Gas Generator Sets Market size is set to surpass USD 15 billion by 2028, according to a new research report by Global Market Insights Inc.
The gas generator sets market growth is attributed to the stringent government regulations toward limiting the emissions and government-supported plans for the deployment of sustainable energy technologies. Ongoing boom in the unconventional gas resources, notably across the U.S. shale revolution supported by legislative ventures will significantly favor the usage of these gensets.
Availability of abundant natural gas resources will drive the peak shaving gas generators industry
The peak shaving application segment growth is owing to the shifting focus of utilities to garner on additional capacity for catering the peak demand. These generators and other related equipment are typically more complex than a genset unit operated for standby back-up. The tiered pricing makes peak shaving an attractive option for organizations that have large electrical consumption during peak times, positively impacting the market expansion.
Robust development of industrial establishments units will boost the technology adoption
The > 125 kVA - 200 kVA gas generator sets market is predicted to reach USD 1.6 billion by 2028 due to the rising demand for uninterrupted power supply from commercial and industrial facilities. Growing stringency of environmental compliances coupled with increasing consumer awareness of natural gas as a reliable fuel will amplify the industry growth. The inadequacy of utility grids to cater to the increasing population along with intensifying legislative focus on diversifying energy mix will propel the market demand.
Browse key industry insights spread across 440 pages with 683 market data tables & 32 figures & charts from the report, “Gas Generator Sets Market Size By Power Rating (≤ 50 kVA, > 50 kVA – 125 kVA, > 125 kVA – 200 kVA, > 200 kVA – 330 kVA, > 330 kVA – 750 kVA, > 750 kVA), By End Use (Residential, Commercial, Industrial), By Application (Standby, Peak Shaving, Prime/Continuous), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
Rapid industrialization & infrastructure development will foster the market value
The industrial end-use segment is projected to observe a 7.1% growth rate by 2028. Sizeable investments to reinforce ongoing infrastructural expansion & industrialization have led to the augmented expansion of the industry. Growing industrialization and inadequate power supplies under increasingly stringent regulatory regimes will stimulate the industry expansion. Rising applicability across telecom, mining, and oil & gas sectors will continue to entail the market progression.
The COVID- 19 outbreak has led the regulatory bodies and state governments to initiate full scale lockdowns, which has delayed a wide array of infrastructural projects. However, the surging demand for robust construction activities pertaining to the development of makeshift hospitals coupled with the acceptance of work from home concept will continue to entail the product adoption.
Expansion of natural gas supply & distribution infrastructure will create growth opportunities for European region
Europe gas generator sets market trend is estimated to witness an upsurge on account of robust development of data centers and telecom sector. Declining gas prices along with government incentives for developing robust gas infrastructure will accelerate the industry value. Respective governments have initiated policies to encourage distribution network infrastructure developments to serve residential, industrial, and commercial sectors, facilitating the market revenue.
Eminent players operating in the market are Briggs & Stratton Corporation, Cummins, Generac Power Systems, Kohler, Rolls-Royce, HIMOINSA, Caterpillar, Genmac, Mahindra Powerol, Eaton, Aggreko, DuroMax Power Equipment, Champion Power Equipment, Westinghouse Electric Corporation, FIRMAN Power Equipment, HIPOWER, Cooper Corp., WEN Products, and Camda New Energy Equipment.
Explore More on Related Topics: