Turkey Gas Genset Market Emerging Trends, Key Players, and Future Outlook
Turkey Gas Genset Market
The Turkey gas genset market has been experiencing steady growth due to the country's increasing energy demand and its strategic emphasis on enhancing power reliability. Gas gensets, or gas generator sets, have gained popularity in Turkey primarily because of their ability to provide a reliable and efficient power supply, especially in regions where grid infrastructure is underdeveloped or unreliable. The market in Turkey is also driven by the need for backup power in industrial, commercial, and residential sectors, where interruptions in power supply can lead to significant operational and economic losses.
In recent years, there has been a notable shift towards natural gas-fired gensets in Turkey due to the country’s natural gas reserves and its transition towards cleaner energy sources. Natural gas gensets are preferred over diesel gensets because of their lower emissions, operational cost-efficiency, and compliance with environmental regulations. This trend is supported by Turkey's national energy policy, which aims to reduce greenhouse gas emissions and increase the use of natural gas in power generation. Additionally, the government’s incentives for adopting natural gas technologies have further propelled the gas genset market.
However, the Turkey gas genset market faces challenges, including fluctuating natural gas prices and the initial high investment costs associated with gas gensets compared to their diesel counterparts. Despite these challenges, technological advancements in gas genset design, such as increased efficiency and reduced maintenance costs, are making these generators more attractive to a broader range of customers. Moreover, the ongoing urbanization and industrialization in Turkey are expected to boost the demand for gas gensets, as more commercial and industrial facilities seek reliable and cost-effective power solutions.
The global gas genset market is expected to grow from USD 11.3 billion in 2023 to USD 16.8 billion by 2032, at a CAGR of 5% over the forecast period. The growth of the market is attributed to the increasing demand for reliable and efficient power supply from various industries, such as data centers, healthcare, and telecommunications.
Gas gensets are used to generate electricity using natural gas or propane. They are more efficient and environmentally friendly than diesel gensets. Gas gensets are also becoming more popular in developing countries, where the demand for reliable power supply is high.
Competitive Outlook
- Caterpillar
- Cummins
- Wartsila
- Siemens AG
- GE
- ABB
- Genrac Power Systems
- MTU Onsite Energy GmbH
- PARAMAC
- Himoinsa
- Sudhir Power
Market Scope
The global gas genset market is expected to grow at ~5.00 % CAGR during the forecast period.
Segmentation
The global gas genset market has been segmented based on fuel, power rating, application, and end-user.
Based on fuel, the market is classified into natural gas, biogas, and others. Natural gas segment is leading the market and has the largest market share, mainly due to availability of natural gas.
The global gas genset market is further segmented based on power rating into up to 100 KVA, 100-350 KVA, 350-1000, and above 1000 KVA.
Based on application, the global gas genset market is segmented into standby, peak shaving, and continuous. Standby segment led the global gas genset market in 2017.
By end-user, it is segmented into residential, industrial, and commercial. Residential segment is estimated to register the highest growth rate in the global gas genset market during the forecast period.
Regional Analysis
North America is expected to be the fastest-growing market, by region, during the forecast period. This is due to the rising production of natural gas and shale gas in the region. US is expected to dominate the Natural gas generators market share in North America owing to declining prices of natural gas and due to carbon emission reduction targets. Asia-Pacific also offers promising business opportunities in the gas genset market owing to rising natural gas production in Southeast Asian countries in the region.
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