Regardless of its size, clientele, or annual revenue, electricity is a need for all businesses. Electricity is absolutely necessary for everything from the needs in the administrative offices to the warehouse or factory. But as we all know, continuous operations cannot be reliant exclusively on a steady supply of power.
Natural gas generator market is poised to expand at a CAGR of 11.4% over 2022-2030, thereby reaching a valuation of USD 18.67 billion by end of the assessment timeframe.
Businesses today require a dependable solution that will enable them to run continuously. A generator is a reliable and effective option for this. Natural gas generators are the most appropriate for small businesses among the various types of generators on the market for a number of reasons.
India, China, Japan, and other emerging economies in the Asia-Pacific have all seen rapid expansion in their commercial sectors. As government restrictions to reduce greenhouse gas emissions from diesel gensets become more strict, the demand for natural gensets over diesel gensets for backup power applications is growing.
The great majority of industrial generator sets have historically used diesel generators, but due to increasing environmental regulations and the demand for more efficient energy sources, the natural gas generator market is starting to gain traction. Diesel generator sets have minimal installation costs, but they have significant fuel costs and are subject to price volatility. The fuel of choice for higher power classes is natural gas.
COVID-19 Impact:
Due to the decrease in power demand, primarily from institutional customers (in the industrial and commercial sector), as a result of many manufacturing plants and retail establishments being shut down during the lockdown, the COVID-19 pandemic had a negative effect on the gas generator market all over the world. The demand for gas generators has recently been supported by factors like rising knowledge of natural gas as a safe and dependable fuel, growing anxiety over diesel maintenance and refuelling problems, falling natural gas fuel prices, and a general desire to be more ecologically conscious. In addition, a number of nations have implemented stronger emission standards for diesel generator emissions and are encouraging the use of environmentally friendly gas generators to combat the risk of high-pollution emissions.
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Natural Gas Generator Market: Segmental Analysis
By Power Rating:
- Below 75kVA
- 75-375kVA
- 375-750kVA
- Above 750kVA
By Application:
- Stand-by
- Continuous
By End-User:
- Residential
- Commercial
- Industrial
Key Market players:
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., and Coopercorp Generators.
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