Gas Genset Market Scenario
The
global gas genset market is expected to grow at 5.00% CAGR during the forecast
period. Genset refers to engine and alternator/generator. For instance, gas
genset consists of gas engine, alternator/generator, fuel day tank, basecamp,
cooling system, and an enclosure. Engine converts the chemical energy into
mechanical energy and this energy is used to power the rotor in order to
convert mechanical energy into electrical energy. An alternator is made of two
main parts; a rotor and stator. The COVID-19
Analysis of Gas Genset Market Size is enduring an exacting period with
its robust growth coming to an abrupt halt in light of the COVID-19 pandemic.
Gas
genset consists of a gas engine and generator. The engine converts the chemical
energy of a fuel to mechanical energy and this mechanical energy is used to
spin the alternator rotor, thereby converting the mechanical energy to
electrical energy. The alternator consists of two parts i.e. a rotor and
stator. The various fuel includes natural gas, biogas, and others. The other
components of genset are fuel day tank, basecamp, cooling system, and an enclosure,
if needed. Gensets provide energy mostly in geographical areas which are not
connected to power grid and in areas with frequent power outages.
Prominent Players
The
key players of the global gas genset market are Caterpillar, Cummins, Wartsila,
Siemens AG, GE, ABB, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC,
Himoinsa, and Sudhir Power. among others.
Industry Segmentation
Global
gas genset market has been segmented based on fuel, power rating, application,
end-user, and region. Based on fuel, the market is classified into natural gas,
biogas, and others. Natural gas segment is leading the market and has the
largest market share, mainly due to availability of natural gas. The global gas
genset market is further segmented based on power rating into up to 100 KVA,
100-350 KVA, 350-1000, and Above 1000 KVA.
Based on application, the global gas genset market is segmented into
standby, peak shaving, and continuous.
Standby segment led the global gas genset market in 2017. The global gas
genset market is segmented by end-user into industrial, residential, and
commercial. Residential segment is estimated to register the highest growth
rate in the global gas genset market during the forecast period.
Regional Outlook
Region
wise, North America held the largest market share of the global gas genset
market in 2017 owing to huge availability of natural gas in the region. The
global gas genset market in North America is dominated by US owing to growth of
natural gas and decline in natural gas prices in the US. It is estimated that
Asia-Pacific region would be the fastest growing market during the forecast
period, mainly due to the rising natural gas production in the region. The gas
genset market would be mainly driven by the favorable government regulations
against greenhouse gas emissions.
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