NEW YORK, May 23, 2022 /PRNewswire/ -- The genset market in Ghana, Madagascar, and Zambia is set to grow at a significant pace in the near future. This is mainly attributable to the high prices of electricity, rapid advance of the telecom sector, increasing demand for power in businesses, and initiatives taken by the government for the development of infrastructure in the nations.
Another significant driver is the high frequency of power outages. The main cause of power cuts in the emerging economies of Africa is the large gap between the electricity demand and supply. As compared to the net demand for electricity in commercial and residential spaces, the supply is not satisfactory, thus creating extreme loading and resulting in power outages. This is the reason for the increase in the requirement for gensets in the region.
Ghana Diesel Genset Market Outlook
- The Ghana DG set market was valued at $54,572.6 thousand in 2021, and it is likely to witness a 2.3% CAGR, to reach $67,032.6 thousand by 2030.
- Despite the increase in generation, power is costly, thus restraining business and industry in Ghana. This has created a strong need for reliable backup power sources, the most popular of which are generator sets running on diesel.
- Gensets of a power rating of 15–75 kVA had the highest revenue, of $21,443.5 thousand, in 2021, because they have a high installation rate in apartments and commercial complexes.
Madagascar Diesel Genset Market Outlook
- The value of the Madagascar diesel genset market was estimated at $21,429.8 thousand in 2021, and it will propel at a CAGR of 2.9%, reaching $27,755.7 thousand by 2030.
- The commercial end use category is expected to grow at the highest CAGR, of 3.9%. This will be primarily because of the constant rise in the construction of commercial spaces, such as hotels, hospitals, offices, and data centers.
- Diesel gensets of 376–750-kVA power rating are the most-widely sold after those that offer power in the range of 15–75 kVA. This is due to the high necessity for the former variants in telecom towers, industries, restaurants, and hotels.
Zambia Diesel Genset Market Outlook
- The Zambia diesel genset market valued $13,762.1 thousand in 2021, and it is likely to propel at a 4.9% CAGR during 2021–2030 and reach $21,210.5 thousand.
- The industrial category had an approximately 41% revenue share in the market in 2021. This was due to the high need for diesel gensets for power generation, manufacturing, and oil and gas production as a major or a supplementary power source.
- The price of landlines and mobile access in the country has taken a significant dip in recent years. This is aiding in the development of the ICT and telecom industry, which needs diesel gensets to cope with power cuts, especially at telecom towers and data centers.
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SOURCE P&S Intelligence