Natural Gas Generator Industry Overview
The global natural gas generator market size is expected to reach USD 18.67 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. Growing demand for backup power coupled with increasing government regulation to reduce the carbon emission caused by diesel genset is likely to strengthen the growth of the market during the forecast period.
The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand during 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, has led to an increase in power generation using natural gas. Increasing focus on electricity generation through cleaner sources and environmental concerns arising from diesel gensets are the factors anticipated to increase the share of natural gas generators set in the coming years.
Natural Gas Generator Market Segmentation
Grand View Research has segmented the natural gas generator market based on power rating, application, and region:
Based on the Power Rating Insights, the market is segmented into Low Power Genset, Medium Power Genset, and High Power Genset
- The low power genset segment was valued at USD 3.10 billion in 2021. Low power gensets are popular for residential and commercial power backup applications.
- The medium power genset segment accounted for the second-largest market share in 2021 and is anticipated to expand at the highest CAGR during the forecast period.
- Increasing demand for medium power gensets from emerging economies, such as China, India, and Brazil, for backup power systems, which use clean fuel for commercial and industrial applications, is a major driver for medium power gensets.
- High power gensets are majorly installed in large manufacturing facilities, power plants, and in the marine industry, where a continuous power supply is crucial. Moreover, they are also installed in a remote location for power generation and distribution where there is no grid connection.
Based on the Application Insights, the market is segmented into Industrial, Commercial, and Residential
- The commercial segment was estimated as the largest natural gas generator market globally, with an estimated value of USD 3,224.7 million in 2021.
- The commercial segment is projected to expand at the highest CAGR of 12.0% during the forecast period, owing to the growing demand for cleaner and greener fuel-fired gensets for commercial applications.
- Hospitals and medical institutes are the main contributors to the commercial segment of the natural gas generator market.
- The growing demand for gensets from healthcare facilities is expected to drive the demand for natural gas gensets for commercial applications during the forecast period.
Natural Gas Generator Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Key companies in the industry are adopting various organic and inorganic growth strategies to expand their service portfolio and gain market share. For instance, in September 2019, Kohler Co., Inc. was honored with the Green Power Leadership Award 2019 by the U.S. Environmental Protection Agency (EPA). This is one of the voluntary programs run by the U.S. EPA to enhance the utilization of green power across the U.S. Under this program, Kohler Co., Inc. purchased 425 million units of renewable power on an annual basis to offset its electricity consumption across the U.S. and Canada. Furthermore, in June 2018, the company completed the acquisition of Selmec and was involved in the designing and manufacturing of diesel generators in the range of 10 kW to 2,750 kW and natural gas generators in the range of 30 kW to 400 kW.
Some prominent players in the global Natural Gas Generator market include:
- 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.
- Coopercorp Generators
Order a free sample PDF of the Natural Gas Generator Market Intelligence Study, published by Grand View Research.
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