Investment in gas exploration and production activities in South America are anticipated to positively impact the growth of gas genset market as the region holds abundant natural gas reserves. The governments in South American countries such as Argentina, Brazil, and Venezuela are inviting foreign investment to boost the exploration activities within natural gas sector. Moreover, the gas genset market in South America contributed more than 12% revenue share towards global gas genset market in 2017, wherein, Brazil emerged as the key revenue contributor followed by Columbia and Venezuela.
According to 6Wresearch, South America Gas Genset market is projected to grow at a CAGR of nearly 3.5% during 2018-24. Amongst various KVA ratings, above 1,000 KVA gas genset bagged majority of the revenue share, while up to 100 KVA segment captured largest volume share in 2017. Moreover, industrial and power & energy verticals generated major revenue share towards the overall gas genset market in South America.
According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Gas gensets up to 375 KVA are usually deployed in commercial applications, such as hotels, hospitals, retail spaces, etc. Currently, diesel genset are preferred across these applications owing to lower costs, however, growing environmental concerns and developing gas pipeline infrastructure are posing sound growth prospects for gas gensets within the commercial sector."
"Furthermore, increasing FDI within commercial sector, surging demand for low cost power solutions, and stringent regulations regarding diesel emissions are expected to complement the growth of South America gas genset market over the coming years," Anuj concluded.
According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "Dual fuel gas gensets are trending within gas genset market; companies such as Cummins and Caterpillar are providing dual fuel gas gensets. Further, power generation facilities use gas gensets for peak shaving and to ensure low cost continuous power generation operations while reducing dependence on only single power source."
"In addition, countries with high electricity tariffs are using gas gensets to reduce dependency on grid power. For instance, in Brazil, manufacturing and power generation facilities are the key application areas of gas gensets indicating high use of industrial-grade gas gensets rating above 1,000 KVA for low cost power generation," Suman added.
"South America Gas Genset Market (2018-2024)" provides in-depth analysis of the market dynamics. The report estimates and forecast the overall South America 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.