Gas Generator Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The gas generator market is expected to register a CAGR of more than 4.2% during the forecast period, 2022-2027. The COVID-19 pandemic had a negative impact on the gas generator market across the world due to the reduction in power demand, mainly from institutional customers (industrial and commercial sector), as many manufacturing plants and retail businesses were closed during the lockdown. Factors such as increasing awareness regarding natural gas as a clean and reliable fuel, increased concerns over diesel maintenance and refueling issues, decreasing natural gas fuel prices, and the general desire to be more environmentally responsible have supplemented the demand for gas generators in recent years. Moreover, to counter the high-pollution emission risk, several countries have been implementing stricter emission norms pertaining to diesel generator emissions and are promoting the usage of eco-friendly gas generators. However, the lack of gas grid connectivity via pipeline, resulting in hindered fuel supply, is expected to act as a challenging factor to overcome the gas generators market in the coming years.
Key HighlightsThe gas generator market is moderately fragmented. Some of the key players in this market are Generac Holdings Inc., Caterpillar Inc., Mitsubishi Heavy Industries Ltd, Cummins Inc., and Kohler Co.
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