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Natural Gas Generator Global Market Analysis, Trends, Growth, Research And Forecast 2033
Natural Gas Generator Global Market Analysis
According to The Business Research Company's, The natural gas generator market size has grown strongly in recent years. It will grow from $7.56 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to growing emphasis on clean energy, energy security and reliability, shale gas boom, stringent emission regulations, demand for distributed power generation.
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.
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Market Drivers and Trends:
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.
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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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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
Natural Gas Generator Market 2024 Key Insights:
• The natural gas generator market will grow to $12.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising Electricity Demand Fuels Growth In The Natural Gas Generator Market
• Investment Trend With Advances In Natural Gas Generator Technology
• North America was the largest region in the natural gas generators market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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