Press release
Natural Gas Generator Market Growth Accelerates: Strategic Forecast Predicts $12.65 Billion by 2029
Natural Gas Generator Market
What Will the Natural Gas Generator Industry Market Size Be by 2025?
There has been a significant expansion in the size of the natural gas generator market in the last few years. The market, which is expected to rise from $8.13 billion in 2024 to $8.73 billion in 2025, is expected to have a compound annual growth rate (CAGR) of 7.3%. The historic growth is due to an increased focus on clean energy, the assurance and reliability of energy, the surge in shale gas, strict emission rules, and the requirement for distributed power generation.
What's the Long-Term Growth Forecast for the Natural Gas Generator Market Size Through 2029?
The market size of natural gas generators is predicted to witness substantial expansion in the upcoming years, reaching a valuation of $12.65 billion by 2029 with a 9.7% compound annual growth rate (CAGR). The projected growth during this forecast period is due to various factors such as the shift towards renewable natural gas (RNG), integration of renewable energy, growing demand for micro-grid solutions, government initiatives promoting clean energy, as well as grid resilience and energy security. Key trends to watch out for during this forecast period include the integration of hybrid systems, adoption of microgrids, emergence of emission reduction technologies, digitalization, smart controls, and distributed power generation.
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What Are the Key Growth Drivers Fueling the Natural Gas Generator Market Expansion?
The increased requirement for electricity from a range of end-user sectors is making a significant impact on the growth of the natural gas generator market. Electricity, a form of energy that fuels motors and devices that produce light or heat, is increasingly being supplied by natural gas generators due to their cost-efficiency and eco-friendly nature. For instance, the International Energy Agency (IEA), an intergovernmental organization based in France that offers policy suggestions, analysis, and information on the entire global energy sector, released data in 2023 showing that the demand for electricity globally is expected to increase at a rate of 3% on average from 2022 to 2025. Consequently, the escalating need for electricity from various end-user sectors is propelling the market for natural gas generators.
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What Are the Key Trends Driving Natural Gas Generator Market Growth?
The tendency for major corporations to invest in natural gas generators is becoming a significant trend in this market. Firms specializing in this field are zeroing in on advancement in technology and resources pertaining to natural gas generators as a strategic approach to widen their market reach. An epitome of this trend could be seen when Cummins Inc., a firm prevalent for its power generation products in the US, funneled an investment into 175kW and 200kW natural gas standby generator sets in February 2023. These generators boast of a sturdy 6-cylinder spark-ignited QSJ8.9G petrol engine, coupled with a PowerCommand 2.3 control for automated remote operations, accurate frequency and voltage regulation, a display for alarm and status messages, and an NFPA 110 Level 1 compliant output metering system, among its other salient features. Yet another instance was observed in May 2022 when the National Pension Service (NPS) and the Korean Teachers' Credit Union (KTCU), both public pension funds based in South Korea, collectively invested a staggering $390 million in Calpine Corp., a US firm renowned for its manufacturing of natural gas generators.
How Is the Natural Gas Generator Market Segmented?
The natural gas generator market covered in this report is segmented -
1) By Type: Standby, Prime
2) By Power Rating: Low Power Genset, Medium Power Genset, High Power Genset
3) By Phase: Single Phase, 3 Phase
4) By Material: Aluminum, Composite, Steel
5) By End User: Industrial, Commercial, Residential
Subsegments:
1) By Standby: Automatic Standby Generators, Manual Standby Generators
2) By Prime: Continuous Prime Generators, Variable Load Prime Generators
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Which Companies Are Leading the Charge in Natural Gas Generator Market Innovation?
Major companies operating in the natural gas generator market include Caterpillar Inc., Generac Power System, Cummins Inc., General Electric Company., Kohler Co. Inc., Mahindra Powerol, MTU-onsite Energy GMBH, Yanmar Co. Ltd., Coopercorp Generators, Mitsubishi Heavy Industries Ltd., Aggreko Plc., APR Energy Inc., Jinan Diesel Engine Co.Ltd., Shandong Naipute Gas Power Co.Ltd., Zibo Diesel Engine Parent Company, Himonsa S.L., Ettes Power Technology Co. Ltd., Wärtsilä Corporation, Siemens Aktiengesellschaft, Rolls-Royce Power Systems AG, Doosan Corporation, Dresser-Rand Group Inc., INNIO Group Holding GmbH, JFE Engineering Corporation, MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Liebherr-International AG, Perkins Engines Company Limited, Atlas Copco AB., Briggs & Stratton Corporation
Which Regions Are Leading the Global Natural Gas Generator Market in Revenue?
North America was the largest region in the natural gas generators market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global natural gas generator market report during the forecast period. The regions covered in the natural gas generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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