Gas Generator Market Projected to Reach USD 7567.95 Million, at a 4.3% CAGR by 2030 – Report by Market Research Future (MRFR)
Gas Generator Market Growth Boost by Rising Demand, Rapid industrial Development and Technology Advancements
New York, US, March 21, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by Market Research Future (MRFR), “Gas Generator Market Information by Power Capacity, End-User, and Region – Forecast till 2030″, Throughout the period 2022-2030”, the Gas Generator Market will expand at a rate of 4.3% and touch a valuation of more than USD 7567.95 Million.
Gas Generator Market Overview
A common device that utilizes a gaseous fuel medium to produce electricity is a gas generator. It is often used in engineering to employ chemical energy to produce electrical power.
Due to the widespread adoption of gas generators among diverse end users, the demand for them is rising. With the ongoing decline in domestic oil and gas costs, the market for gas generators has experienced tremendous development potential. The demand for gas generators with a capacity greater than 1 MW and less than 300 kW is particularly high in the current environment. Thus, there is a significant need for these in developing end-use sectors in nations like China and India.
Market Competitive Landscape:
The affluent companies in the gas generator industry are
- 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)
- Among others.
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Gas Generator Market USP Covered:
Due to the growing demand for an uninterrupted power supply during power outages and power failures, all major industries have switched to gas generators. Additionally, the Global Gas Generator Market is expanding as a result of the quick urbanization of developing nations like China and India, the amazing expansion of the healthcare infrastructure, and the rising demand for data centers and IT facilities.
The Pharmaceutical Research and Manufacturers of America (PhRMA) members invested about USD 83 billion in 2019 and placed a greater emphasis on US regional research and development as well as the growth of the biopharmaceutical industry. As a result, the forecasted growth of the global gas generator market is boosted by rising research and development spending on laboratory gas generators.
|Market Size by 2030||2030: USD 7567.95 Million|
|CAGR during 2022-2030||4.3% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Immensely contributing towards the growing demand|
|Key Market Drivers|| Rapid industrial development
R&D and utilization of modern gas generator in China and India
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The market has considerable growth potential given the immense increase in the demand for gas generators. Furthermore, the surging investment in gas generators is probably going to present profitable chances for the major players and manufacturers worldwide. Due to the consistent, dependable electricity supply across the various regions, more nations are adopting gas generators, creating new prospects for the global gas generator market.
Although the market for gas generators has seen better development potential recently, various market restrictions may significantly slow market expansion. Due to rising transmission and distribution costs, high maintenance and operating costs, and constrained power generation capacity, the worldwide market may experience restrictions.
COVID 19 Analysis of Gas Generator Market
Because many manufacturing plants and retail establishments were shut down during the lockdown, the COVID-19 pandemic had a negative effect on the gas generator market all over the world due to the decrease in power demand, which was primarily from institutional customers (in the industrial and commercial sector).
But, as natural gas becomes more widely recognized as a safe and dependable fuel, worries about diesel maintenance and refilling grow, the cost of natural gas is falling, and people are generally trying to live more sustainably, the demand for gas generators is supplemented.
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Gas Generator Market Segmentation
By Power Capacity
The global market has been divided into three categories based on power capacity: 301 kW to 1 MW, above 1 MW, and less than 300 kW.
The segments with power capacities over 1 MW and below 300 kW are anticipated to produce the highest global gas generator market size during the forecast period. Also, it is anticipated that the sector 301 kW to 1MW will increase at the fastest rate during the projected period.
Residential, utility, commercial, and industrial are the categories under which the Global Gas Generator Market Trends have been divided based on the end-user segment.
The greater global gas generator industry size is produced during the predicted period by the utility end-user sector.
On the other hand, owing to the mounting demand for cleaner and more environmentally friendly fuel-fired gensets for commercial applications, the commercial category is anticipated to develop at the highest rate in the years to come. The commercial sectors of Asia Pacific’s developing nations have experienced rapid expansion. There is a significant demand for natural gas gensets since they are essential for providing backup power in these facilities. Some of the primary sectors that are expanding quickly in developing countries in Asia Pacific are IT, telecom, and retail.
Gas Generator Market Regional Insights
With the biggest share in the worldwide market, the Asia Pacific currently holds the leading position. Due to the region’s consistent, dependable electrical supply and the rapid industrialization of nations like China and India, global demand for goods from this region is increasing. In addition, the global gas generator industry is expanding as a result of rising research and development in this area and rising usage of contemporary gas generators in China and India.
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Natural gas consumption in North America has increased by 25% over the past ten years, and the availability of plentiful natural gas resources across shale regions is likely to increase demand for gas generators during the forecast period. As a result, the natural gas industry in the region has undergone changes of unprecedented magnitude and pace. Natural gas will replace coal as the primary source of energy supply in North America by 2020, contributing about 40% of the region’s operating electricity generating capacity. As a result, the market is expected to rise due to the rising usage of natural gas for electricity production. The well-established electrical transmission networks in the United States have been disrupted frequently by hurricanes and thunderstorms, which has increased demand for gas generators.
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