New York, United States, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The need for wood as a primary fuel in internal combustion (IC) engines is predicted to increase significantly over the next seven years, which could result in a significant expansion of the worldwide market for wood gas generators. A wood gas generator's primary function is to transform wood or charcoal into a fuel-grade gas that may be burned. Wood gas, often referred to as syngas, is a type of fuel that is used to power internal combustion engines. It is composed of several atmospheric gases such nitrogen, hydrogen, carbon monoxide, and trace amounts of methane. In the future years, one of the primary factors that is projected to drive expansion in the worldwide market is the rising demand for energy, combined with the objective of lowering the amounts of carbon footprints left in the environment. The unpredictability of crude oil prices, along with the eco-friendliness of wood gas, has led to its widespread adoption as a fuel alternative to petroleum and coal. In addition, due to the diminishing availability of traditional sources, power plants are increasingly turning to the usage of wood gas to power their gas turbines. It is projected that the potential to substitute traditional fossil fuels will have a favorable influence on market penetration in the not-too-distant future.
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Market Dynamics
Production of Natural Gas is Growing Rapidly to Meet the Demand for Energy
Due to the fact that it burns cleaner than other kinds of conventional fuel, natural gas is playing a vital part in the reduction of greenhouse gas emissions. Recent years have witnessed a boom in natural output that has been multiplied many times over as a direct result of strong supporting policies for sustainable development. As a result of the revolution in the shale gas industry, the United States has become the world's leading producer of natural gas and a net exporter of the fuel. In addition, China is increasing its capital spending on clean energy fuels at an ever-increasing rate in order to lower its levels of carbon emissions.
Growing Concern over Environmental Degradation
There is a possibility that the expansion of the sector will be stimulated by the revision of a number of energy policies in order to back the clean energy movement and cut carbon emissions. According to projections made in a study that was released in 2018 by the Intergovernmental Panel on Climate Change, the average temperature increase throughout the globe is expected to reach 1.5 degrees Celsius between the years 2030 and 2052. The actions and industries of humans have posed a significant risk to the integrity of the environment, which has led to an increase in the frequency of natural disasters.
Demand for Uninterrupted Power Supply Due to Incredible Economic Growth
The exponential expansion that is occurring across a wide range of industrial sectors, together with the explosion in population, is going to lead to an increase in the demand for dependable and continuous power supply. Each and every data centre needs a generator to ensure that there is no interruption in power supply, and information and communication technology is playing a significant part in the process of determining the size of the sector. In addition, gas-fired generators are widely employed in many commercial and industrial applications to fulfil the rising demand for energy.
Massive Investment in the Development of Sustainable Energy
Energy is the most important factor in the expansion of economies across the world. The ever-increasing consumption of fossil fuels has resulted in a tremendous hazard to the natural world, including deforestation, rising sea levels, global warming, and other similar phenomena. The global regulatory and government agency took the initiative to reduce the severity of pollution by creating initiatives for the development of renewable energy sources.
Regional Analysis
As a result of rising levels of energy consumption in both North America and Europe, it is anticipated that these two areas will emerge as the regional leaders in the market. Additionally, environmental regulations that favor low cabin footprint levels in the atmosphere, particularly in economies such as the United States and the United Kingdom, is further anticipated to complement the wood gas generator market in these regions. This is the case in the US. As a result of the shifting costs of petroleum products, the Asia-Pacific market is anticipated to see considerable development over the course of the projected period. It is projected that increasing industry awareness toward lowering dependency on traditional fossil fuels for power generation in nations such as Japan, Korea, India, and China would drive market penetration in the area.
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Key Highlights
- The global wood gas generator market size was valued at USD 6.53 billion in 2024 and is projected to reach from USD 6.93 billion in 2025 to USD 11.22 billion by 2033, growing at a CAGR of 6.2% during the forecast period (2025-2033).
- Production of Natural Gas is Growing Rapidly to Meet the Demand for Energy will drive the market growth.
- Demand for Uninterrupted Power Supply Due to Incredible Economic Growth will boost the market growth.
- Massive Investment in the Development of Sustainable Energy will help in the market growth.
- The market for wood gas generator is segmented into application and region.
- Massive growth in the energy and power sector will be the driving force behind expansion in the continuous market.
- As a result of rising levels of energy consumption in both North America and Europe, it is anticipated that these two areas would emerge as the regional leaders in the market.
Competitive Players
- Generac Holdings Inc.
- Caterpillar Inc.
- General Electric Company
- Cummins Inc.
- Kohler Co.
Recent Developments
- In October 2021, A new rule enacted by the state of California states that sales of such generators (portable gas-powered generators) would no longer be allowed. Portable gas-powered generators with less than 25 horsepower are impacted by the new regulation. These generators might be used to run a refrigerator or other medium-sized appliances.
- In August 2020, The 500 kW for 60 Hz markets natural gas-fueled generator set from Caterpillar Inc. was unveiled and has received Stationary Emergency Certification from the US EPA. Diesel generators and gas generators are only two of the many types of generators and engines that Caterpillar Inc. makes and designs.
Segmentation
- By Application
-
- Stand by
- Continuous
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East And Africa
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