South Asia Generator Market is segmented By Type (Generators, Diesel/Gas Hybrid Generator, Others), By Portability (Portable, Stationary, Others), By Power Rating (Less than 3 kVA, 3-5 kVA, 6-10 kVA, 11-25 kVA, 26-75 kVA, 76-100 kVA, 101-375 kVA, 376-750 kVA, Above 750 kVA), By Operations (Standby Power, Peak Savings, Continuous Power), By End-User (Residential, Commercial (Hotels, Resort and Marriage Gardens, Restaurants and Bars, Hospital and Clinics, Aquaculture Farms, Government Offices, IT and Telecom, Water Treatment, Building and Construction, Bank and NBFC, Agriculture, Others), Industrial (Oil and Gas, Power Generation/Utilities, Packaging, Assembly Units, Tire and Rubber, Others)), and By Region – Share, Size, Outlook, and Opportunity Analysis, 2020-2027
Market Overview
The South Asia generator market is expected to grow at a CAGR of 6.50% during the forecasting period (2020-2027).
A diesel generator is a diesel motor with an electric generator (regularly an alternator) to produce electrical energy. A diesel compression-ignition engine is usually designed to run on diesel fuel, but some types are adapted for other liquid fuels or natural gas. It is utilized for producing power to give a persistent power supply during power interruptions. It is generally utilized as a reserve gadget during power outages or at spots with no connection to a power network. The expanding utilization of the generator, which can offer a hand extra in-home applications, will deliver energy for sump pumps, lighting, specific required applications like climate control systems (ACS), refrigerators, and medical equipment foreseen to make plentiful open doors in not-so-distant future.
The rise in demand for generators in end-use sectors and occurrences of power grid failure and energy deficiency are the key drivers for the market growth in the region. The electricity demand has risen exponentially, owing to rapid industrialization and increasing per capita electric power consumption.
The threat of substitution from battery storage systems is a major restraint that hinders the market's growth.
The residential generator market is valued at US$ XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach US$ XX Million by 2027
The standby power generator market segment held XX% of the South Asia generator market in 2019 and is expected to increase by XX% by 2027
Market Dynamic
The rise in demand for generators in end-use sectors and occurrences of power grid failure and energy deficiency are the key drivers for the market growth in the region. The growth prospects of the generator market are thus highly influenced by the rise in product demand in associated sectors, ensuring new business expansion opportunities and market growth to significant market players. For instance, a data center, part of the telecommunications industry, requires power to run IT infrastructural equipment such as network and communication equipment, desktops, servers, EAPBX, lighting, air conditioners, security systems, CCTV surveillance, fire alarms, UPS, and other critical devices. A critical requirement of data center buildings is the electricity supply. Thus, in case of power outages, the standby generator is an affordable and viable uninterrupted power backup option for the systems' smooth functioning.
The growing rate of urbanization and the shift in consumer spending patterns towards integrated consumer electronic goods have resulted in frequent power grid failure and shortage in electricity supply for critical and emergency applications in hospitals, communication services, and emergency call centers. It is vital to provide options for power backup and uninterrupted supply so that primary operations do not face challenges. Thus, the generator is adopted extensively, owing to the generator's long service life compared to other alternatives and low operational noise.
The threat of substitution from battery storage systems is a major restraint that hinders the market's growth. The wide-scale adoption of battery storage systems, especially in remote areas that do not have access to power grids, acts as a barrier to installing diesel engines. The generator's operation at low load and fractional capacity causes considerable damage to the equipment, shortening the intervals between maintenance work and increasing expenses. As such, the advent of low-cost alternatives and gradual up-gradation of substitutes severely hamper the market's growth prospects. The battery systems, combined with solar or wind power, provide independence from rising diesel costs, handle demand during peak hours without diesel fuel consumption, reduces energy wastage through performance optimization while also storing excess energy for later use
Segmentation Analysis:-
Based on portability, the South Asia market for generators is segmented as portable and stationary. Based on power rating, the market is categorized into less than 3 kVA, 3-5 kVA, 6-10 kVA, 11-25 kVA, 26-75 kVA, 76-100 kVA, 101-375 kVA, 375-750 kVA, and Above 750 kVA
Depending on the end-user, the market is classified into residential, commercial, and infrastructure. The Residential Generators market is valued at US$ XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach US$ XX Million by 2027. The rapid global urbanization rate and increasing consumer spending power have shifted the market dynamics in favor of generators. Awareness concerning enhanced performance and low operational costs is poised to ensure rising product demand during the forecast period.
