for gensets in India. Southern Indian cities such as Hyderabad, Bangalore, and Chennai have the highest demand for diesel gensets in the southern region of the country. Being home to the largest number of industries in India such as iron and steel, jewelry, textiles, automobiles, chemicals and petrochemicals, cement, and pharmaceuticals, the western region of India holds the second highest position in the diesel genset market.
According to the Federation of Indian Chambers of Commerce and Industry, in 2012, around half of the industries in India experienced power cuts of more than five hours each week. Unreliable power supply has led many industrial consumers to produce their own electricity using gensets. Energy-intensive industries, such as steel, cement, chemicals, sugar, fertilizers, and textiles, are key industries that extensively use gensets.
Genset market in India by commercial sector
The annual office demand in India was led by Bangalore with 32% share of the total absorption across leading cities in 2015. India is a recognized outsourcing destination for various multinationals, which outsource their operations to major cities in India. Additionally, a steady macroeconomic growth and an overall positive market sentiment during 2015 encouraged corporate office demand. There has been an increase in the demand for office space from sectors such as banking and financial services, engineering and manufacturing, research and consulting, e-Commerce, and IT firms. The new supply of office space has increased by 45%, with the addition of more than 11 million square feet in 2015 compared with 2014. The increase in the construction of commercial buildings for offices, hotels, and others has increased the demand for gensets in the commercial sector of India.
Genset market in India by infrastructure sector
In India, the increasing population and rapid urbanization will continue to raise the demand for infrastructure development. Infrastructure construction accounted for 23% of the total construction industry’s value in 2015 and will increase over the forecast period, driven by public and private sector investments in public transport infrastructure. Infrastructure construction is anticipated to grow at a CAGR of 9.94% and will reach USD 140.1 billion in 2020. Gensets are required for standby application for peak shaving during the construction of infrastructure in remote areas.
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