Gas
Genset Market
Analysis:
Market
Research Future (MRFR), an eminent research firm, asserts that the global gas
genset market will garner exponential growth by 2023, registering a CAGR of
over 5% throughout the forecast period (2018 to 2023). A significant shift
towards gas generators due to the increased usages in the rental power is a
prevailing trend propelling the growth in the market. The Gas
Genset Market is growing continually, primarily due to the increasing
demand for energy. Frequent outages,
caused by various reasons, including natural calamities that can interrupt
operations in industries, emergency services, homes, and commercial
establishments, drive the market growth. Moreover, the growing demand for
cost-effective and reliable power supply escalates the market on the global
platform.
These
remote monitoring systems can also provide real-time motion alert warning that
can help to prevent the occasion of machinery theft and incurring a low
maintenance cost. Furthermore, aspects of gas gensets such as high engine
efficiency, low/no noise and air pollution are providing a considerable impetus
to the growth of the gas genset market.
The
gas gensets are environment-friendly and produce lower carbon, sulfur, and
nitrogen emissions. Rising carbon emissions, low operational cost, and more
efficiency of gas genset compared to diesel genset are some of the prominent
driving forces behind the growth of the global gas genset market.
Global
Gas Genset Market – Segmentations
For
a better scope of understanding, the report has been segmented into five key
dynamics:
By
Fuel : Natural Gas
and Biogas among others.
By
Power Rating : Up to 100 KVA,
100-350 KVA, 350-1000 KVA, and above 1000 KVA.
By
Application : Standby, Peak
Shaving, and Continuous.
By
End-user : Industrial,
Commercial, and Residential.
By
Regions : Asia Pacific,
Europe, North America, and the Rest-of-the-World.
Global
Gas Genset Market – Geographical Analysis
The
North American region would continue with its dominance over the global gas
genset market throughout the forecast period. Factors that are substantiating
the market growth in the region include rising production of natural gas and
shale gas in the region and aging grid infrastructure and natural calamities
that cause frequent power outages.
Augmenting
demand from events alongside, the upsurge in the construction industry due to
the infrastructure development projects is fostering the growth in the regional
market. The US, backed by declining prices of natural gas and carbon emission
reduction targets, would dominate the gas genset market in North America.
The
gas genset market in the Asia Pacific region has emerged as another lucrative
market, globally. Massive availability of natural gas in the region due to the
rising natural gas production, foster the growth of the regional market.
Moreover,
favorable government regulations against greenhouse gas emissions are
positively impacting the growth in the regional market. Owing to the rapid
growth in the manufacturing sector, in recent years, the region is expected to
demonstrate huge growth prospects during the forecast period. India and China,
backed by the rapid industrial development and commercial activities,
contribute to the gas genset market in the region, majorly.
Global
Gas Genset Market - Competitive Landscape
Fiercely
competitive, the gas genset market is categorized by the presence of numerous
large & small players. These players incorporate strategic initiatives such
as collaboration, technology/product launch, acquisition, partnership, and
expansion. Similarly, promotions through trade exhibitions and greater
commercialization of products are some of the other key strategies that these
players adopt. Manufacturers strive to develop their portfolio with a range of
high-quality gensets of different capabilities.
They
are committed to delivering reliable, leading-edge products and comprehensive
after-sales support.
Major
Players:
Players
leading the global gas genset market include Cummins, Caterpillar, Wartsila,
General Electricals, Siemens AG, Genrac Power Systems, ABB, MTU Onsite Energy
GmbH, Himoinsa, PARAMAC, and Sudhir Power, among others.
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