- July 21, 2021
-- 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.
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.
Additionally, the implementation of favorable government laws and data protection policies is massively pushing up the power requirements, which is, in turn, propelling the demand for gensets in the country. Depending on application, the Indian gensets market (https://www.psmarketresearch.com/market-analysis/india-ge...
) is categorized into industrial, residential, and commercial. Out of these, the commercial category recorded the highest growth in the market in the past years and this trend is predicted to continue in the coming years as well.
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.