The Gas Genset Market Size was estimated to be worth USD 10.8 billion in 2022. 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 gas genset market size 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 (2024-2030).
Market Scope
The gas genset market size is expected to grow at ~5.00 % CAGR during the forecast period.
Segmentation
The gas genset market size 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 gas genset market size 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 gas genset market size is segmented into standby, peak shaving, and continuous. Standby segment led the gas genset market size 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 gas genset market size 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 Size 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 Size 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
Gas Genset Market Size Trends
- Rise of Natural Gas: Natural gas has emerged as a preferred fuel for gensets due to its cleaner combustion compared to diesel or gasoline. The abundance of natural gas reserves in many regions, coupled with its lower emissions profile, has led to increased adoption of gas gensets across various applications.
- Growing Demand for Clean Energy Solutions: With increasing emphasis on sustainability and environmental protection, there’s a growing demand for cleaner energy solutions. Gas gensets, particularly those fueled by natural gas, offer reduced emissions compared to traditional diesel gensets, making them more attractive in environmentally sensitive areas and for businesses focused on reducing their carbon footprint.
- Advancements in Technology: Technological advancements have significantly improved the efficiency, reliability, and performance of gas gensets. Manufacturers are incorporating features such as advanced control systems, improved engine designs, and better integration with renewable energy sources like solar and wind power, enhancing the overall functionality and flexibility of gas genset systems.
- Hybrid and Microgrid Applications: Gas gensets are increasingly being used in hybrid systems and microgrids, especially in remote areas or locations with unreliable grid infrastructure. These systems combine gas gensets with renewable energy sources and energy storage technologies to create more resilient and sustainable power solutions.
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