Gas Generator Market is Anticipated to reach USD 8.62 billion, grow at a CAGR of 4.30% from 2023 to 2032
Research Reports
Sep 07, 2023
Market Overview
Market Research Future (MRFR)’s report highlights Gas Generator Market Information By Power Capacity, End-User, and Region – Forecast till 2032″; The Gas Generator market can go from USD 6.15 Billion in 2023 to USD 8.62 billion by 2032, at a rate of 4.30% from 2023 to 2032.
A gas generator is a typical device that uses a gaseous fuel source to generate electricity. Engineering frequently makes use of chemical energy to generate electricity.
Gas generators are increasingly in demand as a result of their wide acceptance by several end users. The market for gas generators has seen great development potential as a result of the persistent reduction in domestic oil and gas prices. Therefore, there is a huge need for these in emerging end-use industries in countries like China and India.
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Market Competitive Landscape:
- APR Energy (USA)
- Siemens Ltd. (Germany)
- General Electric Company (USA)
- Aggreko plc (U.K)
- Toshiba Corporation (Japan)
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- Mitsubishi Electric Corporation (Japan)
- Hyosung Corporation (South Korea)
- Bharat Heavy Electricals Limited (India)
- Perkins Engines Company Limited (U.K)
Market Drivers:
All major companies have shifted to gas generators as a result of the rising demand for an uninterrupted power supply during power outages and power failures. The rapid urbanisation of developing countries like China and India, the incredible expansion of the healthcare infrastructure, and the rising demand for data centres and IT facilities are all contributing to the growth of the global gas generator market.
Members of the Pharmaceutical Research and Manufacturers of America (PhRMA) made investments totaling around USD 83 billion in 2019 with a focus on regional US R&D and the expansion of the biopharmaceutical sector. As a result, growing research and development investment on laboratory gas generators is boosting the predicted growth of the worldwide gas generator market.
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Given the staggering increase in demand for gas generators, the market has a significant potential for growth. Furthermore, the increasing investment in gas generators will certainly give lucrative opportunities for the key players and manufacturers globally. More nations are utilising gas generators as a result of the reliable, constant electricity supply across the globe, opening up new opportunities for the gas generator industry.
Due to the availability of natural gas as a fuel for gensets and the market’s strong performance, natural gas generators are expected to continue to rise in popularity in the United States throughout the course of the projection period. Additionally, the expansion of industrial and commercial facilities like shopping centres, high-rise buildings, universities, restaurants, district heating and cooling plants, office buildings, and others in the U.S. is driving the demand for an uninterrupted electricity supply, which in turn is driving the demand for natural gas generator sets.
Due to climate change-related natural disasters and extreme weather, there has been an increase in the need for backup power as an amenity in commercial, residential, and industrial structures. The need for generator sets in the US has been spurred by the country’s abundant natural gas supply and well-established infrastructure for delivering it around the nation. The country’s shale gas revolution has led to a rise in the popularity of gas generator sets over diesel generator sets, and this trend is anticipated to continue in the years to come.
Restraints
Even though the market for gas generators is showing great growth potential, a number of industry restraints could severely hinder the growth. There may be limitations on the global market as a result of increased transmission and distribution prices, high maintenance and operating costs, and limited capacity for power generation.
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Market Segmentation
With respect to the power capacity, the global market has been split into three groups: 301 kW to 1 MW, above 1 MW, and less than 300 kW.
In terms of end-users, the Global Gas Generator Market Trends have been segmented into four categories: residential, utility, commercial, and industrial.
Regional Insights
Asia Pacific presently occupies the top spot with the largest market share worldwide. Global demand for items from this region is rising as a result of the region’s steady, reliable electrical supply and the quick industrialization of countries like China and India. The worldwide gas generator market is also growing as a result of increased research and development in this field and rising gas generator usage in China and India.
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