Press release
Steady Expansion Forecast for Natural Gas Generator Market, Projected to Reach $13.04 Billion by 2029
Natural Gas Generator
Natural Gas Generator Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for natural gas generators has witnessed a robust growth in recent times. The growth trajectory sees it escalating from $8.13 billion in 2024 to $8.87 billion in 2025, registering a compound annual growth rate (CAGR) of 9.1%. The reasons behind the growth during the historic period are the increased focus on clean energy sources, energy security and dependability, the surge in shale gas production, strict emission regulations, and the increasing demand for distributed power generation.
Natural Gas Generator Market Size Forecast: What's the Projected Valuation by 2029?
The market size for natural gas generators is set to experience a swift expansion over the next few years. The market is projected to reach "$13.04 billion by 2029, growing at a compound annual growth rate (CAGR) of 10.1%. The anticipated growth during the forecast period can be linked to the shift towards renewable natural gas (RNG), combination with renewable energy, increasing need for microgrid solutions, government encouragement for green energy, along with grid durability and energy security. Key trends during the forecast period are expected to include the integration of hybrid systems, adoption of microgrids, technologies for reducing emissions, digitalization, smart controls, and distributed power generation.
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What Are the Drivers Transforming the Natural Gas Generator Market?
The escalating need for electricity from different end-use sectors substantially contributes to the growth of the natural gas generator market. Electricity, a form of energy, is responsible for powering motors and devices that generate light or heat. Natural gas generators, due to their cost-efficiency and eco-friendliness, are employed to provide electricity across various end-use sectors. For instance, according to data from the International Energy Agency (IEA), a France-based intergovernmental organization that offers policy suggestions, analysis, and data for the global energy sector, it is anticipated that global electricity demand will rise at an average rate of 3% from 2022 to 2025. Therefore, the increasing demand for electricity from different end-use sectors propels the natural gas generator market forward.
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What Long-Term Trends Will Define the Future of the Natural Gas Generator Market?
Investments are shaping growth in the natural gas generators market. In February 2023, US-based Cummins Inc. invested in 175kW and 200kW standby generators powered by QSJ8.9G engines. In May 2022, South Korea's National Pension Service and KTCU jointly invested $390 million in US-based Calpine Corp., supporting innovation in natural gas generation technologies.
Which Segments in the Natural Gas Generator Market Offer the Most Profit Potential?
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
Subsegments:
1) By Standby: Automatic Standby Generators, Manual Standby Generators
2) By Prime: Continuous Prime Generators, Variable Load Prime Generators
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Which Firms Dominate the Natural Gas Generator Market by Market Share and Revenue in 2025?
Major companies operating in the natural gas generator market include 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
Which Regions Offer the Highest Growth Potential in the Natural Gas Generator Market?
North America was the largest region in the natural gas generators market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global natural gas generator market report during the forecast period. The regions covered in the natural gas generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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