North America Gas Genset Market (2018-2024) | Analysis, Size, Revenue, Trends, Growth, Forecast, Industry, Outlook, Value & Segmentation

Latest 2023 Developments of the North America Gas Genset Market

North America Gas Genset Market has witnessed innovation due to some factors, such as increased knowledge of natural gas as a clean and reliable fuel, increased concerns about diesel maintenance and refuelling issues and a general desire to be more environmentally responsible. On July 15, 2019, Caterpillar introduced a new gas engine which can drop fuel use and cost drastically, broadens the range of fuels that can be used and maintains a greenhouse gas footprint. Last week the Wärtsilä 20DF dual-fuel engine has been improved to produce higher power while using less energy. U.S. Energy Development Corp. recently completed infrastructure development projects located in the Eagle Ford Shale.

Mergers and Acquisition:

• On Feb 02, 2021, Caterpillar acquired Weir Oil & Gas and launched SPM Oil & Gas.

North America Gas Genset Market Synopsis

The demand for gas Genset is primarily generated from power plants, oil & gas fields, and manufacturing industries. This has been primarily due to substantial investment in manufacturing industries and power plants. Furthermore, growing environmental concerns and stringent emission regulations for using diesel Genset as the primary source of power backup have driven the demand for gas Genset during the past few years.

According to 6Wresearch, the North America Gas Genset market is projected to grow at a CAGR of 5.4% during 2018-2024. Growing electricity demand with rising population, industrialization, the low operational cost of gas Genset as well as growing demand for clean and reliable power supply and expansion of gas pipeline infrastructure in the United States, Canada, and Mexico would drive the growth of gas Genset market in the North America region. Moreover, high power losses in many North American countries due to the increasing frequency of grid failures on account of the inability to sustain amplified demand load and high susceptibility to extreme weather conditions would also augment the growth of the gas Genset market in the region. Additionally, upcoming projects such as Google Data Centre, Mountain Valley Pipeline Project, and Eagle Ford Shale would further drive the demand for gas Gensets in the region.

The United States captured the majority of the revenue share in the North America gas Genset market followed by Canada, on account of the rapid deployment of prime power gas Gensets in the industrial and power generation sector, while the residential and commercial sectors would drive the growth of standby Gas Gensets. Further, increasing the adoption of environment-friendly solutions, a rise in green manufacturing practices of industries, and increasing disposable income of the population are some of the key factors driving the growth of the gas Genset market in the region.

The report comprehensively covers the North America Gas Genset Market by kVA ratings, applications, verticals, and countries. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics. North America Gas Genset market expansion in the manufacturing sector and growing electricity demand and developing gas Genset market in a few years. There are many factors increasing the awareness of the gas Genset market such as increasing awareness of gas Genset, high power demand, and more severe and unpredictable power outages due to the extremely bad weather conditions increase in the demand of the gas Genset in the forecast period. Growing demand for electricity due to rising population and the low operational cost of gas Genset. 

In North America expansion in the different sectors of manufacturing will grow more electricity and demand also increase in the industrial sector and gas-related infrastructure is the growth factor in the North America gas Genset market. There are many factors such as Increasing the demand for gas Genset such as unreliable grid infrastructure, high power demand, and increasing awareness of the gas Genset. Natural gas transportation used gas for travelling prepared maintained the infrastructure in the countries such as Canada & Mexico it creates the demand for gas Genset in the region. The North America Gas Genset market is anticipated to witness potential growth during the forecast period 2020-26F owing to an increase in the adoption of standalone generators for efficient power supply across the North America region. The increasing reliability of the countries across the region such as the US and Canada on gas Genset for domestic as well as industrial use is anticipated to increase the adoption of the product in the coming years and benefit potential market growth in the coming years. Also, decarbonization policies introduced across the region along with a range of actions such as implementing standards for renewable portfolios are, further some of the industrial measures which would boost the North America Gas Genset market in the near future. 

Key Highlights of the Report:

• Historical Data of North America Gas Genset Market Revenues for the Period 2014-2017.
• Market Size & Forecast Data of North America Gas Genset Market Revenues until 2024.
• Historical Data of the United States, Canada & Rest of North America Gas Genset Market Revenues for the
• Period 2014-2017, By Applications.
• Market Size & Forecast Data of the United States, Canada & Rest of North America Genset Market Revenues
• until 2024, By Applications.
• Historical Data of the United States, Canada & Rest of North America Gas Genset Market Revenues for the
• Period 2014-2017, By kVA Ratings.
• Market Size & Forecast Data of the United States, Canada & Rest of North America Gas Genset Market Revenues
• until 2024, By kVA Ratings.
• Historical Data of the United States, Canada & Rest of North America Gas Gensets Market Revenues for the
• Period 2014-2017, By Verticals.
• Market Size & Forecast Data of the United States, Canada & Rest of North America Gas Genset Market Revenues
• until 2024, By Verticals.
• Market Drivers and Restraints.
• Market Trends and Developments.
• Players Market Share and Competitive Landscape
• Company Profiles
• Strategic Recommendations

Markets Covered

The report provides a detailed analysis of the following market segments:

By KVA Ratings

• Up to 100 KVA
• 100.1-375 KVA
• 375.1-1000 KVA
• Above 1000 KVA

By Applications

• Standby
• Prime

By Verticals

• Residential
• Industrial (Manufacturing and production)
• Commercial (Offices, museum, hospitality, retail, education, Data Centre, etc.)
• Power & Energy (Oil & Gas, Power Generation)
• Others (Transportation Infrastructure, educational buildings, government buildings, agriculture, etc.)

By Countries

• United States
• Canada
• Rest of North America (Mexico, Panama, Cuba, Costa Rica, Dominic Republic, and others)