Gas Generator Sets Market Analysis | 2022-2028

Market Insights

The gas generator sets market was estimated at USD 8.85 billion in 2021 and is likely to grow at a CAGR of 7.56% during 2022-2028 to reach USD 14.79 billion in 2028.

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Market Dynamics

Introduction 

Gas generator sets are power systems that convert the chemical energy of gaseous fuels, such as natural gas or biogas, into electrical energy. They function by burning gas in an engine, which drives an alternator to produce electricity. Key components include the engine, alternator, fuel system, control panel, and cooling system. Gas gensets are popular due to their cleaner emissions compared to diesel, cost efficiency, and reliable operation for both standby and continuous power needs. They are widely used across industrial, commercial, and residential sectors, serving as primary or backup power sources. In regions with established natural gas infrastructure, these systems offer a stable, environmentally friendly power solution. As the demand for cleaner energy grows, gas generator sets continue to gain traction, supported by technological improvements that enhance efficiency, emissions control, and performance for diverse applications.

Market Drivers 

The gas generator sets market  is driven by a host of factors, some of which are noted below:

• The low operating costs of gas generator sets, increasing natural gas production, the government’s stringency on environmental norms and compliances, along the growing focus on energy efficiency and cleaner fuel sources.
• The stability of natural gas prices is expected to further propel the deployment of gas generator sets, in the upcoming years.
• Generator sets are more suited to be the primary energy source in the geographical regions with regular power outages and as a supplementary power source in the regions that are not connected to the power grids.
• Due to the high demand in industries and easy configuration of the generator sets, it is expected that there would be a surge in the overall market demand, globally.

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Key Players

The following are the key players in the gas generator sets market:

• Briggs & Stratton
• Caterpillar
• Cooper Corp.
• Cummins Inc.
• Generac Power Systems, Inc.
• GENMAC
• HIMOINSA
• MAHINDRA POWER
• Rolls-Royce Power Systems AG
• SDMO Industries.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Power Rating Type

 "Power rating > 375 kVA - 750 kVA gas generator sets CAGR of more than 7.5% during the forecast period"

• The market is segmented into <75 kVA, 75-375 kVA, 375-750 kVA, and >750 kVA. Among this power rating > 375 kVA - 750 kVA gas generator sets CAGR of more than 7.5% during the forecast period, on account of their increasing demand from small-scale industries, restaurants and cafes, and residential and commercial sectors.
• These generator sets witness large sales due to their low prices and large requirements.
• They help in offering power backup during power outages and power connections across rural areas, with limited power access.

By End-User Type

"Residential end-user segment is expected to gain the maximum traction in the market over the forecast period"

• The market is segmented into residential, commercial, and industrial. Among these segments, the residential end-user segment is expected to gain the maximum traction in the market over the forecast period.
• This growth is majorly attributed to the increasing demand for continuous and reliable power supply.
• Also, during the temporary grid disruptions, there has been a growing dependency on power backup options, which significantly fuels the market growth.

By Application Type

"Prime power gas generators CAGR of more than 7% during the forecast period"

• The market is segmented into standby, peak shaving, and prime/continuous. Among these application types of Prime power gas generators CAGR of more than 7% during the forecast period.
• These generators are predominantly used for providing high-load requirements across different industries such as oil & gas, mining, and construction.
• With the surging infrastructural and industrial development, especially in emerging economies, it is expected that the demand for these generator sets will grow significantly, over the forecast period.

Regional Analysis

"North American held more than 10% 0f market share in 2021"

• The market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. Among these regions, the North American market held more than 10% share in 2021.
• The market growth in this region is majorly attributed to the growing number of infrastructure development projects. 
• The increasing gap between demand and supply, the expansion and development of manufacturing facilities of various industries, and many commercial offices and technology parks across the region.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional gas generator sets market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The gas generator sets market is segmented into the following categories:?

By Power Rating Type 

• <75 kVA
• 75-375 kVA
• 375-750 kVA
•  >750 kVA

By End-User Type 

• Residential
• Commercial
• Industrial

By Application Type 

• Standby
• Peak Shaving
• Prime/Continuous

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.