A gas generator set, also known as genset may be defined as an electrical equipment consisting a generator, a gas engine, and other ancillaries, which produce electrical power. The product is primarily deployed to supply emergency power during a grid failure or to provide primary power in sites where grid access is unavailable. Increasing dependency on electricity and security of supply will stimulate the product demand across residential, commercial, and industrial applications.
MARKET DYNAMICS
Several factors which are responsible for fuelling the growth of global gas genset market include the enhanced efficiency when compared with the diesel genset and low operating cost. The increasing carbon emissions in the surrounding is leading to the demand for gas genset and hence driving the growth of global gas genset market in the forecast period. The increasing industries leading to a high demand for electricity, easy configuration and the rising concern for environment is leading to the rise in demand for the gas genset in the market globally. The factors responsible for restraining the growth of global gas genset market includes the limited availability of gases along with disruption of gases during the natural calamities.
MARKET SCOPE
The ?Global Gas Generator Set Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the gas generator set market with detailed market segmentation by fuel type, power rating and end-user. The global gas generator set market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading gas generator set market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Fuel Type: The global market is segmented into Natural Gas, Biogas, and Others.
2. By power rating: The global market is segmented into <100 KVA, 100-350 KVA, 350-1000 KVA, and above 1000 KVA.
3. By End-User: The global market is segmented into Residential, Industrial, Commercial, Power& Energy, and Others.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The gas generator set market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the gas generator set market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the gas generator set market in these regions.
IMPACT OF COVID 19
The COVID-19 pandemic had a negative impact on the gas generator market across the globe due to the reduction in power demand, mainly from institutional customers (industrial and commercial sector), as many manufacturing plants and retail businesses were closed during the lockdown. Factors, such as increasing awareness regarding natural gas as a clean and reliable fuel, increased concerns over diesel maintenance and refueling issues, decreasing natural gas fuel prices, and the general desire to be more environmentally responsible, have supplemented the demand for gas generators in recent years.
MARKET PLAYERS
The report covers vital developments in the gas generator set market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the gas generator set market are anticipated to have lucrative growth opportunities in the future with the rising demand for gas generator set in the global market. Below mentioned is the list of a few companies engaged in the gas generator set market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the gas generator set market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Caterpillar Inc.
- General Electric
- Cummins Inc.
- Himoinsa
- MTU Onsite Energy
- Generac Power Systems Inc.
- Wartsila
- Siemens AG
- ABB
- Dresser-Rand