The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Gas Generator Sets Market is likely to witness a steady CAGR of more than 8% during the forecast period.
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Based on the power rating type, the market is segmented into <75 kVA, 75-375 kVA, 375-750 kVA, and >750 kVA. Among these power ratings, the <75 kVA capacity generator sets are estimated to account for substantial share of the market during the forecast period, on account of their increasing demand from small scale industries, restaurants and cafes, and residential and commercial sectors. These generator sets witness large sales due to their low prices and large requirement. They help in offering power backup during power outages and power connections across the rural areas, with limited power access.
Based on the end-user type, the market is segmented into residential, commercial, and industrial. Among these segments, the residential end-user segment is expected to gain the maximum traction in the market over the forecast period. This growth is majorly attributed to the increasing demand for continuous and reliable power supply. Also, during the temporary grid disruptions, there has been a growing dependency on power back-up options, which significantly fuels the market growth.
Based on the application type, the market is segmented into standby, peak shaving, and prime/continuous. Among these application types, the prime/continuous gas generator sets are expected to generate the maximum market share, over the forecast period. These generators are predominantly used for providing high-load requirements across different industries such as oil & gas, mining, and construction. With the surging infrastructural and industrial development, especially in the emerging economies, it is expected that the demand for these generator sets would grow significantly, over the forecast period.
In terms of regions, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. Among these regions, Asia-Pacific is expected to be dominant throughout the forecast period. The market growth in this region is majorly attributed to the growing number of infrastructure development projects, increasing gap between demand and supply, expansion and development of manufacturing facilities of various industries, and the large number of commercial offices and technology parks across the region.
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