Market Research Future (MRFR) believes that the global gas genset market has the potential to achieve a CAGR of 5.00% during the forecast period (2016-2023). Gas genset is used for generating gas by a chemical reaction or from a solid or liquid source. Gas gensets possess various advantages which makes in a preffered in various applications. For instance, gas genset has best fuel efficiency, low operating cost, well suited for CHP operation, and well suited for variable load applications, among others. Due to these advantages, the demand for gas genset tend to increase during the forecast period. A detailed analysis report of COVID-19 impact on Gas Genset Market Size is provided with the report.
The players that are leading the worldwide gas genset market include ABB, Himoinsa, Sudhir Power, Siemens AG, GE, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC, Caterpillar, Cummins, Wartsila, among others.
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Primary Drivers and Key Challenges
Gas gensets can be described as a reciprocating internal combustion engine, which is used for distributed power production. These make use of natural gas for powering generators and producing electricity. At present, diesel gensets enjoy the highest demand in the gensets market. However, a number of countries now implement several norms that aim at reducing the high levels of harmful emissions originating from diesel-powered gensets. This factor is touted to have a lucrative effect on the global gas gensets market in the years to come.
Rising demand for gas gensets is the result of the widening electricity demand-supply gap along with increasing industrialization and surge in carbon emissions. Gas gensets are used extensively in numerous end-user segments like communication & transportation systems, pharmaceutical & health care industries, manufacturing & water treatment facilities, and landfill sites. Gas gensets are used as a back-up power source when there is a grid failure or a power outage.
The gas gensets market can also benefit from the rising awareness about greenhouse gas emissions and volatility within the oil & gas market. As gas gensets are eco-friendly and are known for lower carbon, sulfur and nitrogen emissions, their demand is expected to mount in the forthcoming years.
Gas Genset Market Segmentation
The global gas genset market has been studied considering the primary segments like fuel, power rating, application and end-user.
Fuel-wise, the market is split into natural gas, biogas, and others. Natural gas segment is at the top position in the market with the largest share, primarily due to large-scale availability of natural gas across various regions in the world.
The global gas genset market, with respect to the power rating, can be divided into up to 100 KVA, 100-350 KVA, 350-1000, and Above 1000 KVA.
In terms of the application, the global gas genset market includes standby, peak shaving, and continuous. In 2017, the standby segment had held the biggest share in the gas genset market.
The global gas genset market, with regard to end-user, includes industrial, residential, and commercial. Residential segment can attain the highest growth rate in the global gas genset market in the years ahead.
North America, the Middle East and Africa, South America, Asia Pacific and Europe are the primary markets for gas gensets.
North America can gain traction in the global market at the fastest growth, estimates MRFR. The fast-paced market growth in the region is in response to the surging production of natural gas as well as shale gas. The United States (US) is at the vanguard of the market growth in the region, given the declining prices of natural gas combined with the carbon emission reduction targets.
APAC has a strong potential for growth, with most of the developing countries showing immense promise. Countries like India, Japan, and China are now making their presence felt in the global arena, which benefits the market as well. Poor distribution and management of power grids which is leading to power outages in developing nations can favor the regional market.
Europe also has a huge share in the global gas gensets market. In the region, gas gensets are generally used as standby power sources. Renowned players in the region with expertise in gas gensets, are now focusing on developing advanced products to expand their position. Moreover, rising use of eco-friendly fuels, given the increasing restriction and regulations by governments will lead the gas gensets market to greater heights in the following years.
In MEA, rising need to power generation via clean energy sources, stringent environmental regulations, inadequate power infrastructure, and burgeoning pipeline infrastructure can stimulate growth of the gas genset market.
MAN Engines is set to present a gas genset engine catergozied in the 500 kW class at PowerGen International 2019. The MAN E3262 LE252 is the latest engine development which is based on the E3262 gas engine platform that was launched in the year 2012.
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