Residential Gas Generator Market Size, Share & Trends Report

Residential Gas Generator Market Size, Share & Trends Analysis Report By Application, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2019 To 2025

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The global residential gas generator market is expected to grow over the forecast period on account of increasing power cuts, especially in Asia Pacific. A generator is the combination of a fossil-fuel-powered engine mounted together with an electrical gensets. Gensets are among the cost-effective, efficient, most reliable source of backup power. Power gensets set up are easy and operations are simple. Therefore, are expected to be used in applications including oil & gas, hospitals, telecom and residential. The alternative emergency power supplies available include solar energy panels and inverters, when compared to power generators, however, have low operating cost. Solar technology is eco-friendly when compared to gas gensets which are expected to act as a challenge and has a longer lifespan than diesel gensets which is projected to work as an advantage to the product.

Natural gas is eco-friendly in nature which is expected to be an advantage over diesel generators. Natural gas powered gensets release fewer amounts of CO2, nitrogen, and sulfur and have a characteristic of making less noise and does not have an odor when operated. Gas gensets use an internal combustion engine to convert the gaseous fuel into useful energy and are used for distributed generation purposes. These generator sets are expected to counter internal combustion engines which are being used worldwide for distributed power production. Although a temporary decreasing demand due to volatility in the oil & gas market, the product market is expected to a lucrative growth over the forthcoming years. The source of emergency power standby fuelled gensets is composed for fast growth, specifically where cost-effective natural gas is extensively available. Inverters are expected to act as a challenge to the gensets industry.

Diesel Genset has higher energy content in contrary to natural gas gen set which is supposed to serve as a challenge to the demand of the product. The differentiating demand for natural gas and diesel gensets is expected to become negligible with the increase in popularity of dual-fuel generators, which are expected to provide the performance of diesel along with the advantage of low emissions of natural gas and the cost efficiency. In emerging economies, the key factor which is anticipated to hamper the growth of natural gas generators is a shortage of adequate natural gas infrastructure. Dual-fuel generators provide an interesting middle ground and are expected to witness growth in developing economies, where the NG infrastructure is projected to follow. Segmentation by power rating 100 kVA (below), 100-350 kVA, 350-1000 kVA and above 1000 kVA. Stringent regulations by EPA regarding emissions in North America and Latin America are expected to result in driving the residential gas generator market demand. However, increasing poplation on a global level is anticipated to increase the demand for power backup, which, in turn, is forecasted to fuel its demand over the forecast period. Furthermore, emerging economies are expected to observe a growing trend for the product on account of fast industrialization and growing manufacturing sector in the upcoming years. Emerging economies include Brazil, India, and Saudi Arabia are anticipated to contribute a lucrative growth in demand for power backup in residential sector owing to increasing disposable income. Emerging economies are also helping the residential gas generator market to grow due to increasing per capita income.

Increasing infrastructure development in the emerging economies owing to rising urbanization the procurement of these gensets is increasing leading to the market growth particularly in Asia Pacific. Due to the increasing population and constant demand supply gap for power in existence, Asia Pacific is expected to be the largest Genset market worldwide. Asia Pacific is anticipated to experience a rapid growth on account of increasing manufacturing sector in numerous countries including Malaysia, China, India, Australia and South Korea. Government initiatives to provide electricity in rural areas are anticipated to play a major role in stimulating the residential gas generator market growth.

Key players include Cummins Inc., Caterpillar Inc., Aggreko PLC, Kirloskar Electric Co. Ltd., Himoinsa S.L. and F.G.Wilson Inc.

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