The global natural gas generator market revenue was around US$ 7.13 billion in 2022 and is estimated to reach US$ 18.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 11.4 % during the forecast period from 2023 to 2031.
A natural gas generator is a kind of generator that runs on natural gas rather than the typical choices of diesel or gasoline. Natural gas generators are broadly utilized in nursing homes, hospitals, and other large facilities where constant power supply is required, routinely use natural gas, or diesel, generators rather than ones powered by gasoline. In an emergency, gasoline might be difficult to find and has a short shelf life.
Market Driving Factors
The world's economic development is based on energy. However, the exponential usage of fossil fuels has increased serious environmental threats, including deforestation, increasing sea levels, global warming, etc. International regulatory and governmental organizations took the initiative to lessen the severity of pollution by implementing sustainable energy development programs. The program seeks to advance global economic development by investing money into environmentally clean and sustainable energy sources. Therefore, favorable government policies and public awareness of climate change are anticipated to propel the market growth.
Demand for uninterrupted power supply due to incredible economic growth propels the market growth. The demand for a dependable and continuous power supply is expected to rise as a result of the multiple growth in numerous industrial sectors and population growth. Information and communication technologies play an important role in shaping the industry size as every single data requires a generator to prevent power outages. Furthermore, gas-fired generators are also frequently used to meet the rising electricity demand in various commercial and industrial applications.
High capital price relative to diesel gensets and the lack of natural gas reserves is estimated to hamper the market expansion.
Regional Analysis
North America dominated the market in terms of shares. This can be attributed to the presence of major gas genset OEMs (Original equipment manufacturers) and EPC (Engineering, Procurement, and Construction) players, large shale gas reserves, and developed structures for transportation of natural gas. The U.S. accounted for the largest share in the region owing to several elements, such as the existence of shale gas reserves and the growing government emphasis on the development of clean energy sources.
Asia Pacific is estimated to dominate the market in terms of revenue. This is due to the requirement for effective backup power systems. Government initiatives in India are promoting the development of industrial facilities, which is predicted to increase demand for gas generator sets for industrial applications throughout the projection period. India's generator set sector has a preference for using diesel as a raw source. However, government requirements to reduce carbon emissions brought on by the use of diesel fuel and the government's change in emphasis towards the use of cleaner sources for power generation are estimated to fuel the demand in the region.
Segmentation Insights
Power Rating Insight
The low-power genset segment dominates the market in terms of revenue. This is due to the high demand for commercial and residential power backup applications. Nowadays, people employ a variety of electrical appliances in their homes, including water pumps, geysers, water purifiers, and air conditioners. These appliances require more power to work as in the case of washing machines, which might consume 750 watts but need about 2500 watts to start. As a result, many households prefer to have only an 80 KW generator set as a standby power source.
The medium power genset segment dominated the market in terms of shares and is estimated to maintain its dominance over the projection period. This can be attributed to the surge in demand of this segment from emerging economies, such as India, China, and Brazil, for backup power systems, which utilize clean fuel for industrial and commercial applications is a main driver of the segment.
Application Insight
The commercial segment is anticipated to dominate the market in terms of revenue. Due to the rising demand for cleaner and more environmentally friendly fuel-fired gensets for commercial applications. Developing economies in Asia Pacific have noticed substantial growth in their commercial sectors. Telecom, IT, and retail are some of the major sectors that are increasing rapidly in developing countries in the region. As a result, in these sectors, more demand for natural gas gensets is important for backup power.
Prominent Companies
Segmentation Outline
The global natural gas generator market segmentation focuses on Power Rating, Application, and Region.
By Power Rating
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL NATURAL GAS GENERATOR MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: NATURAL GAS GENERATOR MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL NATURAL GAS GENERATOR MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL NATURAL GAS GENERATOR MARKET, BY POWER RATING
5.1 OVERVIEW
5.2 LOW POWER GENSET
5.3 MEDIUM POWER GENSET
5.4 HIGH POWER GENSET
6 GLOBAL NATURAL GAS GENERATOR MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 INDUSTRIAL
6.3 COMMERCIAL
6.4 RESIDENTIAL
7 GLOBAL NATURAL GAS GENERATOR MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL NATURAL GAS GENERATOR MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 CATERPILLAR INC
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 CUMMINS INC
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 GENERAC POWER SYSTEM
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 MITSUBISHI HEAVY INDUSTRIES, LTD
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 KOHLER CO., INC
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 GENERAL ELECTRIC
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 MTU-ONSITE ENERGY GMBH
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 MAHINDRA POWEROL
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 YANMAR CO., LTD
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 COOPER CORP GENERATORS
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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