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Natural Gas Generator Market To Grow Enormously with Size Worth $10.87 Billion By 2025 |Grand View Research, Inc.

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Natural Gas Generator Market To Grow Enormously with Size Worth $10.87 Billion By 2025 |Grand View Research, Inc.

April 02
00:30 2020
Natural Gas Generator Market To Grow Enormously with Size Worth $10.87 Billion By 2025 |Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a new report by Grand View Research, Inc., The global natural gas generator market size was valued at USD 5.30 billion in 2018 and is projected to grow at a CAGR of 10.7% over the forecast period. Rising occurrence of power outrage and deficit power supply globally coupled with regulation imposed on usage of diesel generators owing to the high level of carbon emission is driving the market demand for natural gas generator globally.

The global natural gas generator market size is projected to reach USD 10.87 Billion by 2025, registering a CAGR of 10.7% over the forecast period, according to a new report by Grand View Research, Inc. growing demand for back-up power coupled with increasing government regulation to reduce the carbon emission caused by diesel generator is likely to strengthen the growth for the natural gas genset market during the forecast period.

The global electricity demand is anticipated to witness an increase of nearly two-thirds the current demand over the forecast period. The current availability of natural gas in large quantities and its relatively lower prices, especially in regions such as North America and Europe, have led to an increase in power generation using natural gas.

Increasing focus on electricity generation through cleaner sources and environmental concerns arising from diesel generators are the factors anticipated to increase the share of natural gas generator set in the coming years.

Conventional generators such as diesel generator emit harmful gases including nitrogen oxide, hydrocarbons, and carbon monoxide due to the combustion of diesel. Due to this, different regulatory bodies have imposed stringent regulations that pose a barrier to the usage of diesel generators. This, in turn, has resulted in the growth of eco-friendly alternatives of diesel generators such as natural gas generator.

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https://www.grandviewresearch.com/industry-analysis/natural-gas-generator-market/request/rs4

https://www.grandviewresearch.com/static/img/research/us-natural-gas-generator-market.png

 

Key market players in natural gas generator industry include Cummins Inc., Caterpillar Inc., Kohler co. Inc., Mitsubishi Heavy Industries, Ltd., MTU Onsite Energy, Generac Power Systems, Inc., Cooper Corp., General Electric, Yanmar Co., Ltd, Mahindra Powerol and others. Key companies in the industry are adopting various organic and inorganic growth strategies with a view to expand their service portfolio and gain market share.

Further key findings from the report suggest:

  • Low power generator accounted for the largest market share in power rating segment with USD 2,321.7 million in 2018. Low power generator are very popular for residential and commercial power backup operation. Due to growing urbanization, national grids are getting pressurized which is resulting in the increased demand supply gap for power which is eventually driving the demand for natural gas generator market.
  • Medium power generator in power rating segment is projected to grow at highest CAGR during the forecast period. Increasing demand from emerging economies such as China, India and Brazil for back -up power system which uses clean fuel, for commercial and industrial application are a major driver for medium power generators.
  • For application segment, commercial segment accounted for the largest market share in 2018 and is projected to grow at highest CAGR during the forecast period Developing economies in Asia Pacific have witnessed strong growth in commercial sectors. IT, telecom, and retail are some of the major sectors that are growing rapidly in developing countries of Asia Pacific, resulting in a high demand for natural gas generators as natural gas generator are crucial for back-up power in these facilities.
  • North America accounted for the largest market share in 2018. The abundance of natural gas in the U.S. coupled with developed infrastructure for transportation of natural gas within the country has played a vital role in driving the demand for gas generator sets in the U.S.
  • Asia Pacific market is forecasted to witness highest growth during the forecast period and is projected to be valued at USD 2.84 billion by 2025. High growth of industrial sector in China, India, Japan, and South Korea has triggered the demand for industrial generator sets in the region.
  • The establishment of heavy equipment, oil & gas, and process companies in China owing to low labor and utility costs has been one of the factors responsible for the growing penetration of gas generator set in the region.
  • Some of the significant industry participants include Cummins Inc., Caterpillar Inc., Kohler co. Inc., Mitsubishi Heavy Industries, Ltd., MTU Onsite Energy, Generac Power Systems, Inc., Cooper Corp., General Electric, Yanmar Co., Ltd, Mahindra Powerol, and others. These players have adopted various organic and inorganic growth strategies to expand there product portfolio and geographical footprint.

U.S. natural gas generator market accounted for the largest market share in 2018 in North American Market, and the trend is projected to continue over the forecast period, on account of growing concern for carbon emission caused by diesel generator and availability of natural gas as a fuel for generator. Moreover, growing industrial and commercial facilities such as shopping malls, high rises, universities, restaurants, district heating and cooling plants, refineries, office buildings, and others in the U.S. are driving the demand for uninterrupted electricity supply to expand businesses and perform operations efficiently, which propels the demand for natural gas generator.

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https://www.grandviewresearch.com/static/img/research/global-natural-gas-generator-market.png

 

Natural calamities and worsening weather conditions due to climate change have resulted in prolonged power cuts, which is driving the demand for back-up power as an essential amenity in commercial, residential, and industrial establishments.

The abundance of natural gas in the U.S. coupled with developed infrastructure for transportation of it within the country has played a vital role in driving the demand for generator sets in the U.S. Gas generator sets are witnessing an increased adoption compared to diesel generators on account of shale gas revolution in the country and this trend is projected to continue over the coming years.

Low power generator segment was valued at USD 2.30 billion in 2018. Low power generator are popular for residential and commercial power backup application. Nowadays, people use various electrical appliances in their home such as geysers, water pumps, AC units, water purifiers, and others. These appliances require more power to function like in case of washing machines, it might consume 750 Watts but need about 2500 watt to start. Owing to which households usually opt to have not more than 80 KW generator set as a durable standby power source.

Access complete  Natural Gas Generator Report Portfolio By Grand View research, Inc.

Medium power generator segment accounted for the second largest market share of natural gas generator in 2018 and is anticipated to grow at highest CAGR during the forecast period. Increasing demand for medium power generator from emerging economies such as China, India and Brazil for back -up power system which uses clean fuel, for commercial and industrial application are a major driver for medium power generators. 350 KW and above rating generator are capable of powering heavy machines and large equipment.

Medium power generator segment accounted for the second largest market share of natural gas generator in 2018 and is anticipated to grow at highest CAGR during the forecast period. Increasing demand for medium power generator from emerging economies such as China, India and Brazil for back -up power system which uses clean fuel, for commercial and industrial application are a major driver for medium power generators. 350 KW and above rating generator are capable of powering heavy machines and large equipment.

Rapid industrialization in emerging economies including India, China, and Brazil is expected to drive the demand for medium and high power generators. High power generators are majorly installed in large manufacturing facilities, power plants, and in marine industry where a continuous power supply is crucial. Moreover, they are also installed in remote location for power generation and distribution where there is no grid connection.

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Grand View Research has segmented natural gas generator market on the basis of power rating, application, and region:

Natural Gas Generator Market Power Rating Outlook (Revenue, USD Million, 2019 – 2025)

  • Low Power Generator
  • Medium Power Generator
  • High Power Generator

Natural Gas Generator Market Application Outlook (Revenue, USD Million, 2019 – 2025)

  • Industrial
  • Commercial
  • Residential

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/natural-gas-generator-market

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