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. Leading Players:
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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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.
Regional Outlook
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.
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.
Europe also has a huge share in the global gas gensets market. In the region, gas gensets are generally used as standby power sources.
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.
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