Gas Genset Market: Emerging Technologies, Key Vendors and Regional Forecast 2023

Posted by Anvi on November 18th, 2019

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.

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:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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Anvi

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Anvi
Joined: October 25th, 2019
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