Gas Genset Market 2021 Key Players Analysis, Trends, Overview

 Market Highlights

Genset refers to engine and alternator/generator. For instance, gas genset 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.

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Regional Analysis

North America is expected to be the fastest-growing market, by region, during the forecast period. This is due to the rising production of natural gas and shale gas in the region. US is expected to dominate the gas genset market in North America owing to declining prices of natural gas and due to carbon emission reduction targets. Asia-Pacific also offers promising business opportunities in the gas genset market owing to rising natural gas production in Southeast Asian countries in the region.  

Segmentation

The global gas genset market has been segmented based on fuel, power rating, application, and end-user. 

Based on fuel, the market is classified into natural gas, biogas, and others. Natural gas segment is leading the market and has the largest market share, mainly due to availability of natural gas. 

The global gas genset market is further segmented based on power rating into up to 100 KVA, 100-350 KVA, 350-1000, and above 1000 KVA.  

Based on application, the global gas genset market is segmented into standby, peak shaving, and continuous.  Standby segment led the global gas genset market in 2017. 

By end-user, it is segmented into residential, industrial, and commercial. Residential segment is estimated to register the highest growth rate in the global gas genset market during the forecast period. 

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. The gas genset market would be mainly driven by the favorable government regulations against greenhouse gas emissions.

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