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. Gas gensets are broadly used in various end-user segments such as pharmaceutical & health care industries, communication & transportation systems, landfill sites, and manufacturing & water treatment facilities as a back-up power source during grid failure or power outages. The gas gensets market is expected to expand at a healthy pace in the near future due to the rise in environmental concerns, increase in awareness about greenhouse gas emissions, and volatility in the oil & gas market.
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. Gensets can be configured easily to form multiple-unit power plants and the product range is suitable for a variety of business applications, regardless of location. The in-built heat-recovery process gives it competitive advantage over others, which eliminates the need for additional power required to drive the cooling system and thus increasing overall efficiency.
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. The poor distribution and management of power grids, leading to a rise in power outages, in developing economies is expected to continue to remain a major factor in boosting the demand for gas powered generators in Asia Pacific. Europe also accounts for a large share of the gas gensets market. Gas gensets are mainly used as standby power sources in the region. Major players operating in the gas gensets market are largely focusing on the developing economies for their immense market potential. Competition from diesel powered gensets is likely to be stiff due to their reliability and low maintenance cost, however the increasing use of eco-friendly fuels amid the growing restriction and regulations by governments, the global gas gensets market is expected to experience remarkable growth in the next eight years.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.