Overview and Scope
Natural gas generator refers to a type of generator that runs on natural gas rather than petrol or diesel. A mixture of fuel and air is inserted into a combustion chamber to create electricity in a natural gas generator.
Sizing and Forecast
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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Segmentation & Regional Insights
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
North America was the largest region in the natural gas generators market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the natural gas generator market report are 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
The natural gas generator market report table of contents includes:
1. Executive Summary
2. Natural Gas Generator Market Characteristics
3. Natural Gas Generator Market Trends And Strategies
4. Natural Gas Generator Market – Macro Economic Scenario
5. Global Natural Gas Generator Market Size and Growth
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31. Global Natural Gas Generator Market Competitive Benchmarking
32. Global Natural Gas Generator Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Natural Gas Generator Market
34. Natural Gas Generator Market Future Outlook and Potential Analysis
35. Appendix
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