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.
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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.
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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.
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