The ‘Global Gas Generator Set Market, Forecast to 2022’ report has been added to ResearchAndMarkets.com’s offering. A summary of the report’s findings can be found below.
The global gas generator set market was valued at US$5.53 billion in 2017.
This study addresses the future and present market opportunities globally as well as challenges faced by industry participants in a rapidly changing environment. It highlights the competitive forces driving the market globally. It further provides information on the regions to look at for future investment along with growth strategies.
Gas generators will continue to play an important role in the energy mix, despite the rise of renewable energy based power generation. The fastest growth is expected in Asia-Pacific (APAC) as nations there are expected to diversify their power mix - away from coal and towards a more carbon-free form of power. The focus of this research service is to analyse the drivers and restraints that affect the growth of the global gas generator set market. Factors including increased power outages, natural disasters and expanding gas infrastructure are likely to drive the demand for gas generator sets from 2017 to 2022.
Market growth is anticipated to be bolstered by LNG and shale gas boom. APAC is forecast be the fastest-growing market as countries in this region are gearing up to diversify their power mix – away from coal and towards a more carbon-free form of power. Commercial and industrial segments play a critical role in the gas generator set market. A number of small and medium scale industries that rely on generators for continuous power supply are on the rise.
Further, the booming middle-class population in Asian and African countries has created a surge in economic activities. As more electronic devices are integrated into the lives of people, gas generators will see increased installations towards providing uninterrupted power. This factor will fuel a steady increase in demand for residential generators (capacity below 30kW) during 2017 – 2022. However, increasing investments into substitute technologies like solar, wind, batteries and smart grid solution like demand response are projected to restrain market growth.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05032019/global-gas-generator-set-market-2017-2019-forecast-to-2022-report-released/