The Asia-Pacific gas generator market is expected to grow at a CAGR of more than 6.38% during the forecast period. 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 the region. However, the lack of gas grid connectivity via pipeline, resulting in hindered fuel supply, is expected to act as a challenging factor to overcome for the gas generators market in the coming years.
– The industrial sector has accounted for the largest share of the revenue from the sale of gas generators in 2019, owing to the increasing demand for continuous and reliable power supply from the industrial sector.
– The commercial and industrial sectors of the emerging economies, the residential sector of developed economies, and the increasing need for power in defense operations are expected to create significant opportunities for market participants in the near future.
– China is expected to dominate the market during the forecast period for gas generators, with the falling cost of natural gas, the usage of natural gas across the residential sector is expected to increase.
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Key Market Trends
Industrial Sector to Dominate the Market
– The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector and also accounts for a major share in the gas generator market in Asia-Pacific.
– The increasing demand for continuous and reliable power supply from these industries, especially from healthcare facilities, pharmaceutical industries, and manufacturing facilities, is expected to boost the demand for gas generators.
– China and India are expected to witness robust industrial growth in the coming years on account of the sharp increase in investments in manufacturing sectors, which is expected to drive the demand for gas generators in the industrial sector.
– Government initiatives to expand the industrial sector, especially in China and India, are expected to boost the demand for gas generators over the forecast period.
China to Dominate the Market
– China is one of the leading countries for the gas generator market in the Asia-Pacific region owing to increasing infrastructure projects, widening power demand-supply gap, expansion of manufacturing facilities across the nation, and rising commercial office spaces.
– The increasing commercial and industrial developments across the nation are expected to boost the demand for gas generators, during the forecast period. Supported by government infrastructure spending, a resilient property market, and strength in exports, the manufacturing sector is expected to continue to grow during the forecast period.
– Moreover, as the air emission norms are becoming more stringent in China, coupled with the environmental benefits, the demand for gas generators is expected to witness a significant increase, as compared to diesel generators, which are considered more polluting.
– With the falling cost of natural gas, the usage of natural gas across the residential sector is expected to increase. This, in turn, is expected to drive the gas generators market in the residential sector for back-up power applications in the coming years.
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