Kuwait Diesel Gensets Market Segment Forecasts up to 2023
Diesel Gensets are used in commercial and residential complexes as backup power sources lest the main grid should fail. They can also be used as the primary source of power in long-running construction projects. The diesel genset market is huge in Kuwait. Kuwait’s self-reliance on petroleum production means that diesel is cheaper there than in other countries and the raft of new construction projects means that the demand is rising for the Kuwait diesel genset market.
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Segmentation of the Kuwait Diesel Genset Market
The Kuwait diesel genset market can be divided into two broad categories: rented and newly purchased. Rented diesel gensets are usually employed on small-to-moderate construction projects, mainly as backup to the main power supply. Small private projects usually employ rented diesel gensets. The rent agreements favor the construction contractor, since they usually contain clauses that hold the owner of the gensets responsible for their repairs and regular maintenance, rather than the contractor.
Long-running projects initiated by the government often buy new diesel gensets. This option proves to be cost-effective over long periods. Large complexes which can’t afford to lose electricity for even short amounts of time, such as malls and hospitals, also often purchase new diesel gensets as power backup. Residential buyers also overwhelmingly prefer buying over renting. The construction industry boom in Kuwait is expected to boost the numbers of both categories during the forecast period of 2014-2023.
The Kuwait diesel genset market is divided by power output into four categories: 0-75kVA, 75-500 kVA, 500-2000 kVA, and 2000+ kVA. The 0-75 kVA category is by far the most popular category among both rented and new diesel gensets, with a market share of close to 50% by volume. The 2000+ kVA category is rare in the market and absent from the rental category, but due to its high prices, it is the highest grossing category. These high-capacity gensets are only used in large, important, and energy-intensive complexes such as oil refineries and airports.
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Drivers and Restraints of the Kuwait Diesel Genset Market
One of the major drivers of the Kuwait diesel genset market is Kuwait’s strong petroleum industry. Kuwait’s economy is highly reliant on its production of crude oil and petroleum products; it is a founding member of the global petroleum cartel OPEC. This benefits the diesel genset market in two ways. The main influence of the petroleum trade is the need for diesel gensets in oil extraction and processing industries. These industries are vital to Kuwait’s economy and need to be kept running without respite, ensuring a consistent demand for diesel gensets.
Local production of petroleum also results in lower prices of diesel than the global average. This helps the diesel genset market as they are cheaper to run than other sources of backup power.
A construction boom initiated by the Kuwaiti government as well as private constructors has also driven up the Kuwait diesel gensets market. The expansion of the Kuwait International Airport is one of many major construction projects initiated by the Kuwaiti government. These projects will drive up the Kuwait diesel genset market significantly, allowing it to achieve a CAGR of 5%.
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The only significant restraints to the Kuwait diesel genset market are the proposals for numerous other power plants. None of the new plants are built yet, and the diesel genset market will enjoy an unhindered run till they are finished. Ironically the construction of the power plants will also drive up the demand for diesel gensets until the power plants are constructed.
Major Players of the Kuwait Diesel Genset Market
The report covers diesel genset companies such as Cummins, Inc., Caterpillar, Inc., FG Wilson, etc.
According to the report, the Kuwait diesel genset market is expected to reach an estimated value of US$79.7 million in 2023, improving upon its valuation of US$49.1 million in 2013.
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