Natural Gas Generator Market Research, 2031
The global natural gas generator market size was valued at $5.5 billion in 2021, and is projected to reach $10.4 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.
A natural gas generator is a type of generator that runs on natural gas instead of the typical choices of gasoline or diesel. As of 2019, natural gas generators accounted for the largest share of overall generation capacity (43%) in the United States. Natural gas generators are widely used in the hospitals, nursing homes, and other large facilities where continuous power supply is critical, routinely use natural gas, or diesel, generators instead of ones powered by gasoline. Gasoline has a limited shelf life and can be hard to come by when need in an emergency. Propane tanks can also become scarce during natural disasters.
Generators are sized by kW; the higher the kW rating, the generator has more power. This is the way by which the selection of generator can be done on the basis of usage. For example, a 7.5kW home standby generator may power 8 circuits, while an 11kW generator might power 16 circuits. Sizing a natural gas generator for industrial uses works the same: calculate the needs and ensure the generator is rated highly enough to handle the peak load.
Rise in urbanization and infrastructural development across the globe led to increase in the demand of natural gas generator which may act as the major driving factor for the market. In addition, according to the U.S. Energy Information Administration, there are 137,381 Btus in a gallon of diesel, which currently averages about $3 nationally. So, to get 1 million Btus, it requires almost 7.5 gallons, for a cost of almost $22. Natural gas contains 1,036 Btus in a cubic foot, which currently costs $.01286 (as delivered to residential consumers). To reach 1 million Btus, you’d need 965 cubic feet, for a total cost of $12.41, barely half the cost of the diesel. However, the cost-effective feature of natural gas generator may create ample of opportunities for the market.
The global natural gas generator market forecast is segmented on the basis of Application, Power rating, End-user, and region. Depending on Application, the market is categorized into stand-by and continuous. On the basis of Power rating, it is divided into Less than 75 kVA, 75-375 kVA and Above 375 kVA. On the basis of End-user, it is classified into commercial, residential and industrial. Region wise, it is analyzed across North America, Europe, Asia-Pacific and LAMEA.
The global natural gas generator market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Weichai Group (China), Kohler Co. (US), Atlas Copco (Sweden), Denyo (Japan), Wacker Neuson (Germany), Doosan (South Korea), Greaves Cotton Limited (India), Kirloskar Oil Engines Ltd. (India), Siemens (Germany), Aksa Energy (Turkey), Wärtsilä (Finland), Honda (Japan), Briggs & Stratton (US), ABB (Germany) and Yanmar (Japan).
By application, the continous segment dominated the global natural gas generator market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed due to its wide applications in mining, construction, oil & gas operations, drilling, or marine use such as large ships. However, rapid expansion of upstream production in oil & gas led to increase the demand of continuous natural gas generator which may act as the major driving factor for the market.
By power rating, the less than 75 Kva segment dominated the global natural gas generator market in 2020, and is projected to remain the fastest-growing segment during the forecast period as emissions can be reduced by making process changes (such as modifications to the combustion process) or by installing natural gas generator. In addition, Rise in the urbanization led to increase the residential societies which tend to increase the demand of natural gas generator with less power or small size which may act as the major driving factor for the market. Moreover, rapid expansion of projects such as smart cities also led to promote natural gas generator which may create ample of opportunities for the market.
By end-user, the commercial segment dominated the global natural gas generator market in 2020, and is projected to remain the fastest-growing segment during the forecast period as emissions can be reduced by natural gas generator. In addition, Rising urbanization and expansion of cities led to increase the real estate and rise in infrastructural development led to increase in commercial projects which may act as the major driving factor for the market. In addition, Natural gas generator play a vital role to power up structure such as hospitals, healthcare center, colleges, schools and others which may act as the major factor for the natural gas generator market growth.
By region, Asia-Pacific dominated the global natural gas generator market in 2020, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to numerous factors such as largest population and industries in the region.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the natural gas generator market analysis from 2021 to 2031 to identify the prevailing natural gas generator market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the natural gas generator market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global natural gas generator market trends, key players, market segments, application areas, and market growth strategies.
Natural Gas Generator Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 10.4 billion |
 Growth Rate | CAGR of 6.6% |
 Forecast period | 2021 - 2031 |
 Report Pages | 261 |
 By Application |
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 By Power Rating |
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 By End User |
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 By Region |
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 Key Market Players | F.G. Wilson, Mitsubishi Heavy Industries Ltd, Cooper Corporation, Caterpillar Inc., Cummins Inc., Generac Holdings Inc., aksa power generation, .KOHLER CO., MTU America Inc., General Electric Company |
Analyst Review
The global natural gas generator market registered a dynamic growth over the past few years, owing to drastic growth in pharmaceuticals, hospitals, and other industries. In addition, huge investment plans of the government of every nation with respect to pipeline natural gas (PNG) fostered the demand for natural gas generators market across the globe. Moreover, natural gas generator used for residential purpose is economical as compared to diesel generators. In addition, natural gas generators are also effective in reducing costs when used to power homes. This is because electricity from the main utility source is a far more expensive alternative. However, mentioned advantages of natural gas generators may also act as the driving factor for the market. Furthermore, another advantage of natural gas generators is that natural gas does not produce a pungent odor, which is fairly common in generators powered by oil or diesel. However, a rise in infrastructure development also led to a boost in the demand for natural gas generators. In addition, developing nations such as India, China & Japan plans to increase urbanization and launched new projects such as smart cities which led to increasing in the demand for Natural gas generator which creates wide opportunities for the market.
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