Genset refers to engine and alternator/generator. For instance, gas genset market consists of gas engine, alternator/generator, fuel day tank, basecamp, cooling system, and an enclosure. Engine converts the chemical energy into mechanical energy and this energy is used to power the rotor in order to convert mechanical energy into electrical energy. An alternator is made of two main parts; a rotor and stator. Spinning the alternator rotor through the magnetic field between the rotor and stator creates a voltage on the alternator stator through electromagnetic induction phenomenon. When the voltage on the stator is connected to a load, electrical current flows, and the generator produces power. Gensets finds application majorly in areas not connected to grids and in areas having frequent power outages. Natural gas gensets are cleaner, quieter, and more efficient as compared to diesel gensets.
Based on end-user, the gas genset market is segmented into industrial, commercial, and residential. Residential segment is estimated to dominate the market during the forecast period due to the increasing demand for energy resources in remote and rural areas.
The installation is majorly taking place in Europe, North America, and Asia Pacific. Considering the power rating, the market is segmented as up to 100 KVA, 100-350 KVA, 350-1000 KVA, and Above 1000 KVA. Up to 100 KVA segment accounts for largest share in the gas genset market due to its rising installation in residential sector.
The global gas genset market is expected to grow at ~ 5.00% CAGR during the forecast period.
Market Research Analysis
North America accounts for the largest market share in the Gas genset market
Region wise, North America held the largest market share of the global gas genset market in 2017 owing to huge availability of natural gas in the region. The global gas genset market in North America is dominated by US owing to growth of natural gas and decline in natural gas prices in the US. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the rising natural gas production in the region.
Also Read: https://www.techsite.io/p/1901344
The gas genset market would be mainly driven by the favorable government regulations against greenhouse gas emissions.
GLOBAL GAS GENSET MARKET 2018-2023
Scope of the Report
This report provides an in-depth analysis of the global gas genset market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, the Middle East & Africa, South America.
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The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the gas genset market by its fuel, power rating, application, end-user, and region.
- By Fuel
- Natural Gas
- By Power Rating
- Up to 100 KVA
- 100-350 KVA
- 350-1000 KVA
- Above 1000 KVA
- By Application
- Peak Shaving
- By End-User
- By Region
- North America
- Middle East & Africa
- South Africa
The key players of the global gas genset market are Caterpillar, Cummins, Wartsila, Siemens AG, GE, ABB, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC, Himoinsa, and Sudhir Power. among others.
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