Gas gensets is a reciprocating internal combustion engine that is used across the globe for distributed power production. Gas gensets employ natural gas to power generators and produce electricity. Currently, the market for gensets is dominated by diesel gensets. Diesel is used to fuel the generators; however, many countries have laid several norms to regulate the high levels of harmful emissions from diesel powered gensets. This is expected to positively influence the global gas gensets market in the near future. Demand for gas gensets is driven by the widening electricity demand-supply gap, rising industrialization, low operational cost, and rising carbon emissions.
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The gas gensets market can be classified into two segments: application and geography. On the basis of application, the gas gensets market can be divided into standby power, primary power, and peak shaving. Many developed regions, where electricity outages are less frequent, use gas gensets for standby power. On the other hand, many developing regions where electricity demand is very high and power cuts are more common, gas gensets are used as the primary power supply, particularly in hospitals. Gas gensets also allow companies to lower expenses, as these may be deployed when the price of electricity is very high.
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The gas gensets market can also be segmented on the basis of geographical regions. North America is one of the rapidly growing regions for the gas gensets market. The market is dominated by the U.S. due to the tremendous growth in the production of natural gas and shale gas. The region has seen a steep decline in natural gas prices. Strong opportunity for growth exists in the next few years in the developing economies of Asia Pacific owing to the rapid globalization in countries such as Japan, China, and India.
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Major players operating in the gas gensets market include Caterpillar, General Electric Company, Cummins, Dresser-Rand, MTU Onsite Energy GmbH, Generac Power Systems, and Wartsila.
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