Gas Generator Market to Reach $9.1 Billion, Globally, by 2033 at 4.3% CAGR: Allied Market Research

Wilmington, Delaware, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Gas Generator Market by Gas Type (Natural Gas, Biogas and Other Gas), Capacity (Less than 75 kVA, 75-375 kVA and Above 375 kVA), Application (Commercial, Industrial, Farming and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the gas generator market was valued at $6.1 billion in 2023, and is estimated to reach $9.1 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.

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Prime determinants of growth

The global gas generator market is experiencing growth due to rapid industrialization and urbanization, surge in number of data centers and IT infrastructure and stringent environmental regulations. The expansion of industrial activities and urban areas increases energy demand, driving the need for reliable backup power solutions to support manufacturing, construction, and urban infrastructure. The rise in reliance on digital technology and the expansion of data centers require consistent and uninterrupted power, making gas generators essential for backup power in these facilities. Furthermore, environmental regulations aimed at reducing emissions drive the adoption of cleaner energy sources. Natural gas generators, which produce lower emissions than diesel generators, are favored in this regulatory environment. Moreover, improvements in gas generator technology, such as enhanced fuel efficiency, reduced emissions, quieter operation, and better automation, make gas generators attractive to consumers in every region.

However, in some regions, the infrastructure for supplying natural gas may be underdeveloped or nonexistent, limiting the practicality and feasibility of using gas generators. Gas generators still emit greenhouse gases and pollutants despite being cleaner than diesel. Increase in environmental awareness and stringent emissions regulations can hinder the adoption of gas generators, pushing consumers towards greener alternatives. Furthermore, gas generators require regular maintenance and skilled operators to ensure optimal performance and longevity. The availability and cost of maintenance services can be a barrier for some users.

Moreover, gas generators can be integrated with renewable energy sources like solar and wind to provide hybrid power solutions which can help in balancing power supply when renewable sources are not generating sufficient energy, enhancing reliability and efficiency. In addition, rapid urbanization and industrialization in emerging markets, particularly in Asia, Africa, and Latin America, present significant opportunities. These regions often face unreliable grid power and can benefit greatly from gas generators for both residential and commercial applications.

Report coverage & details:

Natural gas segment is expected to lead the trail by 2033

By gas type, the natural gas segment held the highest market share in 2023 and is estimated to dominate during the forecast period. Natural gas is a cleaner-burning fuel compared to diesel and gasoline. It produces lower levels of harmful emissions such as nitrogen oxides (NOx), sulfur dioxide (SO2), particulate matter (PM), and carbon dioxide (CO2) . This makes natural gas generators environment-friendly and helps businesses and individuals comply with stringent emissions regulations. Furthermore, natural gas generators are often energy-efficient than their diesel counterparts. They can convert a higher percentage of fuel into usable energy, leading to better performance and lower fuel consumption which boost its demand in the market.

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75-375 kVA segment to maintain its dominance by 2033

By capacity, the 75-375 kVA segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. Generators in the 75-375 kVA range are highly versatile and can be used in a wide array of applications, including small to medium-sized industrial operations, commercial buildings, healthcare facilities, and large residential complexes. This capacity range provides enough power to meet the needs of many different users. Generators in the 75-375 kVA range are highly versatile and can be used in a wide array of applications, including small to medium-sized industrial operations, commercial buildings, healthcare facilities, and large residential complexes which boost its demand in the market.

Industrial segment to maintain its dominance by 2033

By application, the industrial segment held the highest market share in 2023 and is estimated to maintain its leadership status during the forecast period. Industrial operations often require uninterrupted power to maintain productivity and avoid costly downtime. Gas generators provide a reliable backup power source during grid outages, ensuring continuous operation of critical machinery and processes. Furthermore, natural gas is often cost-effective as compared to diesel, especially in regions with abundant natural gas supplies. The lower fuel costs, combined with the high efficiency of natural gas generators, result in reduced operating expenses for industrial facilities which boost its demand in the segment.

Asia-Pacific was the fastest growing region in terms of revenue in 2023

By region, Asia-Pacific was the fastest growing region in terms of revenue in 2023. The region has some of the world's fastest-growing economies, including China, India, and Southeast Asian countries. Economic growth leads to higher energy consumption and a greater need for backup power solutions in commercial, industrial, and residential sectors. Furthermore, governments in the Asia-Pacific region are implementing stricter environmental regulations to reduce emissions and promote cleaner energy sources. Natural gas generators are seen as a cleaner alternative to diesel generators, aligning with these regulatory efforts which boost its demand in the region.

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Leading Market Players: -

• Siemens Energy
• GE Vernova
• Toshiba Corporation
• Mitsubishi Electric Corporation
• MAHINDRA POWEROL.
• J C Bamford Excavators Ltd.
• Caterpillar.
• Atlas Copco AB
• Rolls-Royce plc
• Cummins Inc
• Generac Power Systems, Inc.

The report provides a detailed analysis of these key players in the global gas generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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