Gas Generator Sets Market Opportunities, Trends & Projections, 2022-2028
There are many advantages of using natural gas as fuel, such as clean burning of fuel, no need to refuel, lower engine noise, reduced emission rate, and cost-effectiveness, thereby helping the global gas generator sets market share grow.
While developing countries are facing some serious power supply challenges, they are also witnessing a robust rise in the demand for steady electricity supply systems. These issues have prompted governments and companies alike to heavily invest in the improvement of the electricity infrastructure and undertake initiatives to bridge the gap between rural areas and the main power grid.
Here is where gas generator sets or gensets can be of great help as the equipment can supply electricity to the rural areas or places that are not yet connected to the central power grid. These gensets can be used for two purposes: it can be used as the main energy source and as an additional energy system, especially during peak hours.
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A gas-powered generator uses natural gas as its main fuel. There are many advantages of using natural gas as fuel, such as clean burning of fuel, no need to refuel, lower engine noise, reduced emission rate, and cost-effectiveness, thereby helping the global gas generator sets market share grow.
Here are the main developments that will strengthen the global gas generator sets industry potential:
Gas gensets witness robust peak shaving applications:
The peak shaving applications will capture a major share of the global gas generator sets industry by 2028 as there is a high need to make optimum utilization of resources to ensure the smooth functioning of various systems. Many LNG generators use peak shaving or load shedding to make sure that there is a consistent supply of electricity in the long run.
One of the biggest advantages of peak shaving is that it is highly reliable. Electricity consumption can peak during hours of high demand, but with peak shaving, customers can monitor the power usage to attain maximum performance. This helps companies run their operations smoothly without worrying about power delays or disruptions.
Demand for affordable power generation systems grows in residential areas:
Urbanization has played an important role in increasing the demand for smart power generation systems among customers that not only offer a constant electricity supply to their homes but also protect the environment. People living in cities have become aware of the benefits of using eco-friendly power generation systems, thanks to the awareness campaigns launched by governments.
Residential spaces in rural areas are more prone to power cuts and blackouts as compared to cities as the former are not connected to the main grid network. These factors will increase the sale of gas generator sets in urban and rural areas to not only help citizens reduce the overall cost of generating electricity but also decrease their carbon footprint.
Africa to witness higher deployment of gas gensets:
According to the IEA, total power demand across Africa is nearly 700 TWh, indicating the significant need for stable grids and the importance of preparing for future electricity demand. Infact, the organization reported that almost 600 million people on the continent did not have electricity supply as of 2019.
The region is home to vast reserves of share gas and can meet the increasing demand for gas-powered generator sets. Just Egypt and Algeria combined had recorded more than 140 bcm natural gas production in 2020. With increasing focus on grid stability in the region and higher investment in recent years to harness gas reserves, Africa gas generator sets industry share is anticipated to reach $1 billion by 2028.
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Reputed companies, including HIMOINSA, Briggs & Stratton Corporation, Caterpillar Inc., and Generac Power Systems, among others, are manufacturing gas generator sets that come in different power ratings depending on the intensity of operations. These gensets are used in standby, prime/continuous, and peak shaving applications, with residential, commercial, and industrial customers being the major users of these products.
The organizations are signing partnership, merger, and acquisition agreements with other business leaders to strengthen their business capabilities and increase their customer base. For example, Rolls Royce, in November 2019, entered into a partnership agreement with 2G Energy, a company specializing in the production of gas-powered gensets. This deal will help Rolls Royce expand its product & service portfolio.
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