India Gensets Market Set to Surge with a Projected CAGR of 7.8% by 2030
According to a new report published by MarkWide Research, titled, “India Gensets Market,” the Indian market for generators (gensets) is poised for substantial growth, driven by increasing power demand, industrial expansion, and a focus on reliable backup power solutions. The report anticipates a significant expansion in market size, with a Compound Annual Growth Rate (CAGR) of 7.8% expected by 2030.
India’s growing economy and infrastructure development have led to a heightened demand for uninterrupted power supply, making gensets an essential component for various industries and residential areas.
Key Findings of the Report:
- Rising Power Demand: The consistent increase in power demand, especially in remote and off-grid areas, is driving the need for gensets as backup power sources.
- Industrial Growth: The expanding industrial sector, including manufacturing, IT, and construction, relies on gensets to ensure continuous operations during power outages.
- Increasing Residential Use: Residential users are also adopting gensets for backup power, particularly in regions with frequent power disruptions.
- Shift towards Green Gensets: The market is witnessing a shift towards environmentally friendly and fuel-efficient gensets, aligning with sustainability goals.
- Government Initiatives: Government initiatives to improve electricity access in rural areas and the “Make in India” program are boosting the gensets market.
Market Forecast:
The India Gensets Market is expected to grow from USD 4.6 billion in 2023 to USD 8.7 billion by 2030, at a CAGR of 7.8% during the forecast period. This robust growth is attributed to the increasing reliance on gensets across various sectors and regions in India.
Segmentation:
The report provides comprehensive segmentation of the India Gensets Market based on power rating, fuel type, application, and region. It offers valuable insights into each segment’s market share, growth potential, and key players.
Power Rating Segmentation:
- Up to 5kVA
- 5kVA-75kVA
- 75kVA-375kVA
- Above 375kVA
Fuel Type Segmentation:
- Diesel Gensets
- Gas Gensets
- Others
Application Segmentation:
- Residential
- Commercial
- Industrial
Regional Analysis:
The report analyzes the gensets market in various regions of India, including North, South, East, and West. It provides insights into the regional dynamics, key players, and growth opportunities in each area.
Competitive Landscape:
The India Gensets Market is highly competitive, with numerous players vying for market share. The report profiles key companies operating in the market, highlighting their strategies, product offerings, and recent developments. Some of the prominent players in the market include Cummins India, Kirloskar Oil Engines Limited, and Mahindra Powerol, among others.
Future Outlook:
The India Gensets Market is on an upward trajectory, driven by the essential role of backup power solutions in a rapidly developing country. As industries and consumers prioritize reliable power sources, the gensets market is poised for continued growth.