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Gas Generator Sets Market Size
Gas Generator Sets Market was valued at USD 6.2 billion in 2023 and anticipated to record 9% CAGR from 2024 to 2032.
Governments and regulatory bodies are imposing stricter regulations on emissions and pollution control which in turn will positively sway the generator sets market. The rising focus on cleaner energy sources in line with growing awareness of climate change will further drive the product deployment. Furthermore, the ongoing boom in unconventional gas resources, primarily across the U.S. shale revolution, supported by legislative efforts, will contribute to the industry growth.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 6.2 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 9% |
| 2032 Value Projection: | USD 13.3 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 450 |
| Tables, Charts & Figures: | 1,065 |
| Segments covered: | Power Rating, End Use, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID– 19 Impact
The world has been hit hard by an unforeseen outbreak of the virus, COVID- 19. However, the gas generator sets market regained its lost strength in the late 2021 witnessing the weakened impact of coronavirus. The rising need for emergency electricity backup to respond to the emerging crisis along with development of specialized healthcare establishments has stimulated the industry growth. Moreover, flourishing commercial and industrial sectors have driven the business landscape.
Gas Generator Sets Market Analysis
The peak shaving application was valued at over USD 450 million in 2022. It is the process of reducing the amount of power purchased from the utilities during the hours of peak demand. Increasing electricity demand from various application areas and the increasing reliance on continuous power supply will escalate the industry statistics. Standby generator sets industry is likely to cross USD 44.3 Million by 2032.
The increasing demand for uninterrupted power supply in line with growing stringency of environmental compliances will entail the sturdy deployment of 50 kVA rated gas generator sets market. Surging consumer inclination toward natural gas as a reliable fuel coupled with rising concerns over diesel refueling will drive the business outlook.
The > 750 kVA rated gas gensets industry holds a share of above 25% in 2022. The resurgent demand from data centers attributed to the surging reliance on digital technologies along with increasing demand for uninterrupted & reliable power supply is set to foster the industry outlook. Wide scale utilization of these units across oil & gas sector for exploration and drilling operations along with surging energy demand will fuel the product penetration. The market’s dependency on digitization and information technologies will further institute a favorable industry progression.
The commercial gensets market will witness growth rate of 9.4% by 2032. Increasing applicability across resorts, universities, office buildings, shopping malls and healthcare facilities will propel the industry potential. Moreover, these units are prevalently operated for mining operations to power heavy duty equipment including conveyor belts, excavating machinery, drillers, and cranes which in turn will offer significant opportunities for gas generator sets market expansion.
Industrial generator sets industry will witness an appreciable momentum on account of flourishing automotive and pharmaceutical sectors. Increasing government focus toward development of manufacturing plants coupled with aging power networks will result into robust deployment of these units. The expansion of the digital economy and the increasing reliance on cloud computing and data storage will further boost the industry landscape.
The Europe gas generator sets market is estimated to amass USD 2 billion by 2032. Expansive growth of data center infrastructure and increasing investments across the construction sector will stimulate the industry potential. Industries are increasingly shifting towards cleaner energy resources, and gas and dual fuel configurations are becoming more popular, accelerating the business potential. The environmental & emission compliances comprising the introduction of the stage V limits will further play significant role in the industry expansion.
Gas Generator Sets Market Share
The key participants operating across the market include:
- Cummins
- Briggs & Stratton
- Kohler Co
- Generac Power Systems
- Caterpillar
- Rolls-Royce Plc
- HIMOINSA
- Mahindra Powerol
- Aggreko
- Eaton
- Champion Power Equipment
- DuroMax Power Equipment
- FIRMAN Power Equipment
- WEN Products
- Westinghouse Outdoor Power Equipment and Camda New Energy Equipment.
Gas Generator Sets Industry News
- In August 2022, Kirloskar introduced a gas-powered genset series. These gensets are equipped with a digital monitoring system that allows customers to remotely monitor their performance and track their real-time activities. In addition, the noise level and emission of this series are much lower compared to a conventional generating set.
- In July 2022, Cummins launched its first Centum series genset range with a virtual program. This series is a high-power density and high-performance system that meets the user’s power necessity in a smaller footprint. In addition, Centum series C1500D6E/C1250D6E gensets include various features including high altitude/ambient performance, compliant with U.S. EPA standards from Tier 2 to Tier 4, easy operation and low maintenance.
This market research report on gas generator sets includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
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Market, By Power Rating
- ≤ 50 kVA
- > 50 kVA - 125 kVA
- > 125 kVA - 200 kVA
- > 200 kVA - 330 kVA
- > 330 kVA - 750 kVA
- > 750 kVA
Market, By End Use
- Residential
- Commercial
- Industrial
Market, By Application
- Standby
- Peak Shaving
- Prime/Continuous
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- Russia
- UK
- Germany
- France
- Spain
- Austria
- Italy
- Asia Pacific
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Philippines
- Myanmar
- Bangladesh
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Turkey
- Iran
- Oman
- Africa
- Egypt
- Nigeria
- Algeria
- South Africa
- Angola
- Kenya
- Mozambique
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
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