Gas Genset Market Competitive Landscape and Key Players |...

Gas Genset Market Competitive Landscape and Key Players

Posted 2023-10-16 09:10:09

The global gas genset market is expected to grow from USD 10.8 billion in 2022 to USD 16.8 billion by 2032, at a CAGR of 5% over the forecast period. The growth of the market is attributed to the increasing demand for reliable and efficient power supply from various industries, such as data centers, healthcare, and telecommunications.

Gas gensets are used to generate electricity using natural gas or propane. They are more efficient and environmentally friendly than diesel gensets. Gas gensets are also becoming more popular in developing countries, where the demand for reliable power supply is high.

Competitive Outlook

· Caterpillar

· Cummins

· Wartsila

· Siemens AG

· GE

· ABB

· Genrac Power Systems

· MTU Onsite Energy GmbH

· PARAMAC

· Himoinsa

· Sudhir Power

Market Scope

The global gas genset market is expected to grow at ~5.00 % CAGR during the forecast period.

Segmentation

The global gas genset market has been segmented based on fuel, power rating, application, and end-user.

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.

By end-user, it is segmented into residential, industrial, and commercial. Residential segment is estimated to register the highest growth rate in the global gas genset market during the forecast period.

Regional Analysis

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 Natural gas generators market share 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.