As per a report by P&S Intelligence, a renowned market research firm, the Philippines DG set market will reach USD 245.2 million, growing at a 5.4% CAGR, by 2030.
The growth in the industry is primarily credited to the increasing construction and industrial industry, which are driving the requirement for electricity.
The Philippines diesel generator set industry has an optimistic future, as the requirement and production are expected to rise in the years to come. Initiatives by the government to promote the telecom industry and the regular outages of power in the nation are helping the growth of the industry.
The diesel generator set industry in the Philippines is also advancing at a decent pace due to the focus of the national government on attracting foreign direct investments. The nation has established economic zones to attract abroad firms and support them to establish production facilities.
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Moreover, there is a high electricity demand in the nation because of the regular outages of power, mostly because of natural disasters, such as typhoons, droughts, and floods. Generally, 20 storms and typhoons batter the Philippines every year apart from the seasonal rains in monsoons.
For example, Typhoon Odette hit Manila in December 2021, disrupting the supply of electricity, which triggered huge inconvenience to the people. This type of event continues to increase the requirement for diesel gensets in the nation, therefore providing several opportunities to the producer and distributor of such equipment.
Based on application, the industrial gensets generated the largest revenue share in the industry of the Philippines diesel generator set, of over 40%, in 2021. This is ascribed to the government's engagement in numerous industrial projects.
The key trend witnessed in the industry is the launches of products and acquisitions by the major industry player to gain a competitive edge.
Hence, with the increasing construction and industrial sectors and outages of power in the Philippines, the Philippines DG set industry will grow significantly in the years to come.
