Gensets in India: Key market research findings
- Frequent power outages to augment the demand for gensets
- Need for power security during natural disasters to spur market growth
- Key vendors – Caterpillar, Cummins, Kirloskar, and Mahindra & Mahindra
Technavio’s market research analysts predict the gensets market in India to grow at a CAGR of almost 10% in terms of infrastructure between 2016 and 2020. The demand for gensets is spurred by frequent power outages in the country. India depends largely on electricity for its industrial, commercial, infrastructure, transport, and other sectors. Meghalaya, Andhra Pradesh, Uttar Pradesh, Jammu and Kashmir, Andaman and Nicobar, Bihar, and Tamil Nadu are some of the Indian states that are significantly affected by power outages. Power outages are most prominent in Andhra Pradesh, Tamil Nadu, and Odisha.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“There have been significant advancements in genset technology, as a result of which, several initiatives and changes are being implemented to improve the overall efficiency of engines in diesel gensets. Most of the modifications involve the ignition of power within the engine itself, which is derived from a combination of oxygen and fuel. The transition from analog to digital controls also plays a key role in the rising demand for gensets in the market,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
There is a growing demand for power security during natural disasters. Natural disasters disrupt continuous power supply by causing major faults or breakdowns in the power grid. Natural disasters can cause considerable damage not only to the residents of the country but also to business enterprises and their operations, especially in the industrial sector. The growing need for back-up power sources because of frequent power outages caused by natural disasters is expected to boost the demand for gensets.
The key vendors in the gensets market in India include Caterpillar, Cummins, Kirloskar, and Mahindra & Mahindra. The gensets market in India is characterized by the presence of well-diversified international and regional vendors. With international players increasing their footprint in the market, regional vendors are finding it difficult to compete with them in terms of quality, technology, and pricing. Competition among these vendors is leading to the introduction of many innovative and advanced products. These vendors also provide innovative solutions as a part of their product portfolio. The competitive environment in this market will intensify further with the increase in technological innovations, M&A, and product or service extensions. International players will grow inorganically by acquiring regional or local players.
A more detailed analysis is available in the Technavio report, Gensets Market in India 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
