A gas generator, often known as a genset, is a reliable and sustainable source of energy that converts fuel into electricity. Gas generators are used to provide electrical power during blackouts, brownouts, and other power outages. The most popular type of generator is a gas generator, which is built for maximum electrical output while maintaining high reliability, availability, and low operating and service costs. Shale gas, biogas, natural gas, sewage gas, and landfill are all examples of gases that can be used to power gas generators. The gas generator is used in many end-user industries like Industrial, commercial, and equipment.
COVID-19 Impact Analysis
- The gas generator market was negatively affected due to the outbreak of COVID-19.
- The industries such as Industrial, commercial, and equipment were shut down during the COVID-19 this decreases the demand for gas generators.
- The COVID-19 has caused the imposition of lockdown due to which the production of gas generators decreased and the global supply chain was affected, this decreased the demand for the gas generator market.
- The gas generator market faced a downfall in revenue due to the pandemic.
Top Impacting Factors
The acceptance rate of gas generators as an energy source to meet rising global electricity demand is a major factor projected to drive global market growth. Furthermore, the target market is expected to rise because of increased investments and favorable government policies surrounding emission norms and regulations in both developed and developing economies. Additionally, the availability of generators in various forms and capacities boosts demand for generators, which is projected to boost the worldwide gas generator market forward. Technological improvements, on the other hand, have improved the performance and capacity of generators, presenting a profitable opportunity for companies in the future market. The rising popularity of gas generators and bio-fuel generators are the two most recent industry trends that are projected to boost the global market forward. Unfortunately, the high cost of gas generators may hamper demand and limit worldwide market growth throughout the projection period.
- North America is projected to account for the largest share of revenue in the global market, and this dominance is expected to continue during the forecast period. Increased demand for cleaner, less expensive gas generators as a power source compared to other non-renewable fuels is predicted to drive market expansion in the region.
- Over the forthcoming years, the Asia-Pacific gas generator market is expected to rise at a significant rate. Favorable government measures and assistance for the adoption of sustainable energy sources and rural electrification programs to address the region's electricity demand and supply imbalance are expected to boost product demand.
- Over the projection period, revenue growth in the Middle East and African gas generator economy is predicted to be moderate. This is due to the availability of huge natural gas reserves in some Middle Eastern countries, such as Iran and Qatar.
- Market players are adopting many strategies such as acquisition, mergers, contracts, new product launches, agreements and partnerships to expand their business.
Key Benefits of the Report
- This study presents the analytical depiction of the gas generator industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the gas generator market share.
- The current market is quantitatively analyzed to highlight the gas generator market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed gas generator market analysis based on competitive intensity and how the competition will take shape in the coming years
Gas Generator Market Report Highlights
By Power Capacity
By End-User Industry
Key Market Players
APR Energy, Hyundai Heavy Industries Co., Ltd., Bharat Heavy Electricals Limited, Perkins Engines Company Limited., Aggreko plc, Toshiba Corporation, General Electric Company, Hyosung Corporation, Siemens Ltd., Mitsubishi Electric Corporation