In 2022, the Gas Genset Market was estimated to be worth USD 10.8 billion. According to projections, the gas generator market business will expand at a compound annual growth rate (CAGR) of 5.00% from USD 11.3 billion in 2023 to USD 16.8 billion by 2032.
The global gas genset market report by Market Research Future (MRFR) provides a comprehensive overview of the industry combined with the impact of the COVID-19 pandemic over the forecast period (2023-2030).
Market Scope
The global gas genset market is expected to grow at ~5.00 % CAGR during the forecast period.
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
- Caterpillar
- Cummins
- Wartsila
- Siemens AG
- GE
- ABB
- Genrac Power Systems
- MTU Onsite Energy GmbH
- PARAMAC
- Himoinsa
- Sudhir Power
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