Between 2022 and 2032, the gas generator sets market is expected to develop at a 7% compound annual growth rate (CAGR). By 2032, the global gas generator sets market is expected to deploy 635 thousand units per year. The market expansion would be aided by rising data center outage costs and rising natural gas exploration activity.
Because many manufacturing factories and retail enterprises were shuttered during the lockdown, the COVID-19 pandemic had a detrimental impact on the demand for industrial gas generators set around the world.
The gaseous generator sets market is being driven by factors such as rising power consumption, a lack of reliable grid infrastructure, the requirement for emergency backup power solutions, and the demand for consistent power delivery.
Furthermore, the rising manufacturing industry’s increasing energy demands are likely to generate further market prospects for portable gas generators. However, constraints such as high implementation and operating costs, consumer preference for environmentally friendly alternatives (such as solar, fuel cells, and so on), and overcapacity are predicted to limit the gas generator sets market growth during this time period.
The gas generator sets market share is forecasted to be influenced by abundant natural gas resources and favorable government rules for the deployment of clean energy resources.
The increasing focus on electrical security, in tandem with the continuing shale gas revolution, is expected to influence gas generator sets demand. These units are poised to take a sizable market share as emissions laws and falling gas prices hint at newer installations’ long-term usefulness.
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In the projection period, the Asia Pacific region is expected to grow at a strong rate. Lower operating expenses in this region are luring companies from larger manufacturing bases, enabling the deployment of additional gas generator sets. Furthermore, the region is beginning to establish itself as a low-cost automobile manufacturing and export hub, which is predicted to hasten the adoption of these gaseous generators.
The gas generator sets market share expansion would profit from the increased need for reliable backup power solutions, as well as the financial and output losses associated with disruptions at manufacturing sites. Furthermore, the recent approval of necessary legislation favoring the resuscitation of mining activities is highly anticipated to increase the gas generator sets market adoption.
Frequent power outages have affected Indonesia’s manufacturing sector, prompting an increase in the country’s use of generator sets to maintain a consistent and steady power supply. Due to the regular power outages in these areas, South Sumatra and Jakarta are the main contributors to the gas generator sets market’s growth in Indonesia.
Key Takeaways
- By 2028, the Asia Pacific gas generator sets market is expected to reach USD 9.2 billion. The growth of industries and retail complexes has resulted in a higher demand for reliable power, which has expanded the industry’s scale.
- In 2021, the North American market accounted for 13.5 percent of total revenue. The business is forecasted to grow due to falling natural gas prices and expanding gas supply and distribution infrastructure, including a rise in industrial natural gas generators. The strong growth for reliable power production as a result of capacity expansion, real estate growth, and increasing industrialization is predicted to enhance the global industrial generator sets market.
- By 2028, the market for prime power gas generator sets is expected to grow at a CAGR of 6.9%. These units are utilized in remote locations such as oil and gas operations, mines, and other places where there is no access to the public grid. The industry landscape will be accelerated by resurgent industrialization and rising infrastructure, mostly in developing countries.
Competitive Landscape
Strategic alliances, collaborations, and agreements will be crucial for gas generator sets market players. Cummins, Briggs & Stratton Corporation, Kohler, Generac Power Systems, Caterpillar, Rolls-Royce, HIMOINSA, Mahindra Powerol, Genmac, Aggreko, Eaton, Champion Power Equipment, DuroMax Power Equipment, FIRMAN Power Equipment, Westinghouse Electric Corporation, WEN Products, HIPOWER, Cooper Corp., and Camda New Energy Equipment are some of the prominent players in the market. To keep up with the industry’s fierce rivalry, prominent gas generator sets companies are focusing on product innovation and creating mergers and acquisitions.
Recent Developments
Cummins India Ltd. presented its ‘Made in India’ QSK60 G23: 2500-2750 kVA Diesel Generator in August 2021. (DG). The diesel generator set, an integrated power solution, was created in India to fulfill the growing power demands of industry segments such as data centers and large-scale infrastructure projects such as railways, airports, and other commercial venues.
Caterpillar Inc. stated in August 2020 that it had received Stationary Emergency Certification from the United States Environmental Protection Agency (EPA) for a natural gas-fuelled generator set rated at 500 kW for 60 Hz markets. Caterpillar Inc. produces and builds a variety of engines and generators, including diesel and gas generators.
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Key Segments
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 User:
- Residential
- Commercial
- Industrial
By Application:
- Standby
- Peak Shaving
- Prime/Continuous
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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