The Gas Generator Sets Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Generator Sets Global Market Report 2024, The gas generator sets market size has grown strongly in recent years. It will grow from $8.58 billion in 2023 to $9.01 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to increased in demand for reliable backup power solutions, growth in emphasis on energy security and grid resilience, expansion of industrial and commercial infrastructure, rise in natural gas production and availability, need for continuous power supply in critical applications.
The gas generator sets market size is expected to see steady growth in the next few years. It will grow to $10.88 billion in 2028 at a compound annual growth rate (CAGR) of 4.8%. The growth in the forecast period can be attributed to integration of gas generator sets in hybrid and microgrid systems, demand for combined heat and power (chp) systems for energy efficiency, adoption of low-emission and renewable natural gas sources, customization of generator sets for specific industrial applications, focus on decentralized power generation and distributed energy resources. Major trends in the forecast period include hybrid and multi-energy systems, smart and remote monitoring capabilities, high-efficiency combined heat and power (chp) applications, low-emission and emission-neutral technologies, advanced control and synchronization systems.
The increasing energy consumption across the globe is expected to propel the growth of the gas generator sets market going forward. Rapid growth in socio-economic factors such as population, urbanization, net capital income, and industrial activities in both developed and developing economies have contributed to a rapid surge in consumption of electricity across the globe. The increase in consumption of electricity is expected to boost demand for gas generator sets, as industries, commercial and residential units are investing in portable power units such as gas generators to counter the regular power outages. For instance, according to the International Energy Agency (IEA) Electricity Market Report July 2021, global electricity demand is estimated to grow by 5% during 2020-21, and 4% during 2021-22. China and India alone are estimated to account for 9% of global growth. Therefore, the increase in energy consumption across the globe is driving the gas generator sets market.
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The gas generator sets market covered in this report is segmented –
1) By Fuel Type: Natural Gas, Biogas, Other Fuel Types
2) By Power Rating: Less Than 50 kVA, 51 kVA – 125 kVA, 126 kVA – 200 kVA, 201 kVA – 330 kVA, 331 kVA – 750 kVA, Above 750 kVA
3) By Application: Standby, Peak Shaving, Prime/Continuous
4) By End-User: Residential, Industrial, Commercial, Power and Energy, Other End-Users
Product innovation is a key trend gaining popularity in the gas generator sets market. Many companies operating in the gas generator sets market are developing innovative products with advanced technologies to strengthen their position in the market. For instance, in August 2022, Kirloskar Oil Engines Limited, an India-based sustainable and customer-centric solution provider operating in the gas generator sets market launched a gas-powered generator range. These IoT-enabled gas generators run efficiently even in extremely cold conditions on PNG and also offer a digital monitoring system that enables users to remotely monitor important parameters and the generator’s performance in real-time from anywhere, and the noise and emission levels are much lower than in a conventional generating set.
The gas generator sets market report table of contents includes:
1. Executive Summary
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