Improved techniques with enhanced productivity, growing investments across upstream oil and gas sector, technological advancements and favorable government initiatives to bolster India gas genset market growth through FY2026
According to a report published by TechSci Research on “India Gas Genset Market By Type (Up to 75kVA, 76 kVA-350 kVA, 351kVA-750kVA, >750kVA), By End User (Industrial, Commercial, Domestic), By Region, FY2016-FY2026”, India gas genset Market stood at over USD246.25 million in FY2020 and is forecast to reach USD339.12 million by FY2026. Anticipated growth in the market can be attributed to growing pipeline infrastructure and increasing awareness about gas being a cleaner fuel. Moreover, the lower operating cost of gas gensets as compared to diesel gensets, along with growing construction activities, is further boosting demand for gas gensets in India. Additionally, the rising government focus on reducing harmful emissions and promoting the use of gaseous fuel is further anticipated to aid the growth of India gas genset market during the forecast period.
Based on Type, in terms of gas genset Rating, >750kVA segment captured the largest market revenue share. With ongoing demand for medium rating gas genset from Commercial, Industrial and Domestic segments, >750kVA segment is projected to exhibit high growth during the forecast period.
Few of the major players operating in the India gas genset market include Clarke Energy India Private Limited, Caterpillar India Private Limited, Green Power International Pvt Ltd., GGE Genset Private Limited, Wartsila India Private Limited, Cooper Corporation Private Limited, Perfect Gas Generators, Sterling & Wilson Pvt Ltd., MTU India Private Limited, Cummins India Limited (CIL), Mahindra Powerol Limited, Prakash Diesels Private Limited, Powerline Group of Industries and Kirloskar Oil Engines Limited (KOEL).
Various secondary sources such as white papers and secondary literature on gas gensets, Ministry of Commerce, CEA, Reserve Bank of India, Ministry of Housing & Urban Poverty Alleviation, Federation of Indian Chambers of Commerce and Industry (FICCI), Ministry of New and Renewable Energy, Ministry of Power, Annual Reports, International Monetary Fund and World Bank were studied by TechSci Research.
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Among the regions, West India accounted for the majority of the India gas genset Market with a market share of around 40.1% in 2020 and is anticipated to maintain its position during the forecast period as well. Burgeoning shale gas exploration and production in the US, has favored the gas genset market in West India. Additionally, factors such as increased exploration activity and focus on the development of new oil and gas fields are expected to drive the market for gas genset in West India, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“India Gas Genset Market By Type (Up to 75kVA, 76 kVA-350 kVA, 351kVA-750kVA, >750kVA), By End User (Industrial, Commercial, Domestic), By Region (North, South, East, West), 2016-2026” has evaluated the future growth potential of India gas genset market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India gas genset market.
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