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 genset...