The new report by Expert Market Research titled, ‘Global Natural Gas Generator Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global natural gas generator market, assessing the market based on its segments like power ratings, end users, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): About USD 5.73 billion
- Forecast CAGR (2023-2028): 19%
- Forecast Market Size (2027): Around USD 8.69 billion
The increasing electricity requirements in various end use industries is fuelling the demand for natural gas generators. The low upfront cost, continuous supply of power, and ease of installation are some of the major advantages of the equipment which bolsters the smoothness of manufacturing operations.
Meanwhile, the stringent government regulations aimed towards reducing the emission of carbon dioxide is likely to compel the major end users of generator to switch to natural gas generator owing to its zero-carbon dioxide emission and other eco-friendly properties. Geographically, North America accounts for a significant share in the market owing to the well-developed gas-grid infrastructure in the United States.
Industry Definition and Major Segments
Natural gas generator is a type of generator which produces electricity through natural gas and is used in large facilities where continuous power supply is required. Natural gas can be drawn either from a direct line piped by suppliers or by tanks. Natural gas generators do not require repetitive refilling and burn cleanly with little waste. Moreover, this type of generator is easy to install and are widely applied in commercial and industrial facilities.
On the basis of power rating, the market can be segmented into:
- Up to 100 KVA
- 101-350 KVA
- 351-750 KVA
- Above 750 KVA
Based on end user, the market has been segmented into:
- Industrial
- Commercial
- Residential
The market can be bifurcated based on application into:
- Stand-by
- Continuous
The regional markets for natural gas generator include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The key trends in the natural gas generator market include the technological advancements in the energy and power industry owing to the heavy demand for electrical appliances. The rising investments in the electrical network in the emerging economies are anticipated to fuel the market growth in the coming years.
Meanwhile, the transition from gasoline or diesel-based generators to natural gas generators in the manufacturing facilities, owing to the greater storage, lower costs, and eco-friendly properties is anticipated to be a key trend in the market. Moreover, the rising demand for natural gas generators in the residential sectors due to the increasing adoption of electronic appliances such as refrigerator, TV, and air conditioner, among others is likely to garner the market growth in the coming years.
Key Market Players
The major players in the market are Aggreko Plc., Caterpillar Inc., Cummins Inc., APR Energy Inc., Kohler Co., and Generac Holdings Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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