The Distributed Natural Gas-Fueled Generation Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Distributed Natural Gas-Fueled Generation Global Market Report 2024, 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.
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.
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The distributed natural gas-fueled generation market covered in this report is segmented –
1) By Technology: Natural Gas Gensets, Micro Turbine, Stationary Fuel Cells
2) By Scale: Microgeneration, Small-Scale Generation, Medium-Scale Generation, Large-Scale Generation
3) By End User: Residential, Commercial And Industrial, Building And Institutional
Top Major Players
General Electric Company
MWM GmbH
ABB Group
Cummins Inc.
Plug Power System Inc.
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.
The distributed natural gas-fueled generation market report table of contents includes:
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