Indian Gensets Market Predicted to Generate Over $850 Million Revenue by 2030

The Indian gensets market generated a revenue of $554.5 million in 2019 and it is predicted to advance at a CAGR of 6.8% between 2020 and 2030. According to the forecast of the market research firm, P&S Intelligence, the market will attain a value of $855.1 million by 2030. The market is being driven by the growing requirement for high- and medium-power gensets in the commercial sector and the expansion of the manufacturing and construction industries in the country.

Due to the implementation of various government initiatives and policies such as Make in India, huge investments in several industrial corridors, and the launch of many outreach and support programs and plans for micro, small, and medium enterprises (MSMEs). This is subsequently generating huge requirement for gensets in the manufacturing industry in the country, where they are used for catering to the soaring needs for captive, uninterrupted, and centralized power supply.

Besides the expansion of the manufacturing industry, the boom in the construction industry is also propelling the sales of gensets in the country. Because of the soaring investments being made by private and public players, the development of urban housing infrastructure, and the setting up of various commercial installations such as logistics centers and telecom towers, power supply requirements are surging sharply in the country. This is, in turn, pushing up the demand for gensets in the country.

This will be because of the rising requirement for backup power in the telecom sector. For example, the Indian government via its National Digital Communications Policy has made an investment worth as much as $100 billion in the telecommunications sector for developing 100,000 mobile towers for telephone users in the country. The Indian gensets market recorded the highest growth in Tamil Nadu, Andhra Pradesh, Maharashtra, and Uttar Pradesh in the past years.

Therefore, it can be said with full surety that the market will register huge expansion in the coming years, primarily because of the surging power requirements in the country, on account of the expansion of the construction and manufacturing industries.

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