Global gas genset market is experiencing a steady growth owing to electricity demand supply gap, need to generate power from cleaner source of energy, infrastructure development and fast growth in industrialisation and commercialisation sector, according to a report.
The instability in the present power infrastructure throughout the world, including advanced economies such as US and Europe along with developing economies such as China and India are fostering the growth for global gas genset market, according to a 'Global Gas Genset Market' report by 6Wresearch.
The gas genset market has been forecast grow at an average growth rate of 9.53 per cent during 2016-22.
The increasing demand for power in developing regions such as Middle East and Africa, Asia-Pacific and Eastern Europe are spurring high demand for gas gensets.
Inadequate grid infrastructure, rising industrialisation and commercialisation along with increasing electricity demand supply gap are the few of the market drivers for gas genset market.
Avishrant Mani, senior research analyst, Research and Consulting, 6Wresearch, said: "Low prices of natural gas in comparison to crude oil would encourage end users to opt for natural gas gensets over diesel or gasoline gensets.
"Moreover, surge in natural gas production owing to discovery of new gas fields and boom in shale gas due to technological development in hydraulic fracking and horizontal drilling has resulted into reduced natural gas prices."
Ravi Bhandari, research associate, said: "Gas Gensets contributes fractionally in the global genset market, where diesel gensets have dominated the market revenue due to effective supply chain for diesel, low fuel cost, ease of storage and ease of installation.
"However, with the expansion of gas pipeline infrastructure and introduction of stringent environmental norms to restrict the emissions of greenhouse gases and Particulate Matter (PM), the demand for gas gensets is anticipated to surge in the years to come."
The major companies in the global gas genset market include Caterpillar, Cummins, GE, Dresser-Rand, Generac, Himoinsa, Wartsila and MTU. - TradeArabia News Service
Media Source: Trade Arabia