Global Gas Generator Market is expected to foresee significant growth. APAC to hold a significant share!
- Vikas Kumar
- July 30, 2022
- ENERGY & POWER, NEWS
- Gas Generator Market, Gas Generator Market Forecast, Gas Generator Market Growth, Gas Generator Market Share, Gas Generator Market size, Gas Generator Market Trend
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The gas generator is a device that uses a rocket propellant for generating a large quantity of gas. It is mainly used in the utilization of chemical energy for creating electrical power. There are two types of generators: AC (alternating current) generators and DC (direct current) generators. The way of generating electricity is the same in both types but differs in the application where the process in which loads receive electric powers is different. While storing any impractical or undesirable pressurized gas, the gas generator may create some chemical reaction or form a liquid or solid source. It plays a significant role in the reduction of GHG (Greenhouse Gas) emissions as it burns cleaner than other forms of conventional fuels. In addition, major players such as Caterpillar Inc., Cummins Inc., Kohler Co., Aggreko, and many others in the market are continuously developing solutions for gas generators. Thus, the global gas generator market is expected to witness a CAGR of around 7% during the forecast period (2021–2027).
However, However, the COVID-19 pandemic has significantly impacted the market size of the gas generator. Several countries enforced nationwide lockdowns as part of measures to limit the spread of the coronavirus. The growth of the gas generator market was also affected due to the shutdown of manufacturing activities and the decline in demand for commercial services in 2020. In addition, volatility in the prices of natural gas during the pandemic further aggravated the impact on the market of gas generators.
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Based on power, the market is fragmented into below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA. During the forecast period, below 75kVA is likely to dominate the global gas generator market. As below 75kVA is supported by various industries such as telecom, retail, small restaurants, and many residential and commercial buildings as they are easily portable and affordable. Furthermore, gas generators are suitable for highly backup power in grid-connected areas and can also work as the main power in off-grid areas. Below 75KVA gas generators are suitable for commercial purposes and the growing population in emerging economies is creating opportunities for development which in turn would increase the adoption of below 75 kVA gas generators in the forecasted period as well.
Based on application, the market is fragmented into standby, peak shaving, and prime/continuous. The standby segment is expected to cater to extensive demand in the gas generator market during the forecast period. Due to the rising government electrification programs and vigorous development of data centers. In addition, the growing telecommunication sector is accompanied by an enhanced deployment of gas generator sets which provide continuous power requirements in the telecom infrastructure. For instance, in March 2022, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd (MHIET) Launches MGS-R Series, New Standby Generator Set which is developed for Large Commercial Facilities such as Data Centers, the New Series will Support the Digital Economy’s Growing Needs.
Based on end-user, the market is fragmented into residential, commercial, and industrial. The industrial segment is likely to dominate the global gas generator market during the forecast period (2020-2027F). It is mainly owing to the rising power outages across the globe that are escalating the demand for gas generators in various end-user industries that are positively influencing the market outlook. In addition, the rising demand for urbanization & extensive demand for clean fuel resources is going to offer profitable growth to the industrial segment for generating electricity.
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For a better understanding of the market adoption of the gas generators, the market is analyzed based on its worldwide presence in the regions such as North America; Europe; Asia-Pacific; and the Rest of World. The APAC is becoming one of the leading and emerging regions because of the exponential demand for electricity and frequent power outage. China is also focusing on the growth of gas by enlarging its E&P activities. In addition, the development of retails, complexes, industries, and many others is leading to the high production rate of power supply which is putting an impact on the growth of gas generators since the consumption on fields are higher for running different activities.
Some of the major players operating in the market include Caterpillar Inc., Cummins Inc., Kohler Co., Aggreko, Generac Holdings Inc, General Electric, PRAMAC, Powerlink, Himoinsa, Mahindra Powerol. Several M&As along with partnerships have been undertaken by these players to develop the gas generator market.
Global Gas Generator Market Segmentation
Market Insight, by Power/Capacity
- Below 75 kVA
- 75-375 kVA
- 375- 750 kVA
- Above 750 kVA
• Peak Shaving
Market Insight, by End-User
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Caterpillar Inc.
- Cummins Inc.
- Kohler Co.
- Generac Holdings Inc
- General Electric
- Mahindra Powerol