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Environmental Regulations and Capacity Markets Drive European Gas Genset Market
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Gas generator sets will play an important role in the energy mix of Europe, principally for prime power applications. Mainly used in industrial and commercial applications, the gas genset market is being driven by increasing renewable power generation, which creates the need for flexible baseload power to compensate for the intermittent nature of renewable energy, as well as increasing gas availability in Europe which is encouraging countries to move towards more gas-based power. Moving towards cleaner sources of power generation is also a key driver for gas generator sets, as countries are keen on replacing polluting diesel gensets in the future. Falling prices of gas also make gas gensets attractive, as the project economics of gas improve. The growth of power storage is also expected to play a role in increasing gas gensets sales, as the demand for hybrid gensets increases. A growing tendency towards renting gas gensets will partially restrain market growth, as customers see the financial benefits offered by renting, as opposed to buying gensets. This will affect the market for sub-300 KW gas gensets in particular. Other sources of power generation, such as microturbines and fuel cells, could restrain the future growth of the market, although this would be after 2025. Frost & Sullivan has valued the European gas generator set market at $307.2 million in 2018 with the market expected to grow to $441.6 million in 2025 at a CAGR of 5.3%. Germany is currently the largest market for gas gensets in Europe, followed closely by UK and Italy.
This study addresses the future and present market opportunities in Europe as well as challenges faced by industry participants in a rapidly changing environment. It highlights the competitive forces driving the market in Europe. It further provides additional information on the regions to look at for future investment, along with growth strategies. Market metrics are provided for UK, Germany, France, Italy, Spain, Benelux, Nordics, Eastern Europe, and for the Rest of Europe.
The study covers the European gas generator sets market from three basic angles
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