Gas Genset Market Analysis
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.
Market Research Future (MRFR), an eminent research firm, asserts that the Gas Genset Market Size 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.
Besides, the increasing demand for remote monitoring of the gas genset status has resulted in the emergence of gas genset with connected GPS devices that can help in monitoring, controlling, and locating the equipment in real-time. These devices also help in checking status & consumption of fuel level of a generator from any device.
These remote monitoring systems can also provide real-time motion alert warning that can help to prevent the occasion of machinery theft and incurring a low maintenance cost. Furthermore, aspects of gas gensets such as high engine efficiency, low/no noise and air pollution are providing a considerable impetus to the growth of the gas genset market.
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:
By Fuel : Natural Gas and Biogas among others.
By Power Rating : Up to 100 KVA, 100-350 KVA, 350-1000 KVA, and above 1000 KVA.
By Application : Standby, Peak Shaving, and Continuous.
By End-user : Industrial, Commercial, and Residential.
By Regions : Asia Pacific, Europe, North America, and the Rest-of-the-World.
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.
Global Gas Genset Market - Competitive Landscape
Fiercely competitive, the gas genset market is categorized by the presence of numerous large & small players. These players incorporate strategic initiatives such as collaboration, technology/product launch, acquisition, partnership, and expansion. Similarly, promotions through
trade exhibitions and greater commercialization of products are some of the other key strategies that these players adopt. Manufacturers strive to develop their portfolio with a range of high-quality gensets of different capabilities.
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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