Global Gas Genset Market – Overview
The global Gas Genset market is estimated to expand at ~5.00% CAGR during the forecast period.
Gas genset is used for generating gas by a chemical reaction or from a solid or liquid source. Gas gensets possess various advantages which makes in a preffered in various applications. For instance, gas genset has best fuel efficiency, low operating cost, well suited for CHP operation, and well suited for variable load applications, among others. Due to these advantages, the demand for gas genset tend to increase during the forecast period.
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The key players of global gas genset market are Caterpillar, Cummins, Wartsila, Siemens AG, GE, ABB, Genrac Power Systems, MTU Onsite Energy GmbH, PARAMAC, Himoinsa, and Sudhir Power. among others.
Gas genset consists of a gas engine and generator. The engine converts the chemical energy of a fuel to mechanical energy and this mechanical energy is used to spin the alternator rotor, thereby converting the mechanical energy to electrical energy. The alternator consists of two parts i.e. a rotor and stator. The various fuel includes natural gas, biogas, and others. The other components of genset are fuel day tank, basecamp, cooling system, and an enclosure, if needed. Gensets provide energy mostly in geographical areas which are not connected to power grid and in areas with frequent power outages. So, gensets can be used either as a main source of energy or as a supplementary source of power. The gas gensets are environment friendly and produces lower carbon, sulfur, and nitrogen emissions.
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The growing demand for Gas Genset is attributed to increasing industrialization, especially in developing countries such as China and India. Generators are becoming popular in commercial and industrial applications as they provide uninterrupted power supply which is an important aspect of any manufacturing facility for uninterrupted production activities. Moreover, factors such as extreme weather conditions, stringent environmental norms, and infrastructural developments are likely to drive the gas genset market. Asia-Pacific and North America are expected to witness a strong growth for gas gensets as there is abundant natural gas available in these regions.
Natural gas segment in global Gas Genset market holds the highest market share in 2017.
The market for Gas Genset is segmented based on fuel as natural gas, biogas, and others. The natural gas segment dominates the market. Natural gas industry in North America has transformed in the last decade due to shale gas exploration which has dramatically revitalized natural gas exploration and production. Moreover, natural gas is rapidly moving from being a commodity traded between certain regions towards the commodity traded globally on a much larger scale.
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