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Gas Generator Sets Market 2024 - By Size, Unlocking Emerging Growth Opportunities, Share Analysis And Forecast To 2033
Gas Generator Sets Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Gas Generator Sets industry. This report on Gas Generator Sets market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The gas generator sets market size has grown strongly in recent years. It will grow from $8.58 billion in 2023 to $9.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increased in demand for reliable backup power solutions, growth in emphasis on energy security and grid resilience, expansion of industrial and commercial infrastructure, rise in natural gas production and availability, need for continuous power supply in critical applications. The gas generator sets market size is expected to see steady growth in the next few years. It will grow to $10.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%.
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Key Market Players:
Cummins Inc., Briggs & Stratton Corporation, Kohler Co., Generac Power Systems Inc., Caterpillar Inc., General Electric Company, Siemens AG, Rolls-Royce Power Systems AG.
Market Drivers:
According to the Gas Generator Sets Market Report 2024 by The Business Research Company, the surge in crude oil and natural gas production drive the growth of the gas generator sets market. The substantial increase in production of both crude oil and natural gas played a pivotal role in the market's expansion trajectory. For instance, in December 2022, global oil production accounted for 95.70 million barrels per day in 2021, an increase of 1.96% compared to 93.86 million barrels per day in 2020. In addition, the US accounted for the largest share, with 20% of the total oil produced worldwide. Therefore, the surge in crude oil and natural gas production is propelling the growth of the gas generator sets market.
More information about the Global Gas Generator Sets Market Report -
https://www.thebusinessresearchcompany.com/report/gas-generator-sets-global-market-report
Market segments for Gas Generator Sets include:
1) By Fuel Type: Natural Gas, Biogas, Other Fuel Types
2) By Power Rating: Less Than 50 kVA, 51 kVA - 125 kVA, 126 kVA - 200 kVA, 201 kVA - 330 kVA, 331 kVA - 750 kVA, Above 750 kVA
3) By Application: Standby, Peak Shaving, Prime/Continuous
4) By End-User: Residential, Industrial, Commercial, Power and Energy, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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