The disruption in regular power supply and continued growth in consumer electronic goods has ensured generators' high installation. Development in infrastructural capabilities has made it mandatory to provide uninterrupted power supply to residential buildings. For instance, on June 04, 2018, Generac Holdings Inc., manufacturer of affordable home standby generator and power generation equipment, announced the acquisition of Selmec Equipos Industriales, S.A. de C.V., and its wholly-owned subsidiaries from Enesa Energia, S.A. de C.V. and Enesa, S.A. de C.V.
Based on operations, the market is divided into standby power, peak savings, and continuous power. The standby power generator market is valued at US$ XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach US$ XX Million by 2027. The Standby Power Generators market segment held 66.17% of the South Asia generator market in 2019 and is expected to increase by XX% by 2027
The standby power generator is used for emergency power backup for a short duration with no overload capabilities built into the generator units. The companies recognize the standby power generator market's steady growth rate and thus focus on new product launches to increase company revenue by increasing uct sales revenue.
For instance, on March 06, 2017, Caterpillar Inc. launched a new standby power node for the Cat 3512C diesel generator set that offers industry-leading power density. Rated at 1,750 kW for 60 Hz standby applications, the Cat 3512C generator set offers reliable backup power from an optimally sized engine and a reduced overall footprint that delivers numerous benefits, including lower overall site preparation, transportation, installation, and maintenance costs, as well as reduced fuel consumption and lower emissions.
Geographical Analysis:-
The South Asia generator market is segmented into India, Thailand, Bangladesh, Sri Lanka, Myanmar, Nepal, Maldives, and Bhutan.
In India, electricity demand has risen exponentially, owing to rapid industrialization and increasing per capita electric power consumption. The rapid growth in industry, infrastructure, telecommunication, and the information technology sector is expected to escalate the demand for generators in the region over the forecast period. The market has witnessed increasing production of a generator with improved engine life and other features such as synchronization with the grid, remote monitoring and control, and automated data analysis.
The Nepal generator market is valued at US$ XX Million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach US$ XX Million by 2027
Competitive Landscape:-
Some of the major players are Caterpillar Inc, Cummins Inc, Kohler Co, Mitsubishi Heavy Industries, Ltd, Kirloskar Oil Engines Limited (KOEL) (Kirloskar Group), Wärtsilä Finland Oy, AKSA Power Generation, Yanmar Co., Ltd, Generac Holdings Inc., Mahindra Powerol Ltd.
The South Asia generator market is highly competitive, with key market players boasting of an extended distribution network on a large scale. Companies need to launch new products to capture substantial market share, strengthening global business position in the process.
On February 08, 2019, Kirloskar Oil Engine Ltd introduced its latest product range of technologically advanced intelligent DG (diesel generator) in Delhi. The range is called the i-Green series.
In November 2018, Cummins Inc. introduced the new QSG12 50Hz diesel generator series, which offers optimum performance, reliability, and versatility for stationary standby and prime power applications.
On November 20, 2018, MHI Engine System Philippines, Inc. (MHIES-P), a company operated in the Philippines by Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), a Group member of Mitsubishi Heavy Industries, Ltd. (MHI), has delivered two MGS (Mitsubishi Generator Series) diesel generator sets to SM Center Ormoc, a commercial facility newly opened in the city of Ormoc on the west coast of the Philippines' Leyte Island.
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