Indian Generator Market Predicted to Rise Above $3,000 Million Valuation by 2030

The Indian generator market attained a value of $1,385.6 million in 2019 and is predicted to advance at a CAGR of 13.3% between 2020 and 2030. The market is also expected to generate a revenue of $3,006.6 million by 2030. The main factors fueling the advancement of the market are the growing requirement for high- and medium-power gensets in the commercial sector and the thriving manufacturing and construction industries in the country.


In India, the manufacturing industry has registered a massive growth in recent years and this trend is likely to continue in the coming years. This would be because of the implementation of various government initiatives such as outreach and support programs for micro, small, and medium enterprises (MSMEs), huge investments in the development of several industrial corridors, and domestic industrial growth policies such as Make in India. The growth of this industry is fueling the requirement for backup power supply.

In the future years, the Indian gensets market is predicted to exhibit the fastest growth in Tamil Nadu. This is credited to the existence of several market players in the state. Furthermore, with various genset manufacturing companies pursuing plant capacity expansions in the southern region, the market will demonstrate huge growth in the coming years. Perkins started the manufacturing of 625 kVA 2806D and 500 kVA 2506D engines at its manufacturing plant in Hosur, Tamil Nadu in January 2018.

Hence, it can be said with full surety that the market would exhibit huge expansion in India in the coming years, mainly because of the growing requirement for gensets in various industries and the rapid boom of the construction and manufacturing industries in the country.

Read more: https://www.psmarketresearch.com/market-analysis/india-gensets-market-outlook

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to gro...
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 an...
Read more

Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

Image
The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology ...
Read more