Gas Generator Market Overview:
The Gas Generator Market is predicted to increase at a 4.32% CAGR for the forecast period 2022-2030. Further, the market has estimated to grow more than USD 6.67 Billion for the forecast period.
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A gas generator is a device generally used in engineering that generates electricity using chemical energy from a gaseous fuel medium. The increasing acceptance of gas generators by all end-users contributes enormously to the rising demand for gas generators. The gradual decline in internal oil gas prices has generated a huge opportunity for the gas generator market to rise in the forecast period.
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Market Dynamics
Presently, the market is witnessing a strong demand for generators with a capacity of less than 300 kW and more than 1 MW. Generators with a capacity of less than 300 kW are mostly used in small-scale industries where the total load is less and the operating time is limited. Demand for these categories of generators is likely to come from emerging industries in developing countries such as China and India, as these countries are the center of small cost-driven companies that are slowing down their grasp of the market.
The rising need for uninterrupted power supply during power outages and power failure has increased the adoption of gas generators in all major sectors. The tremendous growth in healthcare infrastructure, growing demand for data centers and IT facilities, and rapid urbanization in developing countries are driving the global market for gas generators. Nevertheless, limited power generation capacity, high maintenance operational costs, and increased transmission distribution costs may hinder the global market for gas generators.
Market Segmentation
The global gas generator market has been segmented into power capacity and end-user.
Based on power capacity, the global gas generator market has been segmented into 300 kW, 300kW-1MW, and 1MW.
Based on end-user, the global gas generator market has been segmented into residential, commercial and industrial, and utility.
Regional Analysis
Region-wise, the global gas generator market has been segmented into Asia Pacific, Europe, North America, and the rest of the world.
The Asia Pacific region is the global leader for gas generators, followed by Europe. Rapid industrial growth in countries such as India and China, where there are difficulties with a continuous supply of reliable electricity, is driving the market for gas generators. The market for gas generators will also be powered by RD and the use of modern gas generators in China and India.
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Key Players
The industry leaders in the global gas generator market 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) and Perkins Engines Company Limited (U.K).
Competitive Analysis
Globally, the gas generator industry is a consolidated market due to the involvement of prominent market players. The market for gas generators has increased competition among the major contributors. Manufacturers are introducing new products in the market in order to stay in line with demand. The availability of products on the distribution channel creates price fluctuations due to an increase in competition between regional players. This will allow manufacturers to deliver more cost-effective, newer generation, and technologically advanced gas generators over the forecast period.
