The Indian residential diesel genset market value stood at $91.3 million in 2020, and it is predicted to rise to $184.9 million by 2030, registering a CAGR of 7.1% from 2020 to 2030. The major factors fueling the expansion of the market are the increasing number of residential settings owing to the rapid urbanization and increasing implementation of government initiatives, mushrooming demand for bi-fuel, inverter, and hybrid generators, and high incidence of power cuts in the country.
The COVID-19 pandemic has hampered the progress of the market, as the policies and regulations implemented by the government to mitigate the spread of the virus, such as lockdowns and movement restrictions, have disrupted the construction of residential buildings. This was made worse by the exodus of laborers to their hometowns and constraints in the supply of construction materials. Similarly, the trade of generators also reduced as people curbed their spending on non-essential stuff.
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Key Findings of India Residential Diesel Genset Market Report
The soaring investments being made by industrialists and the surging number of initiatives being launched by the government are propelling the expansion of the residential sector in India, which is subsequently fueling the growth of the Indian residential diesel genset market. As per the India Brand Equity Foundation (IBEF), the value of the real estate industry in India will rise from $1.72 billion in 2019 to $9.30 billion by 2040.
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Some of the major industry players are Kirloskar Oil Engines Limited, Greaves Cotton Limited, Ashok Leyland Limited, Mahindra Powerol Ltd., Caterpillar Inc., Cummins India Ltd., Cooper Corporation Pvt. Ltd., FG Wilson, Kohler Power India Ltd., and Tractors and Farm Equipment Limited.
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