India to Lead Gas Genset Market at a CAGR of 9.06% By FY2026

FY2016–FY2026 INDIA GAS GENSET MARKET FORECAST & OPPORTUNITIES www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING

Scope of Report Product of Interest (POI): Gas Genset A gas genset is an equipment which is used for transformation of heat capacity into mechanical energy and ultimately mechanical energy into electrical energy. Components of a gas genset equipment are alternator, engine, soundproof cabin, automatic transfer switch, control panel and base frame. Growing pipeline infrastructure and increasing awareness about gas beinga cleaner fuel are driving factors for the growth of the India gas genset market. Market Segmentation GAS GENSET MARKET REGION Year Range TYPE • Up to 75kVA • North • 76 kVA-350 kVA • South Review Period • 351kVA-750KVA • East FY2016 – FY2019 • >750kVA • West Base Year FY2020 END USER Estimated Year • Industrial FY2021 • Commercial • Domestic Forecast Period FY2022 – FY2026 2

Table of Contents S. No. Contents Page No. 1. Product Overview (A brief description of the category and product inclusions considered under the scope of the study to give clear picture to the client about the product of interest.) 2. Research Methodology (A detailed methodology on how we have derived the market related information and what are the measures that has been taken to validate the data.) 3. Executive Summary (This chapter covers summary of the complete study.) 4. Impact of COVID-19 on Gas Genset Market 5. Voice of Customer India Gas Genset Market Outlook, FY2016-FY2026F (This chapter includes a brief overview of the product 6. of interest market such as total market’s growth rate, expected growth rate, key growth levers, leading region, top grossing product types, etc. It includes more of a qualitative information about the market.) Market Size & Forecast (This chapter would include the market size i.e., the revenue generated 6.1. from the India gas genset market in one year. In this case, the market size will be provided in value terms for historic period (FY2016-FY2019); current/base year (FY2020); estimated year (FY2021E); and forecast (FY2022-FY2026)) 6.1.1. By Value 6.2. Market Share & Forecast (The overall product of interest bifurcated/split among various segments. ) 6.2.1. By Type (Up to 75kVA, 76 kVA-350 kVA, 351kVA-750KVA, >750kVA) 6.2.2. By End User (Industrial, Commercial, Domestic) 6.2.3. By Company (FY2020) 6.2.4. By Region (North; South; East; West) 6.3. Market Attractiveness Index 3

Table of Contents S. No. Contents Page No. 7. North India Gas Genset Market Outlook, FY2016-FY2026F 7.1. Market Size & Forecast 7.1.1. By Value 7.2. Market Share & Forecast 7.2.1. By Type 7.2.2. By End User 8. East India Gas Genset Market Outlook, FY2016-FY2026F 8.1. Market Size & Forecast 8.1.1. By Value 8.2. Market Share & Forecast 8.2.1. By Type 8.2.2. By End User 9. West India Gas Genset Market Outlook, FY2016-FY2026F 9.1. Market Size & Forecast 9.1.1. By Value 9.2. Market Share & Forecast 4

Table of Contents S. No. Contents Page No. 9.2.1. By Type 9.2.2. By End User 10. South India Gas Genset Market Outlook, FY2016-FY2026F 10.1. Market Size & Forecast 10.1.1. By Value 10.2. Market Share & Forecast 10.2.1. By Type 10.2.2. By End User 11. Market Dynamics 11.1. Drivers 11.2 Challenges 12. Market Trends & Developments 13. Policy Regulatory and Landscape 14. India Economic Profile 15. Competitive Landscape 15.1. Competition Outlook 5

Table of Contents S. No. Contents Page No. 15.1. Competition Outlook 15.2. Company Profiles (Leading Companies) 15.2.1. Company Details 15.2.2. Products & Services 15.2.3. Financials (As Reported) 15.2.4. Key Market Focus & Geographical Presence 15.2.5. Recent Developments 15.2.6. Key Management Personnel 16. Strategic Recommendations (Based on the findings of the report strategic recommendations on how to enter and expand market share) 17. About Us & Disclaimer 6

RESEARCH METHODOLOGY

Research Methodology Market Formulating Developing List Data Data Data Profiling Questionnaire of Respondents Collection Validation Analysis In-depth secondary In order to List of industry TechSci conducted Dataobtained as The data was research was conduct industry players and interviews with a result of scrutinized using MS- conducted to experts’ interviews, industry industry experts primary and Excel, statistical tools determine top players TechSci specialists was and industry secondary and internal in the India gas genset formulated a developed. players for data research was proprietary database market, overall detailed collection and validated to obtain qualitative market size and discussion guide. verification. through rigorous and quantitative segmental market triangulation. insights about the size. India gas genset market. Primary Research Desk Research Company Analysis ✓ Identifying Key Opinion ✓ Recent Developments ✓ Market Participants Data Data Filter Research & Actionable Business ✓ Market Changing ✓ Key Strengths Collection & Analysis Intelligence Insights Solution Leaders Aspects/Dynamics ✓ Questionnaire Design ✓ Government Policies ✓ In-depth Interviews ✓ Conclusion Primary Research Secondary Paid Sources Research ✓ LinkedIn ✓ Company Websites ✓ Factiva ✓ TechSci Internal ✓ Company Annual ✓ Hoovers Database Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body ✓ Associations, etc. 8

