Power & Energy Application Segment to Drive the Growth of Middle East Gas Genset Market – 6Wresearch
Middle East region predominantly uses diesel gensets owing to abundant availability of crude oil in the region. However, gas genset market is anticipated to witness growth over the coming years, on the back of rising investment to explore unidentified gas reserves such as in Persian Gulf region. Further, booming industrial & commercial sectors generating the need for clean energy and environmental regulations are further complementing the growth of Middle East gas genset market.
According to 6Wresearch, Middle East Gas Genset market is projected to grow at a CAGR of nearly 5.6% during 2018-24. Amongst various gas genset ratings, 375.1 to 1,000 KVA rating gas gensets contributed largest market volume share in 2017 with major applications across data centers, power & energy segment such as oilfields and power plants. Further, above 1,000 KVA rating gensets bagged majority of the revenue share while up to 100 KVA contributed least revenue share in 2017.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, “Power & energy application segment contributed key revenue and volume shares towards the overall Middle East gas genset market in 2017 attributed to presence of robust power and oil & gas sector in the region. Gas gensets are mainly used as prime power source in oil & gas fields for drilling and production operations.”
“Further, upcoming and ongoing projects such as offshore crude processing project – Takreer UAE, South Pars Gas Field, Phase19, Bahrain LNG Terminal, and Basrah Gas Project Iraq would strengthen the demand for gas gensets in the region,” Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, “Under the initiatives such as Saudi Vision 2030, Saudi National Transformation Plan 2020, Oman Vision 2020, and UAE Vision 2020, the region is expected to witness various commercial, industrial, and power infrastructure projects which would drive the demand for gas gensets over the coming years.”
“Besides key verticals, other applications such as transportation infrastructure including ports, railways, and airports are also likely to assist in the growth of gas genset market. For instance, projects such as extension plan for Dubai Metro, Istanbul-Thrace high-speed train project, Istanbul New Airport, and Tehran-Ifsahan Railroad would drive the market for gas gensets in the Middle East region,” Suman added.
“Middle East Gas Genset Market (2018-2024)” provides in-depth analysis of the market dynamics.” The report estimates and forecast the overall Middle East gas genset market by KVA rating, applications, and countries. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.