Growth opportunities in the gas genset market look promising over the next six years. This is mainly due to the increasing industries which is leading to high demand for electricity and easy configuration, rising concern for the environment, low operating cost, and growing carbon emissions in the surrounding.
Gas Genset Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The major drivers for the growth of the global gas genset market include improved efficiency as compared to the diesel genset and low operational cost. The increase in carbon emissions in the surrounding which leads to a boost in demand for gas genset, hence fuelling the growth of the global genset market. The surging industries resulting in huge electricity demand, rising environmental concern, and easy configurations lead to an expansion in worldwide demand for gas genset. However, the factors restraining the global gas genset market’s growth are the limited availability of gases and the disturbance of gases during natural calamities. Government in developing countries like India and China is taking various initiatives to uplift building and construction markets, thus increasing the demand for the gas genset market.
Power Rating Segment Drivers
On the basis of power ratings, less than or equal to 100 kVA gas generators are expected to lead the market owing to the growing use in the commercial, telecommunication sector, small scale industries, and small restaurants. These are increasingly used as a backup power source in grid-connected areas and the main power source in off-grid areas. The change in the landscape for small businesses, mainly in the developing countries of Asia-Pacific and Africa, will boost the demand for less than or equal to 100 kVA gas genset.
Regional Drivers
Based on region, the Asia-Pacific region is anticipated to grow at a faster CAGR over the forecast period owing to the rapid globalization and augmenting natural gas production in this region. Additionally, the improving economic rate resulting in an expansion in power generation demand also supports market growth in this region. On the other hand, North America is projected to witness significant growth due to the huge availability of natural gas and low natural gas prices. The green manufacturing practices have increased the demand for cleaner fuel, thereby fuelling the demand for the gas genset.
Gas Genset Marker’s leading Manufacturers:
- ABB and Dresser-Rand
- Caterpillar
- Generac Power Systems Inc.
- Himoinsa
- Wartsila
- MTU Onsite Energy
- Cummins Inc.
- Siemens AG
- General Electric
Gas Genset Market Segmentation:
Segmentation by Fuel:
- Natural Gas
- Biogas
- Others
Segmentation by Power Rating:
- <100 KVA
- 100-350 KVA
- 350-1000 KVA
- above 1000 KVA
Segmentation by Application:
- Standby
- Peak Shaving
- Continuous
Segmentation by End-User:
- Residential
- Industrial
- Commercial
- Power& Energy
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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