Expansion of the manufacturing sector, growing electricity demand from industrial sector along with developing gas related infrastructure in the region were the key drivers for the growth of North America Gas Genset Market during the past few years. Factors such as increasing awareness of gas gensets among customers, high power demand, unreliable grid infrastructure, and more severe and unpredictable power outages due to extreme weather conditions are likely to drive the demand for gas gensets during the forecast period. Further, strengthening of natural gas transportation infrastructure in countries such as Canada and Mexico would also drive the demand for gas gensets in the region.
According to 6Wresearch, North America Gas Genset Market Revenues are Projected to Grow at a CAGR of 5.4% during 2018-24. Strengthening infrastructure sector to keep up with the growing population in the region along with substantial investment in commercial and industrial sector would drive the growth of the North America gas genset market during the forecast period. Additionally, projects such as Google Data Centre, Mountain Valley Pipeline project and Eagle Ford shale would further solidify the demand for gas gensets in the region. Further, the capital expenditure of $791 billion for new oil & gas infrastructure in the region during 2018 to 2035 would also offer positive growth prospects for gas genset in the North America region.
According to Ravi Bhandari, Research Manager, 6Wresearch, "The standby application contributed majority of the market volume share in the North America Gas Genset market attributed to rising demand for these gensets in the residential, commercial and industrial sector in the country. Increasing frequency of grid failures due to inability to sustain high demand load and increasing severity and recurrence of weather-related disasters would further drive the standby gas generators market in future as these gensets are only used in emergency situations".
"Above 1000 KVA ratings of gas genset contributes the highest market revenue share for the North America 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 Power & Energy and Industrial applications were the key revenue generating segments in the overall gas genset market attributed to rising demand for a more balanced energy-mix for power generation and the phasing out of coal-based power plants. Furthermore, the policies promoting gas-based power generation technology has been further leading to the enhancement of growth prospects for the gas genset market during the forecast period."
"United States was the highest revenue contributor amongst the countries in the North America gas genset market on account of increased availability of gas supply infrastructure, tightening government regulations in relation to the greenhouse gas emissions, and growing technological awareness among the consumers." Vikrant concluded.
Some of the prominent companies in North America Gas Genset Market include - GE Power, Caterpillar, Cummins, Generac, Siemens, and Wartsila.
"North America Gas Genset Market (2018-2024)" provides an in-depth analysis with 97 figures and 46 tables covered in more than 160 pages. The report estimates and forecast the overall North America Gas Genset Market by kVA rating, applications, verticals and countries. 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.