SAN FRANCISCO, Sept. 14, 2022 /PRNewswire/ — The global natural gas generator market size is expected to reach USD 18.67 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. Growing demand for backup power coupled with increasing government regulation to reduce the carbon emission caused by diesel genset is likely to strengthen the growth of the market during the forecast period.
The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand during the forecast period. The current availability of natural gas in large quantities and its relatively lower prices, especially in regions, such as North America and Europe, has led to an increase in power generation using natural gas. Increasing focus on electricity generation through cleaner sources and environmental concerns arising from diesel gensets are the factors anticipated to increase the share of natural gas generators set in the coming years.
Key Industry Insights & Findings from the report:
- The low power gensets segment accounted for a prominent share in the market in 2021 and is further expected to witness prominent growth during the forecast period.
- For the application segment, the commercial segment accounted for the largest market share in 2021 and is projected to expand at the highest CAGR during the forecast period.
- North America accounted for the largest market share in 2021. The abundance of natural gas in the U.S. coupled with developed infrastructure for transportation of natural gas within the country has played a vital role in driving the demand for gas generator sets in the U.S.
Read full market research report, “Natural Gas Generator Market Size, Share & Trends Analysis Report By Power Rating (Low Power Genset, Medium Power Genset, High Power Genset), By Application (Industrial, Residential, Commercial), By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Natural Gas Generator Market Growth & Trends
Conventional gensets, such as diesel gensets, emit harmful gases, including nitrogen oxide, hydrocarbons, and carbon monoxide, due to the combustion of diesel. As a result, different regulatory bodies have imposed strict regulations and thus making it difficult for diesel generators to be used. This has led to the growth of eco-friendly alternatives to diesel gensets, such as natural gas gensets.
Emerging economies in the Asia-Pacific region, such as India, China, Japan, and others, have witnessed strong growth in their commercial sectors. The growth of demand for natural gensets over diesel gensets for backup power applications is owing to the increasingly stringent government regulations to curb greenhouse gas emissions caused by diesel gensets.
Natural Gas Generator Market Segmentation
Grand View Research has segmented the natural gas generator market based on power rating, application, and region:
Natural Gas Generator Market – Power Rating Outlook (Revenue, USD Million, 2019 – 2030)
- Low Power Genset
- Medium Power Genset
- High Power Genset
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
- Saudi Arabia
List of Key Players in the Global Natural Gas Generator 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 more related studies published by Grand View Research:
- Liquefied Natural Gas Market – The global liquefied natural gas market size is expected to reach USD 208.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The growing demand for electric power through clean energy sources is likely to propel the market growth over the coming years.
- Distributed Natural Gas-Fueled Generation Market – The global distributed natural gas-fueled generation market is expected to reach USD 32.21 Billion by 2024, according to a new report by Grand View Research, Inc. Increasing government initiatives to promote the use of natural gas as a generator fuel especially in emerging markets of China, and India is expected to boost the global market.
- Gas Pipeline Infrastructure Market – The global gas pipeline infrastructure market size is expected to reach USD 3,228.3 billion by 2027, expanding at a revenue/volume based CAGR of 3.4% over the forecast period, according to a new report by Grand View Research, Inc. Rising natural gas imports along with growing investments in infrastructure and network expansion are likely to strengthen the market demand.
Browse through Grand View Research’s Distribution & Utilities Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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