Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The "Philippines Diesel Generator Set Market Report: By Power Rating, Application - Industry Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The 2021 value of the Philippines diesel genset market was estimated at $152.9 million, and it is expected to witness a 5.4% CAGR to reach $245.2 million by 2030
Currently, much of the revenue for genset manufacturers and suppliers in the country comes from the industrial sector, which is witnessing rapid advances. This is partly due to the government initiatives to develop special economic zones and attract foreign direct investments.
Further, among all commercial users, telecom towers are the most significant in terms of diesel genset adoption in the Philippines. With numerous firms transitioning their 3G networks to 4G and many more launching 5G services, telecom towers are being rapidly advanced and installed. Since gensets are essential for uninterrupted communication services, the demand for these systems continues to grow in telecom towers.
Based on power rating, 76-375-kilovolt-Ampere (kVA) variants are the most popular in the Philippines diesel genset market because they are suitable for small industries, restaurants, telecom towers, hotels, and commercial complexes.
With the swift urbanization in the country, the demand for all such facilities is surging, which is leading to a boom in the construction sector. Moreover, after the units start operations, genset would be essential considering the high frequency of power outages in the nation.
To leverage the growth opportunities, the leading companies are launching generators that not only offer more value to customers but also comply with international emission standards.
Key Findings of Philippines Diesel Genset Market Report
- The biggest driver of DG set sales in the country is the massive gap in the demand and supply of electricity. For instance, on Luzon Island, which is inhabited by 110 million people, 11,260 MW of energy was supplied in June 2021 against a peak demand of 11,976 MW.
- Such issues often lead to power outages, which can be made worse by natural calamities. In this regard, a key reason for the Philippines diesel genset market growth is its location in the Pacific Ring of Fire, which leads to a high frequency of earthquakes and volcanic eruptions.
- Additionally, being a developing country, the Philippines lags in several essential utilities, such as potable water. Thus, the water supply infrastructure is being expanded in the Central Luzon region, which will create a strong need for gensets both during the construction and for the operations of the facility.
- Similarly, civic, commercial, and residential spaces are being constructed on a massive scale to address the rapid urbanization in the country. Key projects in this regard are the San Fernando Mixed-Use Complex in Telabastagan, San Fernando; Masters Tower in Cebu; and Marawi Transcentral Road rehabilitation in Mindanao.
- Moreover, the Philippine National Railways South Long-Haul project (PNR Bicol) is being executed with an investment of over $2.5 billion, which will drive the sale of gensets during the construction and for diesel-electric locomotives.
- Since most construction sites are not connected to the grid, they require alternative sources of power; hence, the growing construction industry is propelling the requirement for electricity to operate power tools, which is often met by diesel generators.
Market Dynamics
Trends
- Technology Advancement in Diesel Genset
Drivers
- Growing Industrial and Construction Sectors
- Power Outages
- Growth in the Telecom Sector
- Rising Transportation Sector
- Impact Analysis of Drivers on Market Forecast
Restraints
- Surging Adoption of Solar Energy
- Harmful Effects of Diesel Gensets
- Impact Analysis of Restraints on Market Forecast
Impact of Covid-19
Porter's Five Forces Analysis
Company Profiles
- Caterpillar Inc.
- Cummins Inc.
- Mitsubishi Heavy Industries Ltd.
- Rolls-Royce plc
- John Deere
- Wartsila Corporation
- Kohler Co.
- Kirloskar Oil Engines Limited
- Denyo Co. Ltd.
- Yanmar Holdings Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9zobp5
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