Gas Generator Sets Global Market Report 2024: Market Size Set To Reach $10.8 Billon By 2028
Gas Generator Sets Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!
LONDON, GREATER LONDON, UNITED KINGDOM, December 2, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
What Is the Anticipated Growth Rate and Market Size for Gas Generator Sets in 2024?
The global gas generator sets market has shown strong growth in recent times, and the trend is expected to continue. Forecasts suggest that the market will grow from a value of $8.58 billion in 2023 to $9.01 billion in 2024, achieving a compound annual growth rate CAGR of 5.0%. The substantial growth during the historic period can be attributed to increased demand for reliable backup power solutions, an emphasis on energy security and grid resilience, expansion of industrial and commercial infrastructure, a rise in natural gas production, and the need for a continuous power supply for critical applications.
Gas Generator Sets Market Growth Forecast
So, what does the future hold for the gas generator sets market? The market size is predicted to experience steady growth and is anticipated to reach $10.88 billion by 2028 at a CAGR of 4.8%. The growth envisaged for the forecast period can be linked to the integration of gas generator sets in hybrid and microgrid systems, the demand for combined heat and power chp systems for enhanced energy efficiency, adoption of low-emission and renewable natural gas sources, customization of generator sets for specific industrial applications, and a focus on decentralized power generation and distributed energy resources.
Get A Free Sample Report For Further Insights: https://www.thebusinessresearchcompany.com/sample.aspx?id=6759&type=smp
What Is Driving the Growth of the Gas Generator Sets Market?
The growth of the gas generator sets market can be attributed to the increasing global energy consumption. Socio-economic factors such as population growth, urbanization, increased capital income, and industrial activities in both developed and developing economies have led to a rapid surge in electricity consumption globally. As industries, commercial and residential units invest in portable power units such as gas generators to counter regular power outages, the demand for gas generator sets increases. According to the International Energy Agency IEA Electricity Market Report of July 2021, global electricity demand is estimated to grow by 5% during 2020-21, and 4% during 2021-22, with China and India contributing 9% of global growth. This surge drives the gas generator sets market, making it a very prosperous investment opportunity.
Order The Full Report At A Discounted Price: https://www.thebusinessresearchcompany.com/report/gas-generator-sets-global-market-report
Who Are the Key Players in the Gas Generator Sets Market?
Major companies operating in the gas generator sets market include prominent names such as Cummins Inc., Briggs & Stratton Corporation, Kohler Co., Generac Power Systems Inc., Caterpillar Inc., General Electric Company, Siemens AG, Rolls-Royce Power Systems AG, Wärtsilä Corporation, Doosan Infracore Co. Ltd., Mitsubishi Heavy Industries Ltd., Yanmar Co. Ltd., Himoinsa S.L., Perkins Engines Company Limited, Deutz AG, MAN Energy Solutions SE, INNIO Group, Baudouin, JCB Power Products Ltd., Liebherr Group, Atlas Copco AB, Volvo Penta, John Deere Power Systems, Scania AB, WhisperPower B.V., Mase Generators, FG Wilson Engineering Ltd., SDMO Industries SAS, Hitzinger GmbH.
What Are the Emerging Trends in the Gas Generator Sets Market?
Innovation in product development is a key trend gaining popularity in the gas generator sets market. Companies are developing innovative products with advanced technologies to consolidate their market position. For instance, in August 2022, Kirloskar Oil Engines Limited, an India-based sustainable and customer-centric solution provider in the gas generator sets market, launched a gas-powered generator range. These Internet of Things IoT-enabled gas generators can run efficiently even in extreme cold conditions on PNG and have digital monitoring systems that allow remote monitoring of important parameters and the generator's real-time performance from anywhere. Additionally, these generators have much lower noise and emission levels than conventional generator sets.
How Is the Gas Generator Sets Market Segmented?
The gas generator sets market can be segmented as follows:
1 By Fuel Type: Natural Gas, Biogas, Other Fuel Types
2 By Power Rating: Less Than 50 kVA, 51 kVA - 125 kVA, 126 kVA - 200 kVA, 201 kVA - 330 kVA, 331 kVA - 750 kVA, Above 750 kVA
3 By Application: Standby, Peak Shaving, Prime/Continuous
4 By End-User: Residential, Industrial, Commercial, Power and Energy, Other End-Users
Regional Insights: Which Region Leads the Gas Generator Sets Market?
In 2023, North America was the largest region in the gas generator sets market. However, it is Asia-Pacific that is expected to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Browse Through More Similar Reports By The Business Research Company:
Electric Generators Global Market Report 2024
Hydrogen Generators Global Market Report 2024
Portable Generators Global Market Report 2024
About The Business Research Company
Learn More About The Business Research Company. With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas: +1 3156230293
Asia: +44 2071930708
Europe: +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn
Distribution channels: Business & Economy, Companies, Consumer Goods, International Organizations, World & Regional
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release