Global Natural Gas Generator Market Analysis & Opportunity Outlook 2024
Buy Now Report ID: 77 | Published Date: Feb 14, 2023
Global Natural Gas Generator Market Analysis & Opportunity Outlook 2024
Buy Now Report ID: 77 | Published Date: Feb 14, 2023
Our-in depth analysis of the global natural gas generator market includes the following segments:
By Phase
By RPM (revolution per minute)
By Material
By Application
By Region
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.
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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.
Caterpillar
Cummins
Briggs & Stratton Corporation
Generac Holdings, Inc.
Kirloskar Oil Engines Ltd.
Himoinsa
Kohler Co.
Doosan Corporation
Multiquip Inc.
Wärtsilä Corporation
Other Key Players
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.
Author Credits: Payel Roy, Dhruv Bhatia
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