Navigant Research Expects the Global Market for Smart Generator Sets to Exceed $18.5 Billion in Annual Revenue by 2026
Genset vendors are embracing new value streams to provide added
value to customers and to compete against falling prices of solar and
energy storage
A new report from Navigant
Research examines the global market for diesel and natural gas
reciprocating generator sets (gensets), providing an analysis of key
market developments and issues, with global forecasts that extend
through 2026.
As the global power equation shifts toward generation that is more
distributed, intelligent, and interconnected, smart features are being
incorporated into gensets at a growing pace. Customers are now demanding
advanced features like enhanced maintenance, microgrid interactivity,
and demand response, enabled by advances in control technologies and the
increasingly ubiquitous connectivity of devices in the Energy Cloud. Click
to tweet: According to a new report from @NavigantRSRCH,
the market for smart gensets is expected to surpass $18.5 billion in
annual revenue by 2026 at a compound annual growth rate (CAGR) of 10.5
percent.
“Gensets are gaining a surge of smart features, thanks to improved
controls and software, and demands from customers that they provide more
services,” says Adam Forni, senior research analyst at Navigant
Research. “While many older gensets just waited for the grid to go down,
smart gensets are increasingly interactive—with human operators, with
other DER, and with the grid itself.”
Customers adopt smart gensets for a variety of applications, but some
common project characteristics include critical loads, remote sites,
sophisticated customers, higher fuel costs, and larger and more complex
projects. According to the report, genset vendors and controller and
software companies are embracing these value streams, both to provide
added value to customers and to compete against the falling prices of
alternative energy resources like solar and storage.
The report, Smart
Gensets, analyzes the global market for diesel and natural gas
reciprocating gensets for six segments: residential; commercial and
industrial (C&I) standby; C&I prime and continuous; C&I combined heat
and power (CHP); utility; and resource extraction. The study provides an
analysis of key market developments and issues, with a focus on three
key smart genset applications (operator-interactive,
microgrid-interactive, and grid-interactive). Global market forecasts,
broken out by segment, country, and region, extend through 2026. The
report also examines the main technologies related to smart gensets, as
well as the competitive landscape. An
Executive Summary of the report is available for free download on the Navigant
Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides
market research and benchmarking services for rapidly changing and often
highly regulated industries. In the energy sector, Navigant Research
focuses on in-depth analysis and reporting about global clean technology
markets. The team’s research methodology combines supply-side industry
analysis, end-user primary research and demand assessment, and deep
examination of technology trends to provide a comprehensive view of the
Energy Technologies, Utility Transformations, Transportation
Efficiencies, and Buildings Innovations sectors. Additional information
about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is a specialized, global professional services
firm that helps clients take control of their future. Navigant’s
professionals apply deep industry knowledge, substantive technical
expertise, and an enterprising approach to help clients build, manage
and/or protect their business interests. With a focus on markets and
clients facing transformational change and significant regulatory or
legal pressures, the Firm primarily serves clients in the healthcare,
energy and financial services industries. Across a range of advisory,
consulting, outsourcing, and technology/analytics services, Navigant’s
practitioners bring sharp insight that pinpoints opportunities and
delivers powerful results. More information about Navigant can be found
at navigant.com.
* The information contained in this press release concerning the
report, Smart Gensets, is a summary and reflects Navigant
Research’s current expectations based on market data and trend analysis.
Market predictions and expectations are inherently uncertain and actual
results may differ materially from those contained in this press release
or the report. Please refer to the full report for a complete
understanding of the assumptions underlying the report’s conclusions and
the methodologies used to create the report. Neither Navigant Research
nor Navigant undertakes any obligation to update any of the information
contained in this press release or the report.
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