Global Natural Gas Generator Market Report and Forecast 2024-2032

Global Natural Gas Generator Market Outlook

The global natural gas generator market size attained a value of approximately USD 7.15 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.1%, reaching a value of around USD 13.31 billion by 2032.

The growing usage of natural gas generators by industrial and commercial end users for peak shaving is driving the market growth for natural gas generators. Supplementing electricity supply with natural gas generators during periods of peak energy demand helps save costs for industrial and commercial end users. Over the forecast period, the anticipated increase in investments towards developing power plants and electrical grid facilities are expected to garner the growth of the natural gas generator market. The expansion of various sectors such as power generation, electrical and electronics, and automotive, among others, and rising importance of uninterrupted power supply is further adding to the market growth.

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Rising Demand for Eco-Friendly Generators to Boost the Growth of Natural Gas Generator Market

The growth in the global market for natural gas generators can be associated with the introduction of environmentally friendly and sustainable generators. Due to the combustion of diesel, mainstream generators emit harmful gases, such as nitrogen oxide, hydrocarbons, and carbon monoxide, which are harmful to the environment. As a result, various regulatory authorities have imposed stringent regulations that make the use of diesel generators difficult. Thus, the development of eco-friendly alternatives to diesel generators, such as natural gas generators that aid in lowering down carbon emissions, has grown in popularity and are providing impetus to the market.

In addition, owing to the surging demand for electricity from various end-use sectors, industrialisation, urbanisation, and the growing population levels is pressing the need for an effective and efficient source of power generation. These factors are increasing the adoption of natural gas generators and bolstering the market growth.

Global Natural Gas Generator Market Share by Region

North America is projected to hold a significant share in the global market for natural gas generators. The United States has one of the most advanced gas-grid infrastructures in the world, ensuring consistent fuel supply. In addition, the United States is one of the leading producers and providers of natural gas due to the shale gas revolution, which is a major driving force of the market for natural gas generators. Moreover, natural gas generator usage in the residential sector for backup power implementations is expected to grow in the coming years as the cost of natural gas falls. Furthermore, as air emission standards in the United States become more rigorous, the demand for natural gas generators is expected to skyrocket, as opposed to traditional generating units, which are considered more polluting.

Natural Gas Generator Market Segmentation

A natural gas generator is a device that utilises natural gas, comprising predominantly of methane, to generate electricity when required. Commonly used in times of emergency or power outage, natural gas generators are considered more environmentally friendly than traditional gas generators.

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The natural gas generator market segmentation based on power rating is:

• Up to 100 KVA

• 101-350 KVA

• 351-750 KVA

• Above 750 KVA

On the basis of end user, the market is categorised into:

• Industrial

• Commercial

• Residential

Based on application, the market is bifurcated into:

• Stand-by

• Continuous

The EMR report looks into the regional markets of natural gas generators like North America, the Asia Pacific, Latin America, Europe, and the Middle East and Africa.

Increasing Replacements of Traditional Generators with Natural Gas Generators to Augment Market Growth

The increasing focus on sustainability amidst rising concerns regarding environmental degradation caused by fuel combustion is one of the major factors expanding the growth of natural gas generator market around the world. Additionally, the prevailing abundance of natural gas and its relatively low prices, particularly in regions such as North America and Europe, has led to an increase in natural gas-fired power production, thereby positively influencing the growth of the market. Furthermore, robust investments by governing agencies of major developed and developing nations in advanced natural gas generators to reduce greenhouse emissions from conventional generators in line with the growing emphasis on power production from cleaner sources are some factors augmenting the growth of the market.

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Key Players in the Global Natural Gas Generator Market

The report presents a detailed analysis of the following key players in the global natural gas generator market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Aggreko Plc.

• Caterpillar Inc.

• Cummins Inc.

• APR Energy Inc.

• Kohler Co.

• Generac Holdings Inc.

• Rolls-Royce Power Systems AG

• General Electric Company

• Generator Source, LLC 

• YANMAR HOLDINGS CO., LTD.

• COOPER CORPORATION

• Siemens Energy

• Toshiba Corporation

• Hyosung Group

• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report