Gas Genset Market Size and Analysis, Trends, Recent Developments, and Forecast Till 2030

Gas Genset Market Overview:

Gas Genset Market is expected to grow at 5.00 % CAGR during the forecast period 2022-2030.

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.

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Report Attribute/Metric	Details
CAGR	5.00 % CAGR (2022-2030)
Base Year	2021
Forecast Period	2022 to 2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Fuel , Power Rating and Application
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)

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.

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.

Competitive Outlook

GE, Wartsila, Caterpillar, MTU Onsite Energy GmbH, Himoinsa, Sudhir Power, Genrac Power Systems, PARAMAC, Siemens AG, ABB, and Cummins are key players of the global gas genset market.

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