India Diesel Generator Market Size Expands at CAGR of 8.1% to Cross USD 745.6 Million by 2029

Published | 31 October 2023

India diesel generator market is flourishing because of an increasing need for a continuous electricity supply and rapid industrialization and urbanization across the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India diesel generator market size at USD 467.21 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India diesel generator market size to grow at a significant CAGR of 8.1% reaching a value of USD 745.62 million by 2029. Major growth drivers for the India diesel generator market include an increasing population growth, infrastructure expansion, and the rapid industrialization of emerging economies. Diesel generators, renowned for their cost-effectiveness and superior fuel efficiency, have consequently gained popularity in India. Also, the market's advancement can be attributed to the critical need for uninterrupted and dependable power supply, along with the extensive utilization of diesel generators in healthcare and IT sectors. Technological advancements hold the potential to further bolster market growth over the forecast period. Notably, diesel generators serve as primary and backup power sources in the manufacturing industry, aligning with India's ambitions to become a global manufacturing hub by 2030, as promoted by the Government of India's ‘Make in India’ initiative. These developments are expected to generate substantial prospects for the market. However, high cost of diesel fuel is anticipated to restrain the overall market growth during the period in analysis.

India Diesel Generator Market – Overview

The India diesel generator market refers to the specific industry sector within India that involves the manufacturing, distribution, sales, and utilization of diesel generators. Diesel generators are devices that generate electricity by burning diesel fuel and are commonly used as backup power sources in situations where a reliable and uninterrupted power supply is essential, such as in various sectors like healthcare, IT, manufacturing, and more. This market encompasses various stakeholders and activities related to diesel generator production, distribution, and consumption within the Indian market.

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Impact of COVID-19 on India Diesel Generator Market

COVID-19 pandemic adversely affected the India diesel generator market. During the initial phases of the pandemic, economic uncertainties and lockdowns disrupted supply chains, affecting the production and distribution of diesel generators. Demand was also impacted as businesses postponed investments due to financial uncertainties. However, as the need for reliable power supply remained crucial for healthcare facilities and essential services, there was a subsequent uptick in demand for diesel generators. The market has shown resilience and adapted to the new normal with a heightened focus on remote monitoring and maintenance, reflecting the evolving role of diesel generators in a post-pandemic world.

Impact of Prolonging Israel-Hamas War on India Diesel Generator Market

The raging war between Israel and Hamas, a Palestine-based militant and nationalist organization, sends shockwaves across various industries, particularly oil & gas, transcending geographic boundaries and affecting businesses globally. The conflict between Israel-Hamas has been a longstanding, deeply entrenched geopolitical issue. On October 07, 2023, Hamas, in a surprise and heavy attack, struck Israel with thousands of rockets and infiltrations killing more than 1,100 people. In response, the prime minister of Israel declared war against Hamas and anticipated that the war would be ‘long and difficult.’ The United States has sent its warships and aid to Israel and stated that its citizens were killed in the war.

The prolonging war in West Asia and escalating the Middle East will affect industries across verticals and regions. Energy is one of the adversely affected industries by the war. The Middle East, including Israel, is a vital hub for oil production and transportation. Any disturbance in the Middle East region instantly raises concerns about oil supply disruptions, leading to increased oil prices worldwide. For example, oil prices increased by more than 4.5% or more than USD 4 a barrel in Asia trade on October 09, 2023. Brent crude surged USD 4.18, or about 5%, to USD 88.76 a barrel, meanwhile the US West Texas Intermediate crude was up more than 5% or USD 4.23 at USD 87.02 a barrel. This spike in oil and energy costs will have a domino effect on multiple industries. Companies in the India diesel generator market and users of diesel generators face the brunt of rising fuel prices, which significantly inflate their operational expenses. Volatile and higher diesel prices could affect the demand for diesel generators affecting their sales and market growth.

India Diesel Generator Market – By Application

Based on application, the India diesel generator market is divided into Industrial, Commercial, and Residential segments. The commercial segment holds the highest share in the India diesel generator market by application. It is primarily driven by the rapid expansion of the service sector, expected to grow further. Diesel generators play a pivotal role in ensuring uninterrupted power supply within the commercial domain, encompassing hospitals, hotels, restaurants, IT hubs, and financial institutions. In FY2022, India witnessed significant contributions to Gross Value Added (GVA) from finance, real estate, and professional services, underscoring the importance of the service sector in the nation's economy. Notably, the IT and business services sector is experiencing remarkable growth and is projected to reach USD 19.93 billion by 2025. With healthcare services, particularly hospitals, increasing their reliance on diesel generators, and the government's commitment to boost public health spending, the Indian diesel generator market is poised for substantial growth during the forecast period.

Competitive Landscape

Major players operating in the India diesel generator market include AKSA Power Generation Company, Atlas Copco AB, Caterpillar, Cummins Inc., Doosan Portable Power, Generac Power System Inc., Honda India Power Products Ltd, Kohler Co., and Rolls-Royce plc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Diesel Generator Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Diesel Generator Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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