New York, United States, Oct. 25, 2023 (GLOBE NEWSWIRE) -- A natural gas generator is a particular kind of generator that runs on natural gas rather than gasoline or diesel. It ignites fuel gas to create natural gas and other high-calorie gases. “The global Natural Gas Generator Market size is projected to reach USD 18.47 billion by 2030 at a CAGR of 11.23% from 2022 to 2030,” states the Research Manager at Straits Research P. Ltd.
Many European nations are also turning conventional coal-fired power facilities into gas-fired generators to support clean energy initiatives. Following this pattern, it is anticipated that sales of natural gas-powered generators will increase profitably over the forecast period.
Get a Free Sample Copy of This Report @ https://straitsresearch.com/report/natural-gas-generator-market/request-sample
KEY DRIVERS
The economic growth of numerous Asian Pacific nations has been significantly influenced by the manufacturing sector. The ASEAN Economic Community (AEC) believes that if the Regional Comprehensive Economic Partnership (RCEP) is carried out well, it will be a positive step toward a larger Asia Pacific Free Trade Area (FTAAP). The United States is the top producer and net exporter of natural gas in the world as a result of the shale gas revolution. In addition, China is consistently expanding its capital expenditures on sustainable energy sources to cut carbon emissions.
GROWTH OPPORTUNITIES
Sustainable energy development programmes, international regulatory and governmental bodies have taken the lead in lowering the severity of pollution. By making investments in environmentally friendly and renewable energy sources, the initiative hopes to advance the state of the world economy. As a result, favourable government regulations and increased public awareness of global warming are anticipated to provide a lucrative market for natural gas generators and propel market expansion over the forecast period, respectively.
REGIONAL ANALYSIS
The market in North America, where the United States was the main contributor to the natural gas generator market in the region, was estimated at USD 2,181.8 million in 2021. Large shale gas deposits, developed infrastructure for natural gas transportation, and the existence of well-known gas generator OEMs and EPC players, and these factors have emerged as the main growth drivers for the North American natural gas generator set market. Due to a number of factors, including the existence of shale gas reserves and the growing government emphasis on the development of clean energy sources.
Asia Pacific is anticipated to develop at the quickest rate during the projected period, with a CAGR of 14.0%. The demand for effective backup power systems is what drives the Asia Pacific market. Industrial generator sets are in great demand in the region because of the rapid growth of the industrial sectors in China, India, Japan, and South Korea.
Furthermore, government initiatives in India are supporting the development of industrial facilities, which is predicted to fuel a rise in the demand for gas generator sets for industrial uses throughout the course of the forecast period. However, due to government regulations to reduce carbon emissions brought on by the burning of diesel fuel, as well as a shift in the government's priorities toward the use of cleaner sources for power generation.
KEY HIGHLIGHTS:
- By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.
- The manufacturing sector and a need for natural energy sources are some of the driving factors of the market.
- This market can be segmented on the basis of power rating, application, region and competitors.
COMPETITORS ANALYSIS:
Important players in the sector are implementing a range of organic and inorganic growth strategies to diversify their service offerings and increase market share. 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., and Coopercorp Generators are a few well-known companies in the market for natural gas generators.
RECENT DEVELOPMENTS:
- The Cat G3516 natural gas-powered Fast Response generator set, which has been approved for use in both emergency and non-emergency situations by the US EPA, was first offered by Caterpillar in January 2022.
- In January 2022, ClusterPower, a Romanian cloud service provider, received three combined cooling, heat, and power plant (CCHP) trigeneration units that were customised and containerised by MTU and delivered by Rolls-Royce and its distribution partner Knopf & Wallisch (K&W).
MARKET SEGMENTATION:
Power Rating Outlook:
- Low Power Genset
- Medium Power Genset
- High Power Genset
Application Outlook:
- Industrial
- Commercial
- Residential
Regional Outlook:
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/natural-gas-generator-market/segmentation
About Straits Research Pvt Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, specially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
