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Gas Generator Sets Global Market Report 2022
Major players in the gas generator sets market are Cummins, Briggs & Stratton Corporation, Kohler, Generac Power Systems, Caterpillar, HIMOINSA, Mahindra Powerol, Genmac, Aggreko, Eaton, Champion Power Equipment, Cooper Corp, FIRMAN Power Equipment, Westinghouse Electric Corporation, and DuroMax Power Equipment.
New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gas Generator Sets Global Market Report 2022" - https://www.reportlinker.com/p06318492/?utm_source=GNW
The global gas generator sets market is expected to grow from $7.82 billion in 2021 to $8.3 billion in 2022 at a compound annual growth rate (CAGR) of 6.48%. The gas generator sets market is expected to grow to $11.15 billion in 2026 at a compound annual growth rate (CAGR) of 7.57%.
The gas generator sets market consists of sales of gas generator sets by entities (organizations, sole traders, and partnerships) that refer to a portable power equipment that consists of a gas engine and an alternator/electric generator.Generator sets are frequently utilized in underdeveloped areas that are not connected to the electricity grid, as well as in situations where power outages are prevalent or, an outage could cause problems.
They can be utilized as a primary energy source or as a backup power source, such as during peak usage hours.
The main type fuel used in gas generator sets include natural gas, biogas, and others.Natural gas generator set refers to generator sets that use natural gas as fuel.
Natural gas generator sets are frequently used in hospitals, nursing homes, and other prominent institutions requiring constant power sources.The power ratings used in gas generator sets include less than 50 kVA, between 51 kVA to 125 kVA, between 126 kVA to 200 kVA, between 201 kVA to 330 kVA, between 331 kVA to 750 kVA, and above 750 kVA.
These gas generators are used for standby, peak shaving, and prime/continuous applications in residential, industrial, commercial, power & energy, and other end users.
North America was the largest region in the gas generator sets market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the gas generator sets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The gas generator sets market research report is one of a series of new reports that provides gas generator sets market statistics, including gas generator sets industry global market size, regional shares, competitors with a gas generator sets market share, detailed gas generator sets market segments, market trends and opportunities, and any further data you may need to thrive in the gas generator sets industry. This gas generator sets market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing energy consumption across the globe is driving the gas generator sets market.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.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 expected to boost utilization of gas generator sets during forecast period.
Strategic partnership is a key trend gaining popularity in the gas generator sets market.Companies operating in gas generator sets market are focusing on entering into strategic partnership with technology players to expand their new product development activities and expand their business reach.
For instance, Indraprastha Gas Ltd, a Delhi-based gas distributor entered into strategic partnership with Xpert Gas Equipments Pvt Ltd for conversion of existing diesel-based generator set to gas-based generator sets.
In March 2019, Pramac, an Italy-based subsidiary of Generac group and manufacturer of generator sets and lighting towers, acquired a majority stake in Captiva Energy Solutions for an undisclosed amount.With this acquisition, Pramac is focused on expanding its power generation and gas generators business in India.
Captiva Energy Solutions is an Indian-based company that manufactures gas generators, diesel generators, control panels, mobile equipment, and material handling equipments.
The countries covered in the gas generator sets market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318492/?utm_source=GNW
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