Worldwide Natural Gas Generator Industry is Expected to Reach $18.6 Billion by 2030
DUBLIN–(BUSINESS WIRE)–The “Natural Gas Generator Market Size, Share & Trends Analysis Report By Power Rating (Low Power Genset, Medium Power Genset, High Power Genset), By Application (Industrial, Residential, Commercial), By Region, And Segment Forecasts, 2022 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global natural gas generator market size is expected to reach USD 18.67 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.4% during the forecast period, according to a new report.
Companies Mentioned
- Caterpillar Inc.
- Cummins Inc.
- Generac Power Systems
- Mitsubishi Heavy Industries, Ltd.
- Kohler Co., Inc.
- General Electric
- MTU Onsite Energy GmbH
- Mahindra Powerol
- Yanmar Co., Ltd.
- Coopercorp Generators
Growing demand for backup power coupled with increasing government regulation to reduce the carbon emission caused by diesel genset is likely to strengthen the growth of the market during the forecast period.
The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand during the forecast period. The current availability of natural gas in large quantities and its relatively lower prices, especially in regions, such as North America and Europe, has led to an increase in power generation using natural gas. Increasing focus on electricity generation through cleaner sources and environmental concerns arising from diesel gensets are the factors anticipated to increase the share of natural gas generators set in the coming years.
Conventional gensets, such as diesel gensets, emit harmful gases, including nitrogen oxide, hydrocarbons, and carbon monoxide, due to the combustion of diesel. As a result, different regulatory bodies have imposed strict regulations and thus making it difficult for diesel generators to be used. This has led to the growth of eco-friendly alternatives to diesel gensets, such as natural gas gensets.
Emerging economies in the Asia-Pacific region, such as India, China, Japan, and others, have witnessed strong growth in their commercial sectors. The growth of demand for natural gensets over diesel gensets for backup power applications is owing to the increasingly stringent government regulations to curb greenhouse gas emissions caused by diesel gensets.
Natural Gas Generator Market Report Highlights
- The low power gensets segment accounted for a prominent share in the market in 2021 and is further expected to witness prominent growth during the forecast period
- For the application segment, the commercial segment accounted for the largest market share in 2021 and is projected to expand at the highest CAGR during the forecast period.
- North America accounted for the largest market share in 2021. The abundance of natural gas in the U.S. coupled with developed infrastructure for transportation of natural gas within the country has played a vital role in driving the demand for gas generator sets in the U.S
Key Topics Covered:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.1.1 Global Generator Set Market Outlook
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.6 Market Dynamics
3.6.1 Market Driver Analysis
3.6.1.1 Reduction in the Prices of Natural Gas
3.6.1.2 Growing Demand for Electric Power Through Clean Energy Sources
3.6.2 Market Restraint Analysis
3.6.2.1 Limited Natural Gas Reserves
3.6.2.2 High Cost of Gas Genset and Presence of Substitutes
3.6.3 Opportunity Assessment
3.7 Business Environment Analysis: Natural Gas Generator Market
3.7.1 Industry Analysis – Porter’s
3.7.2 PESTEL Analysis
3.8 Market Entry Strategies
Chapter 4 Global Natural Gas Generator Market: Power Rating Estimates & Trend Analysis
Chapter 5 Global Natural Gas Generator Market: Application Estimates & Trend Analysis
Chapter 6 Global Natural Gas Generator Market: Regional Estimates & Trend Analysis
Chapter 7 Competitive Landscape
7.1 Key Global Players & Recent Developments & Their Impact on the Industry
7.2 Vendor Landscape
7.3 Competitive Landscape
7.4 Strategic Framework
Chapter 8 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/naempk
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