Natural gas generator market is poised to expand at a CAGR of 11.4% over 2022-2030, thereby reaching a valuation of USD 18.67 billion by end of the assessment timeframe.
A technology that can generate electricity during emergencies and power outages is a natural gas generator. Natural gases like methane and propane are used in its operating mechanism. The growing efforts made by both public and commercial entities to maximise the usage of sustainable energy are responsible for the rising use of natural gas generators. The market-active enterprises will benefit from the growing investment in the RD of natural gas generators. Further, the widespread acceptance of these products around the globe is largely due to technology improvements.
Market Overview:
Over the predicted period, it's expected that the demand for energy would increase by over two-thirds from what it is now. Natural gas is now widely available and very inexpensive, especially in parts of North America and Europe, which has increased the use of natural gas for power generation. In the upcoming years, it is projected that the share of natural gas generator sets would rise due to rising environmental awareness of diesel gensets and a growing focus on energy generation from cleaner sources.
During the forecast period, the market for natural gas gensets is expected to expand due to the rising need for backup power and the expansion of government regulations aimed at reducing the carbon emissions created by diesel generators. Over the forecast period, it is expected that the demand for energy will decrease by almost two-thirds from its level at present.
Due to the availability of natural gas as a genset fuel and the growing concern about the carbon emissions produced by diesel gensets. Additionally, the expansion of industrial and commercial facilities like shopping centres, high-rise buildings, universities, restaurants, district heating and cooling plants, office buildings, and others in the U.S. is driving the demand for an uninterrupted electricity supply, which in turn is driving the demand for natural gas generator sets.
The market will expand due to the plentiful supply of natural gas resources and supportive government policies for the use of renewable energy sources. The ongoing shale gas revolution and the growing emphasis on electricity security will influence product demand. As gas costs are on the decline and pollution standards indicate long-term value for newer installations, these units are poised to take a sizable portion of the market.
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Natural Gas Generator Market: Segmental Analysis
By Power Rating:
- Below 75kVA
- 75-375kVA
- 375-750kVA
- Above 750kVA
By Application:
- Stand-by
- Continuous
By End-User:
- Residential
- Commercial
- Industrial
Regional Analysis:
In 2021, North America dominated the global market for gas generator sets. The region with the quickest growth is anticipated to be Asia-Pacific during the projection period. Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa are the regions covered in the worldwide gas generator sets market study.
China contributes a considerable amount to global GDP by investing heavily in energy infrastructure. Due to its expanding infrastructure and population, Japan is experiencing a rapid increase in the demand for gas generators. In South Asian nations, primarily India and Indonesia, the market for gas generators is expanding significantly and is anticipated to remain stable during the projection period.
Key Market players:
Caterpillar Inc., Cummins Inc., Generac Power System, Mitsubishi Heavy Industries, Ltd., Kohler Co., Inc., General Electric, MTU-onsite Energy GMBH, Mahindra Powerol, Yanmar Co., Ltd., and Coopercorp Generators.
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