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The global natural gas generator market size was USD 4.81 billion in 2018 is anticipated to reach USD 7.71 billion by 2026, exhibiting a CAGR of 6.2% during the forecast period from 2019 – 2026.
The future of the natural gas industry is driven by continuous economic growth, robust policies to mitigate air pollution, and increasing consumption of energy. European countries are taking an initiative to curb pollution by switching coal-fired power plants into natural gas-fired plants. Many government and private entities are striving hard to achieve sustainable environmental goals. The ongoing natural gas pipeline projects worth billions of dollars are scheduled in North America and Europe for reliable and continuous natural gas supply.
Exponential Natural Gas Production to Meet the Energy Demand
Natural gas is playing a significant role in reducing GHG emissions as it burns cleaner than other forms of conventional fuels. In recent years, natural production has seen multifold growth on account of strong supporting policies for sustainable development. The United States is the top producer and net exporter of natural gas due to the shale gas revolution. Besides, China is continuously inflating its capital expenditure on clean energy fuels to reduce carbon emissions. Also, many European countries are converting traditional coal-fired power plants into a gas-fired generator to support clean energy policies. Following this trend, generators powered by natural gas may offer lucrative growth in the forecasted period.
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Growing Concern Over Degradation of Environment
The amendment in several energy policies to support the clean energy movement to reduce the carbon emission might boost the growth of the industry. A report published by the Intergovernmental Panel on Climate Change in 2018 estimates that global warming is likely to reach 1.5°C between 2030 to 2052. Human activities and industries caused a severe threat to the quality of the environment, which result in frequent natural calamities. The government and private entities joined hands to mitigate the impacts of global warming by introducing advanced and clean energy technologies. This will undoubtedly propel the growth of the natural gas generator industry.
Requisition for Uninterrupted Power Supply on Account of Tremendous Economic Growth
The multifold growth in varied industrial sectors coupled with population explosion set to increase the demand for reliable and continuous power supply. Information and communication technology is playing a crucial role in shaping the industry size as every single data center requires a generator to avoid power outage. Also, in many commercial and industrial applications, gas-fired generators are widely used to meet the increased demand for electricity. Subsequently, the natural gas generator industry expected to see robust growth in the forecasted period.
Enormous Investment in Sustainable Energy Development
Energy is the backbone of the economic development of the world. However, the exponential use of fossil fuel has raised a severe threat to the environment, such as deforestation, rising sea levels, global warming, etc. The international regulatory and government organization took the initiative to lower the severity of pollution by introducing sustainable energy development programs. The initiative aims to evolve the economy of the world by investing in ecofriendly and sustainable energy sources. Hence, favorable government policies and awareness among the community for global warming likely to offer a profitable market for natural gas genset market.
Rising Investment in Renewable Energy Technology
The paradigm shifts towards embracing clean and eco-friendly energy sources such as solar, wind, biogas, etc. likely to limit the scope of the market. European countries are heavily investing in solar and wind projects to meet the rising demand for electricity. The US, China, Germany, and India continuously investing in wind power installation and dominate the world’s wind power in terms of capacity. Moreover, frequent natural disasters such as earthquakes, tsunami, floods, and tornados might damage the pipeline infrastructure and disrupt the supply of natural. These factors set to inhibit the growth of the natural gas industry.
Above 750kVA Power Rating Set to Influence the Market
The conversion of coal-fired power plants into gas-fired power stations to mitigate the rising GHG emissions likely to encourage the above 750kVA segment. Moreover, many industry verticals are installing a natural gas generator to avoid blackouts and gain access to a reliable and uninterrupted power supply. The high power demand in oil & gas, mining, and construction businesses set to bode well for the natural gas generator industry.
Massive Expansion of Energy & Power Sector to Propel the Growth of the Continuous Segment
The energy & power sector is playing a crucial role in shaping the economy of the world. Many countries around the world are extensively investing in energy infrastructure. The traditional power plants are replaced by advanced natural gas-fired generators to reduce GHG emissions. In addition, growing demand for continuous power supply from varied industry verticals likely to provide a profitable market.
