Rising Power Demand on Account of Growing Infrastructure as Well as Government Focus Towards the 'Build, Build, Build' Program are Anticipated to Boost the Demand for Diesel Genset Market in Philippines-6Wresearch

Increasing foreign investment and strengthening of infrastructure backed by government 'Build, Build, Build' program would drive the market for the diesel gensets in the country. Additionally, Philippines government has planned to increase the electrification rate of the country and in order to attain the goal, diesel gensets are being used for generation of electricity which would further escalate the growth of diesel genset market during the forecast period.

According to 6Wresearch, Philippines Diesel Genset market revenues are projected to grow at a CAGR of 3.3% during 2018-24. Continuous rise in demand for power supply in the country specifically in the commercial and transportation sector would drive the growth of diesel gensets in the country for auxiliary power source. Additionally, rise in tourism sector of Philippines would accelerate the construction activity of new hotels in the country, which would significantly foster the demand for diesel gensets to provide backup support in the hospitality segment.

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According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "Commercial application captured the highest revenue share in the overall Philippines diesel genset market. The growth can be attributed to increase in construction of office spaces which acts as a key growth driver for diesel genset market in Philippines."

"Further, rise in FDI would also provide a boost for the growth of diesel genset market in Philippines. Additionally, proposed construction of high-tech sustainable smart city such as New Clark City would also support the growth of diesel genset market in the country, "Priya further added.

According to Harshit, Research Associate, Research and Consulting, 6Wresearch, "On account of growing investment in the construction segment as well as numerous projects such as Century Spire, the Mega Tower, SM Keppel Tower in the national capital region of Manila, Luzon has captured the highest revenue share in the diesel genset market of Philippines. Additionally, growing construction of office and retail spaces would also surge the demand for diesel gensets in the region."

"Further, the Luzon region faces power cuts and continuous disruption in electricity supply. This factor has led the government to focus on bridging the demand-supply gap by opting for diesel gensets as a source for power backup," Harshit further said.

Some of the prominent companies in Philippines diesel genset market are Mitsubishi Heavy Industries Engine System, Caterpillar, FG Wilson, Cummins, MTU Asia, Deutz Asia-Pacific, Komatsu, Denyo United Machinery, Perkins Engines and Kohler Power Systems.

"Philippines Diesel Genset Market (2018-2024)" provides an in-depth analysis with 50 figures and 5 tables, covered in 108 pages. The report estimates and forecast the overall Philippines Diesel Genset Market by kVA rating, regions and applications such as residential, commercial, transportation and others. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

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