Global gas-genset market to double
Driven by recent discoveries of gas reserves in several countries, the global gas-generator set (genset) market is forecast to increase from $3.3 billion in 2013 to $6 billion in 2020, at a Compound Annual Growth Rate (CAGR) of 8.9 percent, says research and consulting firm GlobalData.
According to the company’s latest report, the North American region has the highest share of the global gas-genset market, with 33 percent, followed by Latin America and Asia-Pacific, with respective shares of 30 percent and 20 percent.
The U.S. will continue to be the dominant player during the forecast period, since the discovery of shale gas reserves in the country, along with its commercial exploitation of these reserves, have helped lower gas prices and therefore further driven the market for gas-gensets.
“From a long-term perspective, gas-gensets are more economical compared to diesel-gensets, but even so, they are still not the preferable option for all end consumers,” Sayani Roy Nath, GlobalData's analyst covering Power.
“Global consumers need to be made more aware of the benefits of using gas-gensets, including the fact that they help in the reduction of greenhouse gas emissions. Moreover, governments need to take more assertive action in terms of infrastructural development for gas networks.”
Another key market driver is the fact that many countries have implemented strict emission norms for regulating the level of harmful emissions from diesel-gensets, which will boost the adoption of gas-gensets.
However, most countries, both developed and developing, do not have proper gas infrastructure. As a result, even if gas is available in a particular country, it cannot be transported to distant locations due to the absence of gas pipelines. Furthermore, the investment required for laying pipelines is also high.
Due to these limiting factors, end consumers often find it relatively more expensive to opt for gas-gensets, which could therefore restrict any further market growth.
This report gives detailed information on the gas generator market, focusing on the U.S., the UK, India, Brazil, China and Nigeria. Drivers, restraints, revenue forecast, segmentation of revenue by voltage level, end user segmentation and market share analysis are covered at the country level.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.