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Outstanding Industrial Analysis Across the World Set to Provide Healthy Market
The population explosion around the world increasing the demand for consumer goods. Moreover, the growing income of middle class population and increasing buyer’s power set to bode the industrial production. Many manufacturing companies are increasing their production output to meet the growing demand for consumer goods which results in demand for continuous power supply. Furthermore, surging urbanization and rising demand for energy set to offer profitable growth for the industrial sector.
Natural gas generators demonstrates a robust growth in the forecasted period on account of the energy transition phase. Utility operators and industrial players are moving towards clean energy technology and turning down coal-fired power plants into gas-fired plants. The ultimate goal is to achieve sustainable energy development through advanced and clean energy technologies. North America exhibited strong growth due to massive investment in exploration and production of shale reserves. In 2016, the EIA stated that natural gas-fired generators accounted for 42% of the operating electricity generating capacity in the United States. The increase in natural gas generation is primarily a result of the cost-competitiveness of natural gas relative to coal. Europe is acting sternly to mitigate the severe threat of global warming. The European Union was drafting policies for supporting clean energy technologies. Many coal-fired power plants are slumped as natural gas gained across UK, France, and Germany that will upsurge the demand for natural gas generator in Europe.
Asia Pacific Natural Gas Generator Market Size, 2018 (USD Billion)
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Asia Pacific is one of the leading and emerging markets due to the exponential demand for electricity and frequent power outage. China is consistently making an effort to increase the production of gas by expanding E&P activities. India is extensively investing in the energy & power sector to ease access to electricity. The population explosion and massive economic growth are anticipated to provide positive outlook to the natural gas generator industry. A surge in economic activities in gulf countries and more electronic devices are integrated into lives people likely to increase the installation of natural gas generators for providing uninterrupted power supply. Furthermore, lack of grid infrastructure in African countries and rising demand for electricity set to drive the market in the Middle East & Africa.
Renowned Companies Likely to Enjoy the Highest Market Share
In recent years, the growing concern over climate change has changed the business tactics, and companies are prone to invest in advanced and sustainable technology. The expansion of the natural gas generator market is attributed to multifold growth in the production of hydrocarbon gas and extensive investment in clean energy technologies to achieve sustainable development goals. Many companies compete based on performance, efficiency, price, durability, and output power capacity of the generator. However, some of the established players are projected to dominate the market on account of rising expenditure on R&D to improve the performance characteristics of the generator.
Natural gas contributes extensively to attaining sustainable energy goals by mitigating the impacts of pollution. The demand for natural gas grew by 4.6% in 2018, which is highest since the beginning of the decade as per IEA reports. Generators powered by natural gas are widely used in different applications to meet the increasing power demand. The growth of the industry is primarily driven by increased production of gas and recent shale gas revolution in U.S. Natural gas not only burns cleaner than other conventional fuel sources but also assists in reducing pollution level to a greater extent. The rising concerns over GHG emissions and strong supporting policies likely to provide a profitable market. Moreover, growing investment in pipeline infrastructure for available transportation of fuel set to boost the growth of the industry.
The natural gas generator market report offers an elaborative analysis of numerous factors affecting the global market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as power rating, application, and end-user. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.
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In addition to this, the report provides a comprehensive analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are the adoption trends of residential industry analysis by individual segments, recent industry developments such as partnerships, mergers & acquisitions, Porter’s five forces analysis, and key industry trends.
Value (USD Billion)
By Power Rating
In 2018, the global market was USD 4.81 billion, and it is anticipated to reach USD 7.71 billion by 2026 growing at an appreciable CAGR of 6.2% during the forecast period (2019 -2026)
The industrial segment is projected to lead the industry on account of the extensive adoption of clean fuel resources for generating electricity.
The market in Asia Pacific was valued at USD 1.54 billion in 2018.
Growing demand for reliable and continuous power supply on account of enormous economic growth. In addition, rising concern over deterioration environment likely to push the natural gas generator market.
Increasing investment in renewable energy technologies to meet the growing demand for electricity is set to inhibit the growth of the market.
The key industry players in the natural gas generator market are Caterpillar Inc., Cummins Inc., Himoinsa, Kohler-SDMO, and Generac Power Systems, among others.
Natural Gas Generator Market to Reach $7.71 Billion by 2026Natural Gas Generator Market to Reach $7.71 Billion by 2026; Increasing Efforts Taken by Governing Bodies Across the World Will Fuel Product Demand
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