Global Natural Gas Generator Market Overview
Natural gas generators are widely used generators which use natural gases for electricity generation. Internal combustion engines are used to introduce the air fuel mixture in the combustion chamber where mixture gets compressed by a piston. A spark plug is used to ignite the air fuel mixture. Natural gases are precious earth materials and are available to people through gas pipelines or cylinders. Natural gas generators are used in industries as well as in residence for electricity generation. In terms of operation cost, natural gas generators are more expansive as compared to other generators such as diesel generator. Natural gases are one of the most affordable and successful non-renewable energy resources used for power generation.
Market Size and Forecast
The global natural gas generator market reached USD 4,600.3 Million in 2016 by registering a CAGR of 8.1% across the globe. Moreover, the market is anticipated to reach USD 8,511.1 Million by the end of 2024. Global installed capacity in natural gas generators are estimated to grow from 12.9 GW in 2015 to 26.3 GW by 2024 end. Further, the market of global natural gas generator is anticipated to achieve a Y-o-Y growth rate of 8.5% in 2024 as compared to the previous year. Moreover, growth and expansion of the industrial sector is propelling the demand for natural gas generator which is likely to escalate the growth of natural gas market all across the globe.
In the regional platform, Asia Pacific is slated to account for a leading share of 39.9% by 2024 in the natural gas generator market. The growth in the region can be attributed to increasing utilization of clean energy coupled with rising number of industries in the region. Besides, encouragement by the government to adopt clean energy sources and rapid pace in urbanization is also expected to impel the growth of natural gas generator market in the Asia Pacific. China and India are the prominent market in the region. Additionally, Europe market is expected to expand at a significant CAGR during the forecast period i.e. 2017-2024.Growing infrastructure development is likely to be the key factor behind the growth of natural gas generator in the Europe region. Additionally, 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. U.K. & Germany are expected to contribute significantly in the growth of natural gas generator market during the forecast period.
Our-in depth analysis of the global natural gas generator market includes the following segments:
By RPM (revolution per minute)
Growth Drivers and Challenges
In the areas of unreliable source of power, generators are widely utilized. However, many generators such as diesel generators possess a serious threat to the environment if operated for a long period of time. On the other hand, alternative generators including natural gas generators are becoming more popular owing to their sustainability and low carbon emission. Moreover, increasing adoption of these generators by government and several industries has been witnessed in recent years. To reduce the emission of harmful pollutants to the environment, various emission standards and regulations has been established by several countries such as U.S., China, Japan, India and others. This factor is envisioned to strengthen the global natural gas generator market. However, scarcity of natural gas infrastructure in developing countries is the major restrains of the global natural gas generator market. Further, the availability of alternative technologies such as power packs, diesel generators and others is expected to limit the growth of the global natural gas generator market. Further, the technological advancement associated with power packs such as high energy storage and output is anticipated to negatively impact the growth of the global natural gas generator.
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