Myanmar Diesel Genset Market Revenues to Grow at a CAGR of 3.0% During 2018-24
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CEO Insights Team
With the formation of better political, economic and intellectual property related reforms in Myanmar are expected to drive the development of several key sectors such as commercial, residential, hospitality and healthcare. As a result, the diesel genset market in Myanmar is anticipated to witness substantial growth over the coming years.
According to 6Wresearch, Myanmar Diesel Genset market revenues are projected to grow at a CAGR of 3.0% during 2018-24. Implementation of the new Myanmar Investment Law, development of special economic zones (SEZs) in Thilawa, Dwei and Kyaukpyu regions of Myanmar along with government initiatives to attract foreign investment has created a favorable business environment in the country.
Ambitious plans such as the National Transport Plan 2030 and the National Tourism Plan 2013-20 would further drive the demand for diesel gensets in the country during 2018-24.
According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the residential and commercial sectors were the highest revenue generating segments in the overall diesel genset market in Myanmar. With plans to construct 5 million new housing units in the country by 2040 along with substantial growth in the hospitality and telecom segments, the dominance of these sectors is expected to continue during the forecast period as well."
"Development of special economic zones in Myanmar along with incentives by the Government to promote export-oriented manufacturing in the country would lead to strengthening of the manufacturing vertical in Myanmar, thereby increasing the requirement for diesel gensets in the segment in future," Priya further added.
According to Kanchan Negi, Research Associate, Research and Consulting, 6Wresearch, "Diesel gensets in the 5-75kVA power range accounted for the highest market revenue share in the overall diesel genset market due to their widespread application in the residential sector and small business units (SBUs). Due to the low electrification rate of just under 40%, many sectors in the country rely on diesel gensets for the power requirements."
"Plans of the Ministry of Construction to build 5 million housing units in Myanmar by 2040, including the construction of 180,000 residential units in the city of Yangon under the 5-year Housing Development Plan 2016-2021, would further increase the demand for diesel gensets in the residential segment," Kanchan Concluded.
Some of the key players in the Myanmar diesel genset market include Caterpillar, Kohler Power Systems, Denyo United Machinery, Deutz Asia-Pacific, FG Wilson Asia and Mitsubishi Heavy Industries Engine System Asia.
According to Priya Sharma, Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the residential and commercial sectors were the highest revenue generating segments in the overall diesel genset market in Myanmar. With plans to construct 5 million new housing units in the country by 2040 along with substantial growth in the hospitality and telecom segments, the dominance of these sectors is expected to continue during the forecast period as well."
"Development of special economic zones in Myanmar along with incentives by the Government to promote export-oriented manufacturing in the country would lead to strengthening of the manufacturing vertical in Myanmar, thereby increasing the requirement for diesel gensets in the segment in future," Priya further added.
According to Kanchan Negi, Research Associate, Research and Consulting, 6Wresearch, "Diesel gensets in the 5-75kVA power range accounted for the highest market revenue share in the overall diesel genset market due to their widespread application in the residential sector and small business units (SBUs). Due to the low electrification rate of just under 40%, many sectors in the country rely on diesel gensets for the power requirements."
"Plans of the Ministry of Construction to build 5 million housing units in Myanmar by 2040, including the construction of 180,000 residential units in the city of Yangon under the 5-year Housing Development Plan 2016-2021, would further increase the demand for diesel gensets in the residential segment," Kanchan Concluded.
Some of the key players in the Myanmar diesel genset market include Caterpillar, Kohler Power Systems, Denyo United Machinery, Deutz Asia-Pacific, FG Wilson Asia and Mitsubishi Heavy Industries Engine System Asia.