With the expansion of the manufacturing and construction industries, on account of the implementation of various government initiatives such as Make in India and the launch of outreach programs for micro, small, and medium enterprises (MSMEs), the demand for gensets is surging sharply in India. Moreover, the government is making huge investments in the development of industrial corridors and providing financial incentives, which are also contributing heavily toward the surge in the manufacturing industry.
This is, in turn, pushing up the requirement for gensets, owing to their ability to meet the captive, uninterrupted, and centralized power supply needs of the industry. Additionally, with the establishment of new facilities, the demand for gensets is predicted to rise even more, as they will be required for supply continuous power in these facilities. Just like the manufacturing industry, the construction industry in the country is also booming, owing to the soaring investments being made by various public and private players, development of urban housing infrastructure, and construction of commercial installations such as logistics centers and telecom towers.
As work is conducted 24*7 at construction sites, gensets are used extensively at these sites. Because of this reason, the increasing construction activities are predicted to propel the Indian gensets market at a CAGR of 6.8% between 2020 and 2030 (forecast period). Furthermore, the value of the market will surge from $554.5 million in 2019 to $855.1 million by 2030, as per the estimates of the market research company, P&S Intelligence.
Thus, the sales of gensets will soar rapidly in India in the coming years, mainly because of the expansion of the manufacturing and construction industries, on account of the enactment of supportive government policies, and rising requirement for backup power in various commercial facilities and residential houses in the country.