In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Natural gas generator is used to create power source, using natural gas as a source of fuel. Natural gas generators are being adopted in various industries owing to their environmental benefits. With the growing complexity of maintenance and service of the natural gas generator, the demand for aftermarket services has become more crucial in the past few years. Aftermarket natural gas generator includes various services & solutions such as repair, service & maintenance and others.
Global aftermarket natural gas generator market reached USD 9,023.5 Million in 2016 by registering a CAGR of 9.2% across the globe. Moreover, the aftermarket natural gas generator market is expected to reach USD 17,975 Million by the end of 2024. However, growth and expansion of the industrial sector is propelling the demand for natural gas generator which is likely to escalate the demand for aftermarket natural gas generator across the globe.
Globally, Asia-Pacific aftermarket natural gas generator market is forecasted to hold top position in global aftermarket natural gas generator followed by Europe and North America. Economic growth of various industry verticals in the region is expected to swell the demand for natural gas generator during the forecast period. Further, China followed by India and Japan is anticipated to be largest aftermarket natural gas generator market during the forecast period.
Further, North America is expected to showcase a significant growth over the forecast period. Surging adoption of low emission generators as compared to diesel generators has strengthened the growth of aftermarket natural gas generators market in the region. Further, the government initiatives to encourage the use of clean energy products is bolstering the U.S. natural gas generator market which in turn is anticipated to impel the growth of the aftermarket natural gas generator market in the years ahead.
Europe aftermarket natural gas generator market is expected to expand at a significant CAGR of 8.9% during the forecast period i.e. 2017-2024. Rising infrastructure development is expected to be the key factor behind the growth of aftermarket natural gas generator in the Europe region. Further, infrastructure development and industrialization is projected to accelerate in the next few years. This factor is expected to fuel the growth of Europe natural gas generator market during the forecast period which in turn is anticipated to foster the growth of the aftermarket Europe natural gas generator market. CLICK TO DOWNLOAD SAMPLE REPORT
Our in-depth analysis of the aftermarket global natural gas generator includes the following segments:
The global aftermarket natural gas generator is further classified on the basis of region as follows:
Frequent service and maintenance associated with natural gas generator to ensure the flawless performance of the generator is expected to swell the demand for the aftermarket natural gas generator. Additionally, natural gas generators life expectancy gets reduced if servicing is not done annually. Natural gas generator owners are spending more on maintenance and repair to increase the life expectancy and maintain the high level productivity. Further, consumers prefer the original and high quality repair parts on the account of rising awareness about the reliability and performance of the genuine part. Moreover, this increasing adoption of genuine company parts for repair work is anticipated to foster the growth of aftermarket natural gas generator market.
The manufacturers are expanding their aftermarket service networks to provide better after-sales service to the consumer. Further, this rising number of aftermarket service centers across the globe is believed to impel the growth of the aftermarket natural gas generator market. Besides, relation between quality of after-sales and chances of customer to repurchase the products from the company is compelling the manufacturers to provide higher grade after-sales quality products, repair and service solutions. These factors are anticipated to fuel the growth of the aftermarket natural gas generator during the forecast period.
However, availability of local repair products from local manufacturers is significantly hampering the growth of the global aftermarket natural gas generator market. Further, presence of unauthorized service centers is anticipated to dampen the growth of aftermarket natural gas generator market over the forecast period.