Zambian Diesel Genset Market
Dublin, Oct. 06, 2022 (GLOBE NEWSWIRE) -- The "Zambia Diesel Genset Market Size and Share Analysis by Power Rating, Application - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2021, the Zambia diesel genset market accounted for $13,762.1 thousand revenue, which is predicted to grow at a compound annual growth rate of 4.9% from 2021 to 2030.
This is credited to the growing frequency of government initiatives for improving the electrification rate and substantial developments in the manufacturing, construction, commercial, and oil & gas industries.
Moreover, the rising rate of urbanization and increasing requirement for a dependable and safe electricity supply are driving the demand for such energy production systems. Furthermore, the rising residential building activities in the nation are making reliable backup electricity solutions imperative, which is projected to assist the market expansion in the future.
Many key players in the Zambia diesel genset market are emphasizing the introduction of new products to attract a large consumer base and expand their product portfolios. These market players are Aggreko Ltd., Cummins Inc., Kohler Co., Caterpillar Inc., and Atlas Copco AB.
For instance, Volvo Penta expanded its generation engine lineup in February 2022 with the introduction of the TAD1346GE rated at 500 kVA. This fuel-efficient engine is designed for backup generators, especially those utilized in standby applications or emergencies.
Key Findings of Zambia Diesel Genset Market Report
To offer people 21st-century comforts, Zambia is concentrating on infrastructure development. For example, it intended to expand toll booths on important routes in November 2021, to gather funds for road upkeep.
Addition, the Pave Zambia 2000 program proposes to rehabilitate 2,000 km of urban roads, while the L400 project entails the building of 400 km of roadways in the city of Lusaka for $348 million. These ongoing infrastructure initiatives will contribute to the market expansion as gensets are an essential requirement at construction sites lacking grid connectivity.
The 15-75 kVA category accounted for over 40% of the sales in the Zambia diesel genset market in 2021. This was due to the low cost of these generators and the high demand for them in residential buildings, restaurants, small companies, commercial complexes, and hotels.
After the election held in August 2021, the new government formed the Ministry of Technology and Science to encourage the usage of information and communication technology for social inclusion and economic growth. This will lead to the construction of data centers, where DG sets are critical for backup power supply.
The Smart Zambia initiative has funded data centers, computer assembly plants, ICT training centers, and smart education programs. The increase in internet access and advances in communication via international submarine cables are assisting these efforts.
The industrial category of the Zambia diesel genset market accounted for roughly 41% of the share in 2021. This was due to the fast-rising demand for DG sets as a primary or backup power source in the country's manufacturing and oil & gas sectors.
Increase in frequency of power outages
Rapid growth in telecom sector
Government initiatives for infrastructure development
Impact analysis of drivers on market forecast
Growing preference for clean energy
Harmful effects of diesel gensets
Impact analysis of restraints on market forecast
Atlas Copco AB
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