Natural Gas Generator Market Size Worth $18.67 Billion By 2030
Natural Gas Generator Industry Overview
The global natural gas generator market size was valued at USD 7.13 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 11.4% during the forecast period. The rising occurrence of power outages and power supply deficits globally, combined with regulations imposed on the use of diesel gensets due to high levels of carbon emissions, is driving the global demand for natural gas generators. However, the high capital cost of natural gas genset as compared to diesel genset coupled with limited natural gas reserves is expected to restrict the growth of the business.
The U.S. natural gas generator market accounted for the largest market share in 2021 in the North American market, and the trend is projected to continue during the forecast period due to the growing concern for carbon emissions caused by diesel gensets and the availability of natural gas as a fuel for gensets. Moreover, growing industrial and commercial facilities, such as shopping malls, high rises, universities, restaurants, district heating, and cooling plants, refineries, office buildings, and others in the U.S., are driving the demand for uninterrupted electricity supply to expand businesses and perform operations efficiently, which propels the demand for natural gas gensets.
Gather more insights about the market drivers, restrains and growth of the Global Natural Gas Generator market
Natural disasters and severe weather conditions due to climate change have resulted in extended power outages, driving demand for backup power as a necessary amenity in commercial, residential, and industrial buildings. The abundance of natural gas in the United States, combined with the well-developed infrastructure for transporting it within the country, has fueled the demand for generator sets in the United States. Gas generator sets are becoming more popular than diesel generator sets due to the country's shale gas revolution, and this trend is expected to continue in the coming years.
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- Industrial Batteries Market - The global industrial batteries market size to be valued at USD 27.4 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% during the forecast period. Rising demand for back-up power in the industrial sector coupled with demand for batteries in grid-level energy storage application is driving the market growth.
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 Power Rating Outlook (Revenue, USD Million, 2019 - 2030)
- Low Power Genset
- Medium Power Genset
- High Power Genset
Natural Gas Generator Application Outlook (Revenue, USD Million, 2019 - 2030)
- Industrial
- Commercial
- Residential
Natural Gas Generator Regional Outlook (Revenue, USD Million, 2019 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global natural gas generator market include:
- 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
Order a free sample PDF of the Natural Gas Generator Market Intelligence Study, published by Grand View Research.
About Grand View Research
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