Posted On: 2018-11-02
Growing demand for gensets in power plants, oil & gas fields, rapid growth of industrial sector across various countries as well as low operational cost are the key factors which are driving the growth Gas Genset market over the past few years. Furthermore, exploration of newer and proven natural gas reserves in the African countries, Russia, the United States, Azerbaijan and Turkey are further leading to the development of gas infrastructure for subsequent supply to other parts of the world.
According to 6Wresearch, Global Gas Genset Market Revenues are Projected to Grow at a CAGR of 5.6% during 2018-24. Natural gas is a cleaner fuel in comparison to coal, diesel, lignite and other fossil fuels, which is likely to act as a key contributing factor for its growing popularity and acceptance. Additionally, extreme weather conditions, stringent environmental norms and public and government funded infrastructure development plans across major Asian and North American countries would also drive the demand for Gas Gensets over the coming years.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "The Power & Energy and Industrial applications were the key revenue generating segments in the overall global gas gensets market attributed to rising demand for a more balanced energy-mix for power generation and the subsequent targeted phasing out of coal-based power plants. Furthermore, the policies promoting gas-based power generation technology is further supporting the growth of gas genset market during the forecast period."
"Above 1000 KVA ratings of gas genset contributes the highest market revenue share for the Global Gas Genset market followed by the 375.1-1000 KVA rating gas gensets. Above 1000 KVA gas genets are mainly deployed in coal gas plants, biogas plants and other natural gas plants for power generation purpose," Ravi further added.
According to Vikrant Tomar, Research Associate, 6Wresearch "The demand for gas genset is likely to remain high during the forecast period due to growing opportunities for gas genset with the development of gas pipeline infrastructure for import of natural gas. Additionally, projects such as Nord Stream2 in the European region, and gas pipeline infrastructure investment in North America and Asia-Pacific regions would also spur the demand for gas genset during the forecast period."
"North America was the highest revenue contributor amongst all the regions in the global gas genset market on account of increased availability of gas supply infrastructure, tightening government regulations in relation to the greenhouse gas emissions, and the growing technological awareness among consumers." Vikrant concluded.
Some of the prominent companies in Global Gas Genset Market include - Cummins Inc., GE power, Generac Power, MTU Onsite Energy Corporation, Kohler Power Systems and Caterpillar.
"Global Gas Genset Market (2018-2024)" provides in-depth analysis with 406 figures and 33 tables covered in more than 385 pages. The report estimates and forecast the overall Global Gas Genset Market by kVA rating, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.