New York, US, March 31, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Gas genset Market Research Report, by Fuel, End-Use, Region, Power Rating, and Application - Forecast Till 2030”, the global market for Gas genset, is predicted to showcase considerable development over the assessment timeframe from 2022 to 2030 with a strong development rate of approximately 5%.
Gas Genset Market Overview:
Gas gensets refer to the reciprocating internal combustion engines utilized globally for distributed power production. Diesel gensets have been witnessing the highest global demand. Diesel fuels the functions of a generator. But several nations have laid various norms with an outlook for regulating the high levels of damaging emissions from diesel-powered gensets, which in turn is likely to boost the market's development. Furthermore, factors such as rising carbon emissions, low operational cost, widening electricity demand-supply gap, and rising industrialization are also likely to positively impact the performance of the market over the assessment era.
Competitive Analysis
The listing of the prominent leaders across the global market for gas genset includes players such as:
- Caterpillar
- Sudhir Power
- Cummins
- Himoinsa
- Wartsila
- PARAMAC
- Siemens AG
- MTU Onsite Energy GmbH
- GE
- Genrac Power Systems
- ABB
- Among others.
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They are utilized in several end-user segments such as landfill sites, pharmaceutical & health care industries, manufacturing & water treatment facilities, and communication & transportation systems. In addition, the factors such as volatility in the oil & gas market, increased awareness about greenhouse gas emissions, and the rise in environmental concerns are also predicted to catalyze the development of the market over the coming years.
Gas Genset Market COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the gas genset market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: Significant value |
| CAGR during 2022-2030 | 5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuel, Power Rating and Application |
| 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 |
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Gas Genset Market Segment Analysis
The 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. The natural gas segment is leading the market and has the largest market share, mainly due to the 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. The 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. The residential segment is estimated to register the highest growth rate in the global gas genset market during the forecast period.
Gas Genset Market USP Covered
Market Drivers
The global market for gas gensets has displayed tremendous development in the last few years. Diesel gensets have been witnessing the highest global demand. Diesel fuels the functions of a generator. But, several nations have laid various norms with an outlook for regulating the high levels of damaging emissions from diesel-powered gensets, which in turn is likely to boost the market's development. Furthermore, factors such as rising carbon emissions, low operational cost, widening electricity demand-supply gap, and rising industrialization are also likely to positively impact the performance of the market over the assessment era. In addition, the factors such as volatility in the oil & gas market, increased awareness about greenhouse gas emissions, and the rise in environmental concerns are also predicted to catalyze the development of the market over the coming years.
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Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high up-gradation cost linked with these gas plants. Furthermore, the changes introduced by the arrival of the pandemic and the lack of standardization of protocols are also likely to limit the performance over the coming years.
Regional Analysis
The global market for gas genset is analyzed across five main geographies: Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The MRFR analysis reports suggest that the North American region is predicted to secure the leading position across the global market for gas genset over the assessment era. The main parameter supporting the development of the regional market is the minimization of carbon footprint. Furthermore, the availability of natural gas is another crucial parameter anticipated to positively influence the growth of the regional market over the review era. The regional market is predicted to showcase the maximum development over the review timeframe. The growing production of natural and shale gas across the region is also predicted to boost the regional market's development over the review era. The region has the US as the leading growth contributor, given the declining prices of natural gas and the carbon emission reduction targets.
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The Asia-Pacific regional market for gas genset is anticipated to grow considerably over the assessment era. The regional market is anticipated to provide substantial business opportunities the market, given the growing natural gas production across the Southeast Asian countries in the region.
Related Reports:
Gas Generator Market Research Report: By Power Capacity, By End-User and By Region – Forecast to 2030
Diesel Generator Market Research Report Information By Power Rating, By Portability, By End-Use, And By Region – Market Forecast Till 2030
Hydrogen Generator Market Research Report Information By Product, By Process, By Capacity, By Application, And By Region - Market Forecast Till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
