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 industrialization and commercialization sector. The instability in the present power infrastructure throughout the world, including advanced economies such as U.S. and Europe along with developing economies such as China and India are fostering the growth for global gas genset market.
According to 6Wresearch, Global Gas Genset Market is forecast to grow at a CAGR of 9.53% during 2016-22. The increasing demand for power in developing regions such as Middle East & Africa, Asia-Pacific and Eastern Europe are spurring high demand for gas gensets. Inadequate grid infrastructure, rising industrialization and commercialization along with increasing electricity demand supply gap are the few of the market drivers for gas genset market.
According to Avishrant Mani, Senior Research Analyst, Research and Consulting, 6Wresearch ,“ 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,” Avishrant further added.
According to Ravi Bhandari, Research Associate, Research and Consulting, 6Wresearch, “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,” Ravi further added.
The major companies in global gas genset market include- Caterpillar, Cummins, GE, Dresser-Rand, Generac, Himoinsa, Wartsila, MTU and others.
“Global Gas Genset Market (2016-2022)” provides in-depth analysis with 67 figures and 42 tables covered in more than 170 pages. The report estimates and forecast overall Global gas genset market by revenue, volume, KW rating of gas gensets, applications and verticals such as industrial, commercial, infrastructure and residential. The report also gives the insights on competitive landscape, market share by companies, market trends, company profiles, market drivers and restraints.