NEW YORK, June 9, 2016 /PRNewswire/ --
Rapid urbanization and increasing growth in the industrial and commercial sector have resulted in high energy consumption which has led to huge disruption in the power supply to the end-customers. This has arisen the need for emergency power backup systems like gas gensets to ensure uninterrupted power flow. Gas gensets are mostly used in diverse end use segments such as healthcare and pharmaceutical industries, transportation & communication systems, manufacturing facilities, landfill sites, water treatment and sewage facilities, etc. and acts as a back-up power source during power grid failure or outages. Natural gas gensets are projected to grow at a robust pace in the near future mainly due to the volatility in oil & gas market. On account of the growing environmental concerns and increasing awareness towards reducing carbon emissions, the end users have shifted towards gas gensets so as to fulfil their increasing power demands. Gas powered gensets requires low maintenance and emits low levels of environmental pollution in comparison to diesel gensets which provides them a huge leverage over diesel gensets.
Global Gas Genset Market: Drivers and Restraints
The increasing instability in the power infrastructure across the globe, particularly in advanced economies like U.S. and Europe as well as in developing nations like China and India have propelled the growth for global gas genset market. In addition to this, the stringent environmental regulations in regions like North America, Europe and Asia-Pacific would further drive the market for global gas gensets in the next five-six years. Lack of inadequate gas infrastructure in both developed and developing countries coupled with the huge investments required for laying natural gas pipelines are considered to be a major restraint in the growth of global gas gensets.
Global Gas Genset Market: Segmentation
The global gas genset market is segmented on the basis of kVA Rating, End-Users and Region
Based on kVA Rating, the global gas genset market is segmented into the following:
- Low Rating (1 kVA-75 kVA)
- Medium Rating (75.1 kVA-350 kVA)
- High Rating (350.1 kVA- 750 kVA)
- Very High Rating (more than 750 kVA))
Based on End-Users, the global gas genset market is segmented into the following:
Global Gas Genset Market: Overview
The Global Gas Genset Market is anticipated to grow at a steady rate during 2016-2021, on account of increasing demand-supply gap, rapid growth in the industrial and commercial sector and rising need for generating power through clean energy sources. Drop in natural gas prices and fluctuations in crude oil prices would further encourage customers to opt for gas gensets over diesel gensets. Asia-Pacific gas genset market has a strong potential for growth in the next 5-10 years owing to the rapid industrialization in countries like China and India coupled with increasing adoption of cleaner energy sources for backup power. The increasing power outages, particularly in countries like China and India would continue to remain the major factor in driving the demand for gas gensets in Asia-Pacific.
Global Gas Genset Market: Region-wise Outlook
At present, North America is the leading region in global gas genset market, followed by the Europe and Asia Pacific. North America is one of the fastest growing regions for the gas genset market and United States the major shareholder, due to the surge in natural gas production and boom in shale gas which has led to the decline in natural gas prices in U.S. as compared to other countries. In addition to this, the discovery of new oil and gas fields as well as the expansion in the gas pipeline infrastructure have increased the demand for gas gensets in order to cater to the growing electricity demands.
Global Gas Genset Market: Key Players
Key players in the Global Gas Genset Market include Caterpillar, Cummins, General Electric Company, Dresser-Rand, Generac Power Systems, MTU Onsite Energy GmbH and Wartsila etc.
The report covers exhaustive analysis on:
- Market Size
- Market Segmentation
- Innovations and Technological Advancements
- Market Dynamics (Market Drivers & Challenges)
- Market Trends & Developments
- Competition & Companies involved
"Global Gas Genset Market Forecast & Opportunities, 2021" has analyzed the potential of the global gas genset market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by the industry.
- Global Gas Genset Market Size, Share & Forecast
- Segmental Analysis - By kVA Rating, End-User, Region & Company
- Market Dynamics
- Market Attractiveness Index
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
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