Research Methodology Baseline Methodology Our dedicated team of industry experts has monitored and analyzed various aspects of India gas genset market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as the lower operating cost of gas gensets as compared to diesel gensets, along with growing construction activities, and the rising government focus on reducing harmful emissions, among others. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India gas genset market. Methodology Followed forCalculation of Market Size: • Market Size By Value : Market size, in terms of value, for the year FY2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as manufacturers, suppliers, channel partners, endusers,industry experts, and other industry participants. • The team interviewed more than 40 – 50 manufacturers, suppliers, 180 – 200 end users, and 15 – 20 industry experts and other value chain stakeholders in the India gas genset market to obtain the overall market size from FY2016 to FY2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2016- FY2020. • Respondents were asked about the current and future market growth rates, market shares by type, by end user, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated fromotherstakeholders. 9

Research Methodology Methodology Followed forCalculation of Market Shares: Market shares by type, by end user, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of gas genset market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed forForecasting: • TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/TableauSoftware. • Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India gas genset market, TechSci Research used various forecast techniques such as: ✓ Moving Average ✓ Time Series Analysis ✓ Regression Analysis ✓ Econometric and Judgmental Analysis 10

Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It shouldbenotedthatthefigures compiledareonlyfor the organized marketincluding market sharedata. Partial List of Companies Interviewed Key Secondary Sources ▪ Clarke Energy India Private Limited ▪ World Bank ▪ Caterpillar India Private Limited ▪ TechSci Research Proprietary Database & Knowledge ▪ Green Power International Pvt Ltd Repository ▪ GGE Genset Private Limited ▪ Company Annual Reports ▪ Wartsila India Private Limited ▪ Industry Magazines ▪ Yanmar India Private Limited ▪ Industry Reports ▪ MTU India Pvt. Ltd ▪ Statista ▪ Sterling and Wilson Pvt. Ltd. ▪ News Dailies ▪ Mahindra Powerol Limited ▪ Credible Paid Databases ▪ Prakash Diesels Private Limited 11

Industry Brief According to a report published by TechSci Research on “India Gas Genset Market By Type (Up to 75kVA, 76 kVA-350 kVA, 351kVA-750kVA, >750kVA), By End User (Industrial, Commercial, Domestic), By Region, FY2016-FY2026”, India gas genset Market stood at over USD246.25 million in FY2019 and is forecast to reach USD339.12 million by FY2026. Anticipated growth in the market can be attributed to growing pipeline infrastructure and increasing awareness about gas being a cleaner fuel. Moreover, the lower operating cost of gas gensets as compared to diesel gensets, along with growing construction activities, is further boosting demand for gas gensets in India. Additionally, the rising government focus on reducing harmful emissions and promoting the use of gaseous fuel is further anticipated to aid the growth of India gas genset market during the forecast period. Based on Type, in terms of gas genset Rating, >750kVA segment captured the largest market revenue share. With ongoing demand for medium rating gas genset from Commercial, Industrial and Domestic segments, >750kVA segment is projected to exhibit high growth during the forecast period. Few of the major players operating in the India gas genset market include Clarke Energy India Private Limited, Caterpillar India Private Limited, Green Power International Pvt Ltd., GGE Genset Private Limited, Wartsila India Private Limited, Cooper Corporation Private Limited, Perfect Gas Generators, Sterling & Wilson Pvt Ltd., MTU India Private Limited, Cummins India Limited (CIL), Mahindra Powerol Limited, Prakash Diesels Private Limited, Powerline Group of Industries and Kirloskar Oil Engines Limited (KOEL). Various secondary sources such as white papers and secondary literature on gas gensets, Ministry of Commerce, CEA, Reserve Bank of India, Ministry of Housing & Urban Poverty Alleviation, Federation of Indian Chambers of Commerce and Industry (FICCI), Ministry of New and Renewable Energy, Ministry of Power, Annual Reports, International Monetary Fund and World Bank were studied by TechSci Research. Amongthe regions, West India accounted for the majority of the India gas genset Market with a market share of around 40.1% in 2019 and is anticipated to maintain its position during the forecast period as well. Burgeoning shale gas exploration and production in the US, has favored the gas genset market in West India. Additionally, factors such as increased exploration activity and focus on the development of new oil and gas fields are expected to drive the market for gas genset in West India, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm. © TechSci Research 12

Sample Data -Snapshot India Gas Genset Market Size, By Value (USD Million), FY2016–FY2026F 15.00 11.00 12.00 13.00 14.00 7.00 8.00 9.00 10.00 5.00 6.00 FY2016 CAGR By Value FY2020 FY2021E CAGR By Value FY2026F XX% YY% India Gas Genset Market Share, By Type, By Value, FY2016–FY2026F Up to 75kVA 76 kVA-350 kVA 351kVA-750KVA >750kVA FY2026F 25% 25% 25% 25% FY2025F 25% 25% 25% 25% FY2024F 25% 25% 25% 25% FY2023F 25% 25% 25% 25% FY2022F 25% 25% 25% 25% FY2021E 25% 25% 25% 25% FY2020 25% 25% 25% 25% FY2019 25% 25% 25% 25% FY2018 25% 25% 25% 25% FY2017 25% 25% 25% 25% FY2016 25% 25% 25% 25% North India Gas Genset Market Share, By End User, By Value, FY2016–FY2026F Industrial Commercial Domestic FY2026F 33% 33% 34% 33% 33% 34% FY2024F 33% 33% 34% 33% 33% 34% FY2022F 33% 33% 34% 33% 33% 34% FY2020 33% 33% 34% 33% 33% 34% FY2018 33% 33% 34% 33% 33% 34% FY2016 33% 33% 34% © TechSci Research 13

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