According to a report, “Natural Gas Generator Market Size, Share & Trends Analysis Report By Rating (Low Rating, Medium Rating, High Rating), By Application (Industrial, Residential, Commercial), And Segment Forecasts, 2019 – 2025” published by Grand View Research, Inc., the global natural gas generator market size is projected to reach USD 10.87 Billion by 2025, registering a CAGR of 10.7% over the forecast period. The growing demand for back-up power coupled with increasing government regulation to reduce the carbon emission caused by diesel generators is likely to strengthen the growth of the natural gas genset market during the forecast period.
The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand over the forecast period. The current availability of natural gas in large quantities and its relatively lower prices, especially in regions such as North America and Europe, has led to an increase in power generation using natural gas.
Increasing focus on electricity generation through cleaner sources and environmental concerns arising from diesel generators are the factors anticipated to increase the share of natural gas generator set in the coming years. Conventional generators such as diesel generators emit harmful gases including nitrogen oxide, hydrocarbons, and carbon monoxide due to the combustion of diesel. Due to this, different regulatory bodies have imposed stringent regulations that pose a barrier to the usage of diesel generators. This, in turn, has resulted in the growth of eco-friendly alternatives to diesel generators such as a natural gas generator.
Natural Gas Generator Market Report Highlights
On the basis of power ratings, the low power generator segment dominated the market with a market share of USD 2.30 billion in 2018 owing to the popularity of low power generators in residential and commercial power backup operations.
The medium power generator segment held the second-largest market share in 2018 and is expected to exhibit lucrative CAGR over the forecast period.
On the basis of application, the commercial segment accounted for the largest market share in 2018 and is projected to grow at the highest CAGR during the forecast period Developing economies in the Asia Pacific have witnessed strong growth in commercial sectors. IT, telecom, and retail are some of the major sectors that are growing rapidly in developing countries of Asia Pacific, resulting in high demand for natural gas generators as the natural gas generator is crucial for back-up power in these facilities.
North America accounted for the largest market share in 2018. The abundance of natural gas in the U.S. coupled with developed infrastructure for transportation of natural gas within the country has played a vital role in driving the demand for gas generator sets in the U.S.
The Asia Pacific region is expected to be the fastest-growing region with a CAGR of more than 13.0% over the forecast period owing to the need for efficient back-up power systems.
“Would you Like/Try a Sample Report” Click the link below:https://www.grandviewresearch.com/industry-analysis/natural-gas-generator-market/request/rs1
Natural Gas Generator Market Segmentation
Grand View Research has segmented the natural gas generator market on the basis of power rating, application, and region:
Natural Gas Generator Market Power Rating Outlook (Revenue, USD Million, 2014 – 2025)
Low Power Generator
Medium Power Generator
High Power Generator
Natural Gas Generator Market Application Outlook (Revenue, USD Million, 2014 – 2025)
Natural Gas Generator Market Regional Outlook (Revenue, USD Million, 2014 – 2025)
Central & South America
Middle East and Africa
Key Players in the Natural Gas Generator Market
Generac Power Systems
Mitsubishi Heavy Industries, Ltd.
Kohler Co., Inc.
MTU Onsite Energy GmbH
Yanmar Co., Ltd.
Have Any Query? Ask Our Experts for More Details on Report:https://www.grandviewresearch.com/inquiry/6974/ibb
Browse Related Report @
Distributed natural Gas Fueled Generation Market – https://www.grandviewresearch.com/industry-analysis/distributed-natural-gas-fueled-generation-market
Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States