Gas Gensets Market to See Incredible Growth | 2024
Gas
gensets is a reciprocating internal combustion engine that is used
across the globe for distributed power production. Gas gensets employ
natural gas to power generators and produce electricity. Currently,
the market for gensets is dominated by diesel gensets. Diesel is used
to fuel the generators; however, many countries have laid several
norms to regulate the high levels of harmful emissions from diesel
powered gensets. This is expected to positively influence the global
gas gensets market in the near future. Demand for gas gensets is
driven by the widening electricity demand-supply gap, rising
industrialization, low operational cost, and rising carbon emissions.
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Gas
gensets are broadly used in various end-user segments such as
pharmaceutical & health care industries, communication &
transportation systems, landfill sites, and manufacturing & water
treatment facilities as a back-up power source during grid failure or
power outages. The gas gensets market is expected to expand at a
healthy pace in the near future due to the rise in environmental
concerns, increase in awareness about greenhouse gas emissions, and
volatility in the oil & gas market.
The
gas gensets market can be classified into two segments: application
and geography. On the basis of application, the gas gensets market
can be divided into standby power, primary power, and peak shaving.
Many developed regions, where electricity outages are less frequent,
use gas gensets for standby power. On the other hand, many developing
regions where electricity demand is very high and power cuts are more
common, gas gensets are used as the primary power supply,
particularly in hospitals. Gas gensets also allow companies to lower
expenses, as these may be deployed when the price of electricity is
very high.
Gensets
can be configured easily to form multiple-unit power plants and the
product range is suitable for a variety of business applications,
regardless of location. The in-built heat-recovery process gives it
competitive advantage over others, which eliminates the need for
additional power required to drive the cooling system and thus
increasing overall efficiency.
The
gas gensets market can also be segmented on the basis of geographical
regions. North America is one of the rapidly growing regions for the
gas gensets market. The market is dominated by the U.S. due to the
tremendous growth in the production of natural gas and shale gas. The
region has seen a steep decline in natural gas prices. Strong
opportunity for growth exists in the next few years in the developing
economies of Asia Pacific owing to the rapid globalization in
countries such as Japan, China, and India. The poor distribution and
management of power grids, leading to a rise in power outages, in
developing economies is expected to continue to remain a major factor
in boosting the demand for gas powered generators in Asia Pacific.
Europe
also accounts for a large share of the gas gensets market. Gas
gensets are mainly used as standby power sources in the region. Major
players operating in the gas gensets market are largely focusing on
the developing economies for their immense market potential.
Competition from diesel powered gensets is likely to be stiff due to
their reliability and low maintenance cost, however the increasing
use of eco-friendly fuels amid the growing restriction and
regulations by governments, the global gas gensets market is expected
to experience remarkable growth in the next eight years.
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Major
players operating in the gas gensets market include Caterpillar,
General Electric Company, Cummins, Dresser-Rand, MTU Onsite Energy
GmbH, Generac Power Systems, and Wartsila.
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