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Diesel & Gas Generator Market Steps into the Light as Blackouts Hit Emerging Countries
Market forecasts predict that by 2020, the worldwide genset market will almost double in value to reach $22.3 billion, from a 2011 valuation of $12 billion; growing at a CAGR of 7.1% in the period 2011-2020.
As the recent blackouts in India have illustrated, exploding population figures and unprecedented economic growth are resulting in power shortages in developing countries around the world. Diesel and gas generators are stepping in to fill the void, and are experiencing a sales boom as a result, says energy industry experts GlobalData.
There is a significant demand for diesel and gas generators (gensets), particularly across Africa and Asia, and the thirst for electricity will only increase with as economic prosperity grows. India and China are currently the major stakeholders of the international genset market with a combined share of 30%. Both of these countries face a considerable power supply-demand gap, creating an attractive market for genset manufacturers.
During 2011-2020, the Indian genset industry is expected to jump in value from $1.2 billion to $2.54 billion, while the Chinese industry will climb from $2.4 billion to almost $5.5 billion. By 2020, the combined share of these two nations will have grown to 36% of the global genset market.
In particular, the gas segment of the global genset market is predicted to display impressive growth during the current decade. Gas fuelled generators are low maintenance and create low levels of environmental pollution - a big plus for many consumers in the current climate of ecological awareness. Environmental regulations are expected to become more stringent, not only in the North American and European markets, but in Asia as well, further driving gas generator sales.
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