Natural Gas Generator Market to Grow with a CAGR of 5.19% through 2028
Increasing frequency of power outages and power supply
shortages & Growing demand for cleaner and greener fuel-fired gensets for
commercial & industrial applications are likely to drive the market in the
forecast period.
According to TechSci Research report, “Natural Gas
Generator Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Natural Gas Generator
Market stood at USD 6.08 billion in 2022 and is anticipated to grow with a CAGR
of 5.19% in the forecast period.
A prominent driver of the global Natural
Gas Generator market is the pressing need for environmental sustainability and
the imperative to reduce greenhouse gas emissions. As the world grapples with
the detrimental effects of climate change, there is a growing consensus on
transitioning to cleaner and more sustainable energy sources. Natural gas, when
used as a fuel for power generation, emits significantly fewer pollutants and
greenhouse gases compared to traditional fossil fuels like coal and oil. This
emphasis on reducing emissions has led governments, industries, and consumers
to seek cleaner energy solutions. Natural gas generators, with their lower
carbon footprint and reduced emissions of pollutants such as sulfur dioxide and
nitrogen oxides, are positioned as a crucial transitional technology. They
serve as a bridge between carbon-intensive energy sources and a more
sustainable energy future, making them an attractive choice for power
generation. Government policies and international agreements, such as the Paris
Agreement, further bolster the demand for natural gas generators by setting
ambitious emission reduction targets and encouraging the adoption of cleaner
energy technologies. Consequently, the drive for environmental sustainability
and emissions reduction acts as a significant driver, propelling the growth of
the global Natural Gas Generator market.
Another pivotal driver of the global
Natural Gas Generator market is the paramount importance of energy security and
grid reliability. In an interconnected world reliant on electricity for
essential services, industries, and everyday life, the need for a continuous
and dependable power supply cannot be overstated. Natural gas generators play a
crucial role in enhancing energy security by providing backup and standby power
during grid outages, natural disasters, or unforeseen events. Their rapid
start-up capabilities and reliability make them an ideal choice for critical
infrastructure such as hospitals, data centers, and emergency services.
Additionally, industries and businesses that require uninterrupted power supply
turn to natural gas generators to prevent costly downtime and maintain
operations. As regions face the challenges of an aging electrical grid and the
increasing frequency of extreme weather events, the demand for reliable backup
power sources continues to grow. This dependence on backup power to ensure grid
reliability drives the adoption of natural gas generators and underscores their
significance in maintaining energy security in an increasingly electrified
world. Consequently, the need for energy security and grid reliability serves
as a compelling driver fueling the expansion of the global Natural Gas
Generator market.
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Gas Generator Market.”
The Global Natural Gas Generator Market is segmented
into power capacity, end user industry and region.
Based on power capacity, The 101-350 kVA segment had
the largest market share in 2022 & expected to maintain it in the forecast
period. Natural gas generators in the 101-350 kVA range are versatile and can
cater to a wide range of applications. They are suitable for small and
medium-sized businesses, commercial establishments, manufacturing facilities,
and even residential complexes. This versatility makes them a preferred choice
for a broad customer base. Many commercial and industrial facilities fall
within the 101-350 kVA power requirement bracket. These generators offer a
reliable source of backup power during grid outages or as a supplementary power
source during peak demand periods. They are often used to ensure uninterrupted
operations in critical sectors, such as healthcare, finance, and manufacturing.
Natural gas generators in this power range strike a balance between power
output and cost-effectiveness. They are typically more affordable than larger
generators while still delivering a substantial amount of power. This cost-effectiveness
makes them an attractive choice for businesses looking to manage their capital
expenditures effectively. Natural gas is generally regarded as a cost-effective
and cleaner-burning fuel compared to diesel or gasoline. Generators in the
101-350 kVA range benefit from the fuel efficiency of natural gas, making them
an economical option for long-term operations. Many regions have stringent
emissions regulations, and natural gas generators in the 101-350 kVA range can
often meet these standards more easily than larger generators. This compliance
with environmental regulations is essential for businesses that prioritize
sustainability and emissions reduction.
Based on end user industry, The Industrial segment had
the largest market share in 2022 and is projected to experience rapid growth
during the forecast period. Industries often require uninterrupted power to
maintain their production processes. Any power outage can result in significant
financial losses, damage to equipment, and safety hazards. Natural gas
generators are favored for their reliability and quick startup times, ensuring
that industrial facilities can continue operations even during grid failures.
Industrial operations demand consistent and high-quality power to operate
machinery, control systems, and critical processes. Natural gas generators
provide stable and reliable electricity, which is essential for precision
manufacturing and other industrial applications. Natural gas generators are
known for their energy efficiency compared to some other power generation
technologies. In industrial settings, where energy costs can be a substantial
part of operational expenses, the fuel efficiency of natural gas generators can
result in cost savings over time. Many industries are subject to strict
environmental regulations. Natural gas generators emit fewer pollutants and
greenhouse gases compared to coal or oil-fired generators, making them a more
environmentally compliant choice. This is especially important for industries
that need to meet emissions targets and sustainability goals. Industrial areas
often have access to natural gas pipelines or storage facilities, ensuring a
consistent supply of fuel. This availability reduces logistical challenges and
ensures a reliable fuel source for natural gas generators.
Major companies operating in the Global Natural
Gas Generator Market are:
- Caterpillar Inc.
- Cummins Inc.
- General Electric Company
- Wartsila Corporation
- Siemens AG
- MAN Energy Solutions SE
- Kohler Co.
- Generac Power Systems Inc.
- Atlas Copco AB
- Rolls-Royce Holdings plc
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“The Global Natural Gas Generator market is expected
to rise in the upcoming years and register a significant CAGR during the
forecast period. The dominant driver of the global Natural Gas Generator market
is the imperative for businesses to meet stringent environmental regulations
and enhance energy efficiency. Natural Gas Generators are favored for their
reduced emissions and fuel efficiency, aligning with sustainability goals.
Governments worldwide are imposing strict emissions standards, prompting industries
to transition to cleaner energy sources. Moreover, businesses seek to optimize
energy costs, and natural gas offers cost-effective stability. In response to
these pressures, the adoption of Natural Gas Generators is rapidly increasing
across sectors, establishing them as a pivotal component in achieving
environmental compliance and operational efficiency. Therefore, the market of Natural
Gas Generator is expected to boost in the upcoming years.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Natural Gas Generator Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Power
Capacity (0-100 kVA, 101-350 kVA, 351-1000 kVA, Above 1000 kVA), By End-User
Industry (Residential, Commercial, Industrial), By Region, By Competition”, has evaluated
the future growth potential of Global Natural Gas Generator Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the Global Natural Gas Generator Market.
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