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Gas Generator Sets Global Market Report 2024 by The Business Research Company | Cummins Inc., Briggs & Stratton Corporation, Kohler Co., Generac Power Systems Inc., Caterpillar Inc., General Electric Company, Siemens AG, Rolls-Royce Power Systems AG, Wär
Gas Generator Sets Market Trends
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%. The growth in the forecast period can be attributed to integration of gas generator sets in hybrid and microgrid systems, demand for combined heat and power (chp) systems for energy efficiency, adoption of low-emission and renewable natural gas sources, customization of generator sets for specific industrial applications, focus on decentralized power generation and distributed energy resources. Major trends in the forecast period include hybrid and multi-energy systems, smart and remote monitoring capabilities, high-efficiency combined heat and power (chp) applications, low-emission and emission-neutral technologies, advanced control and synchronization systems.
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Gas Generator Sets Market Major Segments
The gas generator sets market covered in this report is segmented -
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
Key Driver - Increasing Energy Consumption Across The Globe
The increasing energy consumption across the globe is expected to propel the growth of the gas generator sets market going forward. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in consumption of electricity across the globe. The increase in consumption of electricity is expected to boost demand for gas generator sets, as industries, commercial and residential units are investing in portable power units such as gas generators to counter the regular power outages. For instance, according to the International Energy Agency (IEA) Electricity Market Report July 2021, global electricity demand is estimated to grow by 5% during 2020-21, and 4% during 2021-22. China and India alone are estimated to account for 9% of global growth. Therefore, the increase in energy consumption across the globe is driving the gas generator sets market.
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Prominent Trend - Product Innovation In The Gas Generator Sets Market
Product innovation is a key trend gaining popularity in the gas generator sets market. Many companies operating in the gas generator sets market are developing innovative products with advanced technologies to strengthen their position in the market. For instance, in August 2022, Kirloskar Oil Engines Limited, an India-based sustainable and customer-centric solution provider operating in the gas generator sets market launched a gas-powered generator range. These IoT-enabled gas generators run efficiently even in extremely cold conditions on PNG and also offer a digital monitoring system that enables users to remotely monitor important parameters and the generator's performance in real-time from anywhere, and the noise and emission levels are much lower than in a conventional generating set.
Gas Generator Sets Market Players
Major companies operating in the gas generator sets market include Cummins Inc., Briggs & Stratton Corporation, Kohler Co., Generac Power Systems Inc., Caterpillar Inc., General Electric Company, Siemens AG, Rolls-Royce Power Systems AG, Wärtsilä Corporation, Doosan Infracore Co. Ltd., Mitsubishi Heavy Industries Ltd., Yanmar Co. Ltd., Himoinsa S.L., Perkins Engines Company Limited, Deutz AG, MAN Energy Solutions SE, INNIO Group, Baudouin, JCB Power Products Ltd., Liebherr Group, Atlas Copco AB, Volvo Penta, John Deere Power Systems, Scania AB, WhisperPower B.V., Mase Generators, FG Wilson (Engineering) Ltd., SDMO Industries SAS, Hitzinger GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the gas generator sets market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gas generator sets market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gas Generator Sets Market Report Structure
3. Gas Generator Sets Market Trends And Strategies
4. Gas Generator Sets Market - Macro Economic Scenario
5. Gas Generator Sets Market Size And Growth
…..
27. Gas Generator Sets Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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