ID: MRFR/E&P/5828-HCR | 111 Pages | Published By Anshula Mandaokar on April 2023
Gas Genset Market is expected to grow at 5.00 % CAGR during the forecast period 2022-2030.
Gas gensets are reciprocating internal combustion engines used across the globe for distributed power production. Diesel gensets have been experiencing the maximum global demand. Diesel fuels the functions of a generators. But, many countries have laid several norms with an outlook for regulating the high levels of harmful emissions from diesel-powered gensets. It is expected to influence the global gas gensets market shortly positively.The demand trends for gas gensets are driven by the widening electricity demand-supply gap, rising industrialization, low operational cost, and rising carbon emissions. They are used in various end-user segments such as pharmaceutical & health care industries, communication & transportation systems, landfill sites, and manufacturing & water treatment facilities as a backup power source during grid failure or power outages. The gas gensets market is expected to expand at a healthy pace shortly due to the rise in environmental concerns, increased awareness about greenhouse gas emissions, and volatility in the oil & gas market.
Rising carbon emissions, low operational cost, and more efficiency of gas genset compared to diesel genset are the factors expected to drive the global gas genset market. The annual carbon emissions remained stable from 2014 to 2016. But emissions grew by 1.6% in 2017. So, rising carbon emissions are expected to drive the gas genset market during the forecast period. The factors such as increasing electricity demand-supply gap and carbon emission reduction targets globally are expected to offer promising business opportunities to the global gas genset market. Both developed and developing countries are planning to reduce carbon emissions. For instance, carbon emission reduction targets of US are 25 to 31% reduction by 2030 compared to 1990 levels. Similarly, targets for Japan are 38% to 48%, for Canada are 26% to 41%, and 14 to 27% for Russia. The targets for developing countries include 19% to 34% for China, 30% to 37% for Mexico, 12% to 21% for Indonesia, 13% to 17% for India, 32% to 49% for Brazil, and 12% to 21% for Indonesia by 2030 compared to 1990 levels.
The key players of global gas genset market are Caterpillar, Cummins, Wartsila, Siemens AG, GE, ABB, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC, Himoinsa, and Sudhir Power. among others.
Global gas genset market has been segmented based on fuel, power rating, application, end-user, and region. Based on fuel, the market is classified into natural gas, biogas, and others. Natural gas segment is leading the market and has the largest market share, mainly due to availability of natural gas. The global gas genset market is further segmented based on power rating into up to 100 KVA, 100-350 KVA, 350-1000, and Above 1000 KVA. Based on application, the global gas genset market is segmented into standby, peak shaving, and continuous. Standby segment led the global gas genset market in 2017. The global gas genset market is segmented by end-user into industrial, residential, and commercial. Residential segment is estimated to register the highest growth rate in the global gas genset market during the forecast period.
Global gas genset market is expected to witness substantial growth during the forecast period owing to minimization of carbon footprint and availability of natural gas. North America is expected to be the fastest-growing market, by region, during the forecast period. This is due to the rising production of natural gas and shale gas in the region. US is expected to dominate the gas genset market in North America owing to declining prices of natural gas and due to carbon emission reduction targets. Asia-Pacific also offers promising business opportunities in the gas genset market owing to rising natural gas production in Southeast Asian countries in the region.
|Market Size||2030 : USD 16000.00 Million|
|CAGR||5% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fuel , Power Rating and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Caterpillar, Cummins, Wartsila, Siemens AG, GE, ABB, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC, Himoinsa, and Sudhir Power|
|Key Market Opportunities||Increasing electricity demand-supply gap Carbon emission reduction targets globally|
|Key Market Drivers||Rising carbon emissions low operational cost More efficiency of gas genset|
The rising carbon emissions, low operational cost, and more efficiency of gas genset compared to diesel genset are the factors driving the global gas genset market.
Global gas genset market’s segments are listed as fuel, power rating, application, end-user,
5% is the CAGR of the company.
Asia-Pacific is the region that offers promising business opportunities in the gas genset market.
Cummins, Wartsila, Caterpillar, GE, ABB, Genrac Power Systems, Siemens AG, PARAMAC, Himoinsa, MTU Onsite Energy GmbH, and Sudhir Power are the key players.