Gas Generator Sets Market Analysis | 2022-2028

"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% from 2022-2028 to reach USD 14.79 Billion in 2028".

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Market Dynamics

Introduction 

Gas generator sets (often referred to as gas gensets) are devices that convert energy from gas (such as natural gas, biogas, or propane) into electrical power. They consist of an internal combustion engine that runs on gas and is coupled with an alternator that produces electricity.

Market Drivers 

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

• This is primarily because of the low operating costs of gas generator sets, increasing natural gas production, the government’s stringency on environmental norms and compliances, along with 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.

Segment Analysis

By Power Rating Type

 "Power rating > 330 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 > 330 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 requirement. 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 market held more than 13.3% 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 13.3% 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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Key Players

The following are the key players in the Gas Generator Sets Market (arranged alphabetically)

• 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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Report Features

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

What Deliverables Will You Get in this Report?

Research Methodology

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 the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

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

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