Gas Generator Sets Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Gas Generator Sets Market grew at a CAGR of 6.1% between 2017-2021 and is estimated to be US$ 7,305.6Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 7.0% and is expected to reach a valuation of US$ 14,371.2Mn by 2032 end.
Rising data center outage costs and increased natural gas development would support the growth of the gas generator set market. The growing emphasis will impact product demand on electricity security and the ongoing shale gas revolution.
As gas prices are declining and pollution regulations point to the long-term utility of newer installations, these units are ready to capture a sizeable market share. Rising power consumption, an unreliable grid infrastructure, the need for emergency backup power options, and the demand for reliable power delivery are some drivers driving the market for gas generator sets.
THE DEMAND FOR GOODS AND SERVICES IS EXPANDING DUE TO INCREASED URBANIZATION, MOVING THE MANUFACTURING SECTOR FORWARD
The manufacturing sector has greatly aided various Asian Pacific nations’ economic progress. Additionally, many Asian governments have signed extra-regional trade agreements to position themselves as major industrial hubs. According to the ASEAN Economic Community (AEC), if implemented effectively, the Regional Comprehensive Economic Partnership (RCEP) would be a step toward a larger Asia Pacific Free Trade Area (FTAAP).
It can work as a suitable intergovernmental platform for free trade, fostering the growth of various industries and supporting the expansion of the region’s manufacturing sector. The expanding manufacturing industry has fueled the demand for power generation systems and generators like Caterpillars.
HARMFUL EFFECTS ON THE ENVIRONMENT
There are several uses for diesel generators, including industrial, commercial, and household ones. Nitrogen oxides, carbon monoxide, and particulates are emitted during diesel burning. These contaminants are instantly released into the atmosphere, damaging the local ecosystem and the inhabitants.
Several regulations have been put into place to reduce Cummins’s biogas generator set to noise and air pollution. Each nation has created its air pollution laws and policies in response to growing environmental concerns. Manufacturers of ship components place a high premium on developing marine propulsion systems that adhere to various environmental criteria governments around the globe set. The local and emerging enterprises in the 700 kW natural gas generator industry face a considerable challenge.
TO IDENTIFY ALTERNATIVE ENERGY SOURCES TO REPLACE TRADITIONAL FOSSIL FUELS, NEW AND CREATIVE FUEL SOURCES ARE PRESENTLY BEING CREATED
New and inventive fuel sources are now being developed to find alternative energy sources to replace conventional fossil fuels. Hybrid generators, essentially internal combustion engines with a battery, are now available from many manufacturers. When there is a heavy load, the hybrid generators transmit power straight to the engine; when there is a light load, the battery provides power.
They reduce fuel use, noise, and run time for gas turbine generator sets. Gas generator sets have several advantages over conventional generator sets. They are projected to become more popular in portable generator sets, mostly used in remote locations, on construction sites in cities, and in the mining industry. Bi-fuel generators improve backup power by combining the advantages of gas and diesel generators.
Market Segments Covered in Report
By Power Rating:
By Region and Country:
Why is the > 50 kVA – 125 kVA segment expected to grow with the highest CAGR during the forecast period?
Due to their rising demand from small-scale companies, restaurants, and cafés, as well as the residential and commercial sectors, gas generator sets with a power rating of > 50 kVA – 125 kVA are expected to grow at a CAGR of more than 7.5% during the projection period. Due to their affordable prices and high demand, these generator sets experience significant sales. They aid in providing power backup during blackouts and power connections to remote locations with poor access to electricity.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Prominent firms are concentrating on product innovation and mergers and acquisitions to keep up with the market’s severe competition.
The recent developments in the Global Gas Generator Sets Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power Rating, End-User, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 7.0%.
The demand for goods and services is expanding due to increased urbanization, moving the manufacturing sector forward.
Major global Gas Generator Sets Market players are Cummins, Briggs & Stratton Corporation, Kohler, Generac Power Systems, Caterpillar, Rolls-Royce, HIMOINSA, Mahindra Powerol, Genmac, Aggreko, Eaton, Champion Power Equipment, DuroMax Power Equipment, FIRMAN Power Equipment, Westinghouse Electric Corporation.
Harmful effects on the environment restrain the market rise.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Gas Generator Sets market.
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