Kuwait Diesel Gensets Market to Post 5.0% CAGR, Will Reach US$79.7 Million by 2023 Stimulated by Construction Industry: Transparency Market Research

The market for diesel gensets in Kuwait will report a 5.0% CAGR, rising steadily from its 2013 valuation of US$49.1 million to US$79.7 million by 2023. While the construction and oil and gas industries in Kuwait continue to perform at par with expectations, some of this growth is thwarted by the recurrent power outages. This factor will stimulate the need for diesel gensets in Kuwait, says a report by Transparency Market Research.

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The power outages frequently reported in Kuwait are a result of a rapid rise in electricity consumption and a failure of natural gas feedstock to keep pace with the same. Be that as it may, the ready availability and affordability of diesel in Kuwait has led several enterprises across the country to invest in diesel gensets as a power backup source. However, companies in the Kuwait diesel gensets market will lose revenue with the increased installation of renewable energy sources and additional power generation in the country.

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Based on the type of product, the Kuwait diesel gensets market is segmented into rental and new gensets. The former segment was seen to be dominant in Kuwait in 2013.

Likewise, on the basis of genset capacity, the market has been segmented into the following categories: 0 to 75 kVA, 75 to 500 kVA, 500 to 2000 kVA, and more than 2000 kVA. Diesel gensets with a 0-75 kVA capacity led the new gensets market in terms number of units installed. The highest revenue, however, was generated by the diesel gensets with a capacity of 500-2000 kVA. These figures were reported in 2013.

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About TMR

Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.

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