Press release
Natural Gas Generator Market Size, Demand, Analysis, Growth Report 2024
Natural Gas Generator Market
The natural gas generator market size is expected to see strong growth in the next few years. It will grow to $12.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to transition to renewable natural gas (rng), integration with renewable energy, rising demand for microgrid solutions, government incentives for clean energy, grid resilience and energy security. Major trends in the forecast period include hybrid systems integration, microgrid adoption, emission reduction technologies, digitalization and smart controls, distributed power generation.
Market Overview -
Natural gas generator refers to a type of generator that runs on natural gas rather than petrol or diesel. A mixture of fuel and air is inserted into a combustion chamber to create electricity in a natural gas generator.
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Rising Electricity Demand Fuels Growth In The Natural Gas Generator Market
Surging demand for electricity from various end-use sectors is significantly contributing to the natural gas generator market going forward. Electricity refers to a type of energy that powers motors and gadgets that generate light or heat. Natural gas generators are used for supplying electricity to various end-use sectors for their cost-effectiveness and environmental friendliness. For instance, according to 2023 data released by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, global electricity demand is predicted to grow at a rate of 3% on average from 2022 to 2025. Therefore, surging demand for electricity from various end-use sectors is driving the natural gas generators market.
Competitive Landscape -
Major companies operating in the natural gas generator market report are Caterpillar Inc., Generac Power System, Cummins Inc., General Electric Company., Kohler Co. Inc., Mahindra Powerol, MTU-onsite Energy GMBH, Yanmar Co. Ltd., Coopercorp Generators, Mitsubishi Heavy Industries Ltd., Aggreko Plc., APR Energy Inc., Jinan Diesel Engine Co.Ltd., Shandong Naipute Gas Power Co.Ltd., Zibo Diesel Engine Parent Company, Himonsa S.L., Ettes Power Technology Co. Ltd., Wärtsilä Corporation, Siemens Aktiengesellschaft, Rolls-Royce Power Systems AG, Doosan Corporation, Dresser-Rand Group Inc., INNIO Group Holding GmbH, JFE Engineering Corporation, MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Liebherr-International AG, Perkins Engines Company Limited, Atlas Copco AB., Briggs & Stratton Corporation
Investment Trend With Advances In Natural Gas Generator Technology
Investments are the key trend gaining popularity in the natural gas generators market. Major companies operating in the natural gas generators market are focusing on investing in natural gas generator technologies and assets to expand the market. For instance, in February 2023, Cummins Inc., a US-based manufacturer of power generation products invested 175kW and 200kW natural gas standby generator sets. The generators offer a tough 6-cylinder spark-ignited QSJ8.9G petrol engine for dependable power that responds quickly to load changes, the PowerCommand 2.3 control for automatic remote starting/stopping, precise frequency and voltage regulation, alarm and status message display, and output metering with NFPA 110 Level 1 compliance, a standard cooling package that provides reliable running up to 122 degrees F, and an aesthetically appealing enclosure incorporating special designs. In May 2022, National Pension Service (NPS), a South Korea-based public pension fund, and Korean Teachers' Credit Union (KTCU), a South Korea-based public pension fund for teachers, invested $390 million in Calpine Corp., a US-based manufacturer of natural gas generators.
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Key Segments -
The natural gas generator market covered in this report is segmented -
1) By Type: Standby, Prime
2) By Power Rating: Low Power Genset, Medium Power Genset, High Power Genset
3) By Phase: Single Phase, 3 Phase
4) By Material: Aluminum, Composite, Steel
5) By End User: Industrial, Commercial, Residential
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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