Distributed Natural Gas-Fueled Generation Global Market Size, Share, Future Trends, Comprehensive Analysis, Opportunity Assessment And Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Distributed Natural Gas-Fueled Generation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The distributed natural gas-fueled generation market size has grown rapidly in recent years. It will grow from $30.15 billion in 2023 to $33.35 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to energy security concerns, economic viability, grid resilience and reliability, energy independence, environmental considerations.

The distributed natural gas-fueled generation market size is expected to see rapid growth in the next few years. It will grow to $50.6 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to renewable natural gas integration, grid decentralization initiatives, energy storage integration, government incentives and policies, resilience planning. Major trends in the forecast period include technological innovations in microgrids, advancements in gas turbine technology, technology advancements, integration with renewables, environmental considerations.

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Market Drivers and Trends:

The rising usage of natural gas is expected to propel the growth of the distributed natural gas-fueled generation market going forward. Natural gas refers to a naturally occurring flammable gas that can be used as fuel or an energy source for many things, including heating, cooking, moving around, and producing power. Natural gas is mostly used for heating and producing power, but other consumer sectors also use it for other purposes. Natural gas is used in the fueled generation to create useful thermal output and generate electricity. For instance, in July 2022, according to the International Energy Agency (IEA), a France-based intergovernmental agency reports, between 2021 and 2025, global natural gas consumption is anticipated to increase by a total of 140 billion cubic meters. Therefore, the rising usage of natural gas is driving the growth of the distributed natural gas-fueled generation market.

Technological advancements are a key trend gaining popularity in the distributed natural gas-fueled generation market. Companies operating in the distributed natural gas-fueled generation market are adopting new technologies to sustain their position in the market. For instance, in April 2021, ABB Ltd, a Switzerland-based automation company launched new drone-based gas detection system technology. In this technology, drones gather survey-level data that can precisely determine the site of the leak and even provide details on the type of gas and projected leak rate.

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Major Key Players of the Market:

General Electric Company; MWM GmbH; ABB Group; Cummins Inc.; Plug Power System Inc.; Shandong Lvhuan Power Equipment Co. Ltd.; Redox Power Systems; Caterpillar Inc.; Generac Power Systems; Mitsubishi Heavy Industries Ltd.; Kohler Co. Inc.; MTU Onsite Energy GmbH; Mahindra Powerol Ltd.; Yanmar Co. Ltd.; Coopercorp Generators; Siemens AG; Rolls-Royce Holdings PLC; Wärtsilä Corporation; MAN Energy Solutions SE; Kawasaki Heavy Industries Ltd.; Sinopec; British Petroleum Company p.l.c; Chevron Corporation; Lukoil; Occidental Petroleum Corporation; ExxonMobil Corporation; Dakota Gasification Company; NRG Energy Inc.; Air Liquide S.A.; Aker Solutions ASA; Baker Hughes Company; Fluor Corporation; Halliburton; Honeywell International Inc.; Japan CCS Co. Ltd.; LanzaTech Inc.; Royal Dutch Shell; Calix Limited

Distributed Natural Gas-Fueled Generation Market 2024 Key Insights:

• The distributed natural gas-fueled generation market size will grow to $50.6 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%.
• Growing Global Usage Of Natural Gas Surged Distributed Natural Gas Market
• Enhanced Precision In Distributed Natural Gas-Fueled Generation Market
• North America was the largest region in the distributed natural gas-fueled generation market in 2023

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