Global Gas Genset Market (2018–2024)

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.â€

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