India Gas Genset Market will reach US$ 456.5 Million in 2030
India Gas Genset Market will reach US$ 456.5 Million in 2030, according to the publisher. A gas genset uses a gas-powered engine to drive an electric generator, producing electrical energy. The portion of natural gas in the energy mix of India shall increase to 20% in 2025 compared to 11% in 2010, according to the Petroleum and Natural Gas Regulatory Board (PNGRB). Commercial buildings, data centers, hospitals, and industrial facilities uses it as a reliable backup or primary power source.
Gas gensets are often more cost-effective than diesel gensets due to the lower cost of natural gas or biogas than diesel fuel. Gas gensets produce lower emissions of harmful pollutants, such as carbon dioxide, nitrogen oxides, and sulfur dioxide, than diesel gensets, making them a cleaner and more sustainable option. Gas gensets are highly reliable and can provide uninterrupted power for extended periods, making them ideal for backup or primary power sources. Gas gensets require less maintenance than diesel gensets, as they have fewer moving parts and operate at lower temperatures, resulting in lower maintenance costs over their lifetime.
The power sector has been India's biggest natural gas consumer in the past and shall remain so going into the future. However, the future demand for natural gas from the sector is likely to be constrained by the ability of the power plants to pay for a higher fuel expense, reduced availability of domestic gas supply, and power sector reforms. According to the Petroleum and Natural Gas Regulatory Board (PNGRB), gas contributes to about 10% of power generation in India.
India Gas Genset Market shall register a growth rate of 9.54% from 2022 to 2030
India's power infrastructure is poorly developed, leading to frequent power outages and disruptions. As a result, gensets are often used as backup power sources to provide an uninterrupted power supply. With the rapid growth of industries and commercial establishments in India, there is a growing need for reliable and continuous power supply, especially in critical facilities such as hospitals, data centers, and manufacturing plants. In addition, the increasing urbanization in India has led to a greater demand for power, which the existing power infrastructure is struggling to meet.
Gensets often bridge the gap and provide an additional power supply. The Indian government has launched various initiatives to promote the use of clean energy and encourage the adoption of sustainable energy solutions. For example, the Ministry of Petroleum and Natural Gas has started the IndraDhanush Gas Grid Limited (IGGL) to implement the Hydrocarbon Vision 2030. As a result, gensets that run on cleaner fuels, such as natural gas and biogas, are becoming increasingly popular. Moreover, the technological advancements in genset design have made them more efficient, reliable, and easier to operate and maintain, leading to increased demand. However, the India Gas Genset Market value was US$ 220.2 Million in 2022.
Affordability and Reliability are the key Growth Factors of Low KVA
The Indian gas genset market segments into Low KVA (10-50), Medium KVA (50-500), and High KVA (above 500) based on the KVA range. India's chronic power shortages have increased the demand for reliable power sources, particularly in rural and remote areas with weak grid infrastructure. As a result, low-range KVA gas gensets have emerged as an affordable and reliable solution, being more cost-effective and having a longer lifespan than diesel gensets. Additionally, India has significant reserves of natural gas, a cleaner and more efficient fuel than diesel, making gas gensets an attractive option for power generation. Furthermore, gas gensets emit lower levels of pollutants, making them a preferred choice for users who want to reduce their carbon footprint.
Gas gensets are a dependable power backup source for Industrial Usage
Both the commercial and industrial sectors use gas gensets in India. Gas gensets dominate industrial usage in India due to their reliability, cost-effectiveness, environmental benefits, availability of natural gas, and government initiatives promoting renewable energy sources. They offer a dependable backup power source in case of power outages, emit lower levels of pollutants, and are a preferred choice for industries looking to reduce their carbon footprint.
In addition, the availability of natural gas makes it easier and more cost-effective to use gas gensets for industrial power generation. The Indian government's subsidies and incentives for adopting gas-based power generation have also driven the dominance of gas gensets in industrial usage.
In both Commercial and Industrial usage, Gujarat holds a dominant position in the India Gas Gensets Market
Based on the state, the division in the market for Indian gas gensets is Assam, Gujrat, Delhi, U.P., Haryana, Karnataka, Madhya Pradesh, Maharashtra, and Others. Gujarat's thriving industrial sector requires a reliable and cost-effective power source to meet its high demands. Gas gensets provide a dependable backup power source in case of power outages and are more cost-effective compared to other power generation options.
Gujarat is one of India's leading natural gas producers, making gas gensets a more cost-effective choice for power generation. The government of Gujarat promotes gas-based power generation through subsidies and incentives, encouraging industries to switch to gas gensets. Many sectors in Gujarat prioritize reducing their carbon footprint, and gas gensets emit lower levels of pollutants than diesel gensets, making them an attractive choice for such industries.
Key Players Analysis
The chronic power shortages in India have increased the demand for gas gensets, leading to a competitive market among key players. They invest in R&D to improve efficiency, reliability, and durability to stay competitive, driving innovation and new product launches. In addition, they offer cost-effective solutions and develop more eco-friendly options. Kirloskar Oil Engine, Mahindra & Mahindra Ltd., Ashok Leyland, Cummins India Ltd., and Caterpillar Inc are competing in the market.
In August 2022, Kirloskar Oil Engines announced the launch of solutions for Gas Power Generation. The company also launched its dual fit kit that the users can retrofit on its existing and future diesel generators to run on a combination of gas and diesel.
In May 2022, Caterpillar planned to launch its demonstration Project Using Hydrogen-Fuelled Combined Heat and Power System.
The report titled “India Gas Genset Market Global Forecast by Kva range (Low Kva {10-50}, Medium Kva {50-500}, High Kva {above 500}), end-user (Commercial, and Industrial), State (Assam, Gujrat, Delhi, U.P., Haryana, Karnataka, Madhya Pradesh, Maharashtra, and Others), Company Analysis (Kirloskar Oil Engine, Mahindra & Mahindra Ltd., Ashok Leyland, Cummins India Ltd., and Caterpillar Inc)' provides a detailed analysis of India Gas Genset Market.
KVA Range - Market breakup from 3 Viewpoints:
1. Low KVA (10-50)
2. Medium KVA (50-500)
3. High KVA (above 500)
End-User - Market breakup from 2 Viewpoints:
1. Commercial
2. Industrial
States - Market breakup from 10 viewpoints:
1. Assam
2. Gujrat
3. Delhi
4. U.P.
5. Haryana
6. Karnataka
7. Madhya Pradesh
8. Maharashtra
9. Others
Company has been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue
Company Analysis:
1. Kirloskar Oil Engine
2. Mahindra & Mahindra Ltd.
3. Ashok Leyland
4. Cummins India Ltd.
5. Caterpillar Inc.
Table of Contents
Companies Mentioned
- Kirloskar Oil Engine
- Mahindra & Mahindra Ltd.
- Ashok Leyland
- Cummins India Ltd.
- Caterpillar Inc.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 135 |
| Published | April 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 220.3 Million |
| Forecasted Market Value ( USD | $ 456.5 Million |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | India |
| No. of Companies Mentioned | 5 |
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