Posted On: 2018-12-09
Increasing emphasis on reduction of carbon footprint and development of infrastructure for availing direct access to natural gas are boosting the demand for gas gensets in Europe. Further, government efforts towards reduction of the nuclear energy share in electricity generation is posing significant growth prospects for gas gensets. Additionally, lower emissions and storage convenience of the gas gensets over that of diesel gensets are complementing the growth of gas gensets in the region.
According to 6Wresearch, Europe Gas Genset market is projected to grow at a CAGR of nearly 5.4% during 2018-24. Above 1,000 KVA gas gensets contributed majority of the revenue share towards the overall gas genset market in Europe in 2017. The demand for a more balanced energy- mix for power generation in the European countries such as UK, Italy, France, Germany, and Russia is further likely to drive the growth of higher rating gas gensets in Europe during the forecast period.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Germany and UK contributed more than 40% revenue share, followed by Russia, Italy, and France being key revenue generating countries for gas genset market in Europe. In addition, Germany emerged as a leader in market volume in 2017. Moreover, gas genset market in UK is projected to display significant growth during the forecast period backed by environmental concerns and related imposition of government regulations and policies in the country."
"Additionally, power & energy followed by industrial application remained the key revenue contributors towards the overall Europe gas genset market in 2017. Continuous expansion of the manufacturing sector in the European countries is likely to spur the growth of industrial gas gensets market over the coming years. Moreover, the development of gas transportation infrastructure across various European countries including Russia and Germany is anticipated to further catalyze gas generator market in Europe," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "Power generation for the power utility-based firms has been one of the major applications of gas gensets covering a major market share in the European gas gensets market. Above 1,000 kVA rating gas generator sets are mostly deployed by power utilities as stand by or back-up source of power generation."
"Further, advantages of gas gensets including no fuel storage, lower emissions, and more stable fuel cost in the longer-run make the deployment of gas gensets more viable in comparison to its diesel counterpart, thereby further driving the growth of gas gensets in the near future," Suman added.
"Europe Gas Genset Market (2018-2024)" provides an in-depth analysis of the market dynamics." The report estimates and forecast the overall Europe 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.