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Lower Price of Natural Gas and Growing Oil & Gas and Commercial Sectors are driving the Growth of North America Gas Genset Market - 6Wresearch

03 December, 2018

Gas gensets are gaining popularity in North America as an alternative to diesel gensets on the back of surging environmental awareness in the region. Lower prices of natural gas coupled with declining costs of gas gensets are increasing the demand of gas gensets in the region. Moreover, expansion of manufacturing units along with growing electricity demand from industrial sector would also boost the growth of North America gas genset market.

According to 6Wresearch, North America Gas Genset market is projected to grow at a CAGR of nearly 4.7% during 2018-24. Above 1,000 KVA rating gas gensets contributed majority of the revenue share while up to 100 KVA rating gensets captured largest volume share in the overall gas gensets market in North America. Further, industrial and power & energy application segments contributed more than 60% revenue share in 2017. However, the residential segment is projected to exhibit higher growth as compared to other segments owing to well-developed gas pipeline infrastructure in the region.

According to Anuj Mehrotra, Assistant Research Manager, Research and Consulting, 6Wresearch, "Growing environmental awareness, developing gas pipeline infrastructure, and surging adoption of gas gensets are gradually resulting into phasing out of coal & diesel power plants in North America. Gas infrastructure projects such as Coastal Gas Pipeline and Pacific Trails which will be completed by 2024, would further complement the North America gas genset market."

"Additionally, the U.S. and Canada emerged as the key countries driving the North America gas genset market while rest of North American countries are still working towards development gas pipeline infrastructure in the region. Power generation and industrial verticals emerged as the key end users driving the natural gas demand in the U.S." Anuj concluded.

According to Suman Gautam, Research Analyst, Research and Consulting, 6Wresearch, "In 2017, the United States captured more than 70% revenue share in the overall North America gas genset market. According to Energy Information Administration, in 2016, above 42% of the operating electricity generating capacity was accounted by natural gas-fired generators in the US. Relatively low natural gas prices and supportive renewable energy policies in the country are likely to assist in gas genset market growth over the coming years."

"Moreover, growing building construction industry in North America led by Canada, Mexico, and the U.S. is estimated to contribute towards North America gas genset market growth over the coming years" Suman added.

"North America Gas Genset Market (2018-2024)" provides in-depth analysis of the market dynamics. The report estimates and forecast the overall North 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.

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