Yahoo Finance Ghana Diesel Genset Market Report 2022-2030: High Price of Electricity & Rising Economic Developments Driving Opportunities
Ghanaian DG Set Market
Dublin, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The "Ghana DG Set Market Report: By Power Rating, End Use - Industry Trends and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The Ghana DG set market in 2021 was valued at $54,572.6 thousand, which is set to reach $67,032.6 thousand by 2030, advancing at a 2.3% CAGR from 2021 to 2030.
This is because diesel generators are extensively used in energy and power, manufacturing, mining, construction, office, hotel, telecom, hospital, locomotive, and small industrial applications in the country. Other factors propelling the market include the surging instance of power cuts, increasing price of electricity, and rising demand for power in industries.
During the COVID-19 pandemic, the requirement for diesel gensets in Ghana reduced, due to the stoppage in manufacturing activities, which, in turn, led to a low power demand. Additionally, the export and import of such systems were affected, which hampered the Ghana DG set market growth.
However, due to the reopening of offices and manufacturing facilities, as well as the increasing economic activities, the sector has seen a significant comeback since 2021.
In 2021, gensets with a power rating of 15-75 kVA generated the most income ($21,443.5 thousand) in the Ghana DG set market. These systems have a high deployment rate in commercial complexes and residential apartments, such as small-scale enterprises, retail stores, and telecom towers, due to their adaptability to small-to-medium-sized settings.
The major players in the m Ghana DG set market have been focused on launching new products, expanding their facilities, and collaborating with other companies, to improve their portfolios. These players include SUMEC Group Corporation, Siemens AG, General Electric Company, Mitsubishi Heavy Industries Ltd., Aggreko Ltd., Kohler Co., Caterpillar Inc., Atlas Copco AB, Cummins Inc., and Jubaili Bros.
Key Findings of Ghana DG Set Market Report
Ghana had major energy supply problems in the previous decade, costing the country an average of $2.1 million per day in lost output. Even though the generation capacity quadrupled to 3,795 MW in 2016 from 1,730 MW in 2006, the situation is still not satisfactory.
Even though energy output has grown, power remains unreliable and expensive, thus making conducting business in the nation difficult. Despite improvements in power access and delivery, commercial and customers are burdened by the rate structure.
The power rate in Ghana is higher as compared to some of its neighboring nations, for instance, Cote d'Ivoire. Thus, the country's competitiveness suffers, as cheaper electricity draws both domestic and international capital.
In recent years, Ghana has achieved substantial progress in infrastructure development, which has driven socioeconomic growth. For example, Airport City II, a 291-acre high-end, mixed-use commercial zone for offices, hotels, parks, and shopping malls, is in the development phase. It will include residential amenities, open parking lots, multimodal transportation terminals, and highways and accessways.
Mantrac Group, one of Caterpillar Inc.'s authorized dealers in Ghana, launched a new component rebuild center in Takoradi in December 2020. The factory was built to refurbish components such as hydraulic systems, powertrains, power solutions, and engines, so that equipment owners may get maximum performance over their systems' lifetime.
Market Dynamics
Trends
Imbalance in demand and supply of electricity
Electricity loss and power outage
Drivers
High price of electricity
Surging demand for power in businesses
Impact analysis of drivers on market forecast
Restraints
Renewable Energy Act
Government investment in other energy sources
Impact analysis of restraints on market forecast
Opportunities
Rising economic development
Regulatory Framework Analysis
Regulation on the Import of Gensets
Regulation on Diesel Gensets
Overview of the Power Sector in Ghana
Generation
Prime Energy
Transmission
Distribution
Key Players in Ghana Power Sector
Power Sector Policies and Laws Concerning Power Sector in Ghana
Company Profiles
Jubaili Bros
Cummins Inc.
Atlas Copco AB
Caterpillar Inc.
Kirloskar Oil Engines Limited
SUMEC Group Corporation
Aksa Power Generation SA (Pty) Ltd.
Kohler Co.
Aggreko Ltd.
Mitsubishi Heavy Industries Ltd.
General Electric Company
Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/15jj0z
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