Gas Genset Market Research
Report: Information by Fuel (Natural Gas, Biogas, Others), Power Rating (Up to
100 KVA, 100-350 KVA, 350-1000 KVA, Above 1000 KVA), Application (Standby, Peak
Shaving, Continuous), End-User and Region – Global Forecast till 2023
Gas Genset Market Research
Report – Global Forecast till 2023
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.
Rising demand for power and the unstable power supply
situations in most of the developing countries are aiding the growth in the gas
gensets market. Additionally, stringent regulations against CO2 emissions that
affect internal combustion engines are augmenting the demand for the gas
gensets.
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.
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:
Based
on end-user, the gas genset market is segmented into industrial, commercial,
and residential. Residential segment is estimated to dominate the market during
the forecast period due to the increasing demand for energy resources in remote
and rural areas.
The
installation is majorly taking place in Europe, North America, and Asia
Pacific. Considering the power rating, the market is segmented as up to 100
KVA, 100-350 KVA, 350-1000 KVA, and Above 1000 KVA. Up to 100 KVA segment
accounts for largest share in the gas genset market due to its rising
installation in residential sector.
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.
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.
About Market Research Future:
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