SAN FRANCISCO, September 14, 2022 /PRNewswire/ — The World natural gas generator market the size should reach $18.67 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.4% over the forecast period, according to a new report from Grand View Research, Inc. Growing demand for backup power associated to increasing government regulation to reduce carbon emissions caused by diesel genset is likely to enhance the market growth during the forecast period.
Global electricity demand is expected to increase by nearly two-thirds of current demand over the forecast period. The current availability of natural gas in large quantities and its relatively low prices, especially in regions such as North America and Europe, led to an increase in natural gas-fired electricity generation. The increasing focus on generating electricity from cleaner sources and environmental concerns arising from diesel generators are the factors that are expected to increase the share of natural gas generators in the coming years.
Key industry insights and findings from the report:
- The light duty genset segment accounted for a major share of the market in 2021 and is further expected to witness significant growth over the forecast period.
- For the application segment, the commercial segment accounted for the largest market share in 2021 and is expected to grow at the highest CAGR over the forecast period.
- North America accounted for the largest market share in 2021. The abundance of natural gas in the United States, coupled with developed infrastructure for transporting natural gas in the country, has played a vital role in driving the demand for generator sets gas in the United States.
Read the full market research report, »Natural Gas Generator Market Size, Share & Trends Analysis Report By Rated Power (Low Power Generator Set, Medium Power Generator Set, High Power Generator Set), By Application (Industrial, Residential , Commercial), by Region and Segment Forecast, 2022-2030“, published by Grand View Research.
Natural Gas Generator Market Growth and Trends
Conventional generator sets, such as diesel generator sets, emit harmful gases including nitrogen oxide, hydrocarbons and carbon monoxide due to diesel combustion. As a result, different regulatory bodies have imposed strict regulations making it difficult to use diesel generators. This has led to the growth of environmentally friendly alternatives to diesel generators, such as natural gas generators.
The emerging economies of Asia Pacific region, as India, China, Japan, and others, have experienced strong growth in their business sectors. The growth in demand for natural generator sets versus diesel generator sets for standby power applications is due to increasingly stringent government regulations aimed at reducing greenhouse gas emissions caused by diesel generator sets. .
Segmentation of the natural gas generator market
Grand View Research has segmented the natural gas generator market based on power rating, application, and region:
Natural Gas Generator Market – Rated Power Outlook (Revenue, USD Million, 2019-2030)
- Low consumption generator
- Medium power generator
- High power generator
Natural Gas Generator Market – Application Outlook (Revenue, USD Million, 2019 – 2030)
Natural Gas Generator Market – Regional Outlook (Revenue, USD Million, 2019-2030)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Global Natural Gas Generators Market
- Caterpillar inc.
- Cummins inc.
- Generac Power System
- Mitsubishi Heavy Industries, Ltd.
- Kohler Co., Inc.
- General Electric
- MTU-onsite Energy GMBH
- Mahindra Powerol
- Yanmar Co., Ltd.
- Coopercorp Generators
Check out other related studies published by Grand View Research:
- Liquefied natural gas market – The global liquefied natural gas market size is expected to reach $208.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 8.1% from 2022 to 2030. Growing demand for electric power through clean energy sources is expected to propel market growth over the coming years.
- Natural Gas-Fired Distributed Generation Market – The global natural gas-fired distributed generation market is expected to reach $32.21 billion by 2024, according to a new report from Grand View Research, Inc. Increase government initiatives to promote the use of natural gas as a generator fuel, particularly in emerging Chinaand India is expected to boost the global market.
- Gas Pipeline Infrastructure Market – The global gas pipeline infrastructure market size is expected to reach $3,228.3 billion by 2027, growing at a revenue/volume-based CAGR of 3.4% over the forecast period, according to a new report from Grand View Research, Inc. Rising natural gas imports along with Growing investments in infrastructure and network expansion are likely to strengthen market demand.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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