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The gas generator industry is mostly propelled by advancements in mechanics. Advanced gas generator models boasting more efficiency, reduced emissions, and enhanced reliability are being introduced by manufacturers as a result of continuous inventive effort. These developments not only make the industry more serious overall, but they also cater to the growing need for greener and more affordable energy solutions. The market forces are pushing manufacturers to invest in greener innovations as consumers increasingly choose eco-friendly alternatives.
Concerns over the environment are another driving force for gas generators' market components. Businesses and consumers are seeking out energy solutions that align with environmental goals as the global emphasis on sustainability grows. Gas generators are making progress due to their relatively lower emissions compared to generators that use traditional petroleum derivatives. Cleaner innovations in product offerings and marketing strategies are being prioritized by manufacturers in response to this shift in consumer sentiment, which is changing market interest.
Changes in consumer preferences can impact market factors. More and more, gas generators are being considered for various applications, such as reserve power, reinforcement power, and prime power age, as their benefits are recognized by both businesses and individuals. The versatility of gas generators to meet diverse energy demands is contributing to their increasing popularity in a wide range of industries and uses.
Energy prices, global events, and overall financial stability are monetary considerations that contribute to market variables. The cost-effectiveness of gas generators in comparison to other power generation options may be impacted by fluctuations in energy prices. Important components for gas generators might be difficult to source and price due to global events like disruptions in the supply chain or changes in exchange strategy. If we want to know how popular power generation systems, like gas generators, are, we need to look at how the economy is doing.
Overall, the gas generator industry is characterized by strong forces such as technological advancements, administrative shifts, environmental considerations, shifts in consumer preferences, and financial factors. In order to maintain a serious demeanor, satisfy growing customer demands, and contribute to a more practical and efficient energy scene, producers in this sector should competently investigate these factors. Those gas generator industry trailblazers who can adapt and improve thanks to these special abilities will likely emerge as the market continues to evolve.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 5.9 Billion |
| Market Size Value In 2023 | USD 6.15 Billion |
| Growth Rate | 4.30%(2023-2032) |
Gas Generator Market Highlights:
Global Gas Generator Market Overview:
Gas Generator Market Size was valued at USD 6.15 billion in 2023. The Gas Generator market industry is projected to grow from USD 6.41 Billion in 2024 to USD 8.62 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.76% during the forecast period (2024 - 2032). Immensely contributing towards the growing demand and Rapid industrial development are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Gas Generator Market Trends
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Growing concern over the degradation of the environment is driving market growth
The amendment in several energy policies to support the clean energy movement to reduce carbon emissions might boost the growth of the market CAGR. A report published by the Intergovernmental Panel on Climate Change in 2022 estimates that warming is likely to reach 1.5°C between 2030 to 2052. Human activities and industries caused a severe threat to the quality of the environment, which resulted in frequent natural calamities. The government and private entities joined hands to mitigate the impacts of warming by introducing advanced and clean energy technologies. This will undoubtedly propel the growth of the natural gas generator industry.
Moreover, Energy is the backbone of the economic development of the world. However, the exponential use of fossil fuels has raised severe environmental threats, such as deforestation, rising sea levels, warming, etc. The international regulatory and government organization took the initiative to lower the severity of pollution by introducing sustainable energy development programs.
Additionally, the multifold growth in varied industrial sectors, coupled with the population explosion, is set to increase the demand for reliable and continuous power supply. Information and communication technology is crucial in shaping the industry size, as every single data center requires a generator to avoid power outages. Also, in many commercial & industrial, and industrial applications, gas-fired generators are widely used to meet the increased demand for electricity. Subsequently, the natural gas generator industry is expected to see robust Gas Generator market revenue in the forecasted period.
Gas Generator Market Segment Insights:
Gas Generator Power Capacity Insights
Based on power capacity, the Gas Generator market segmentation includes > 300 KW, 301 KW-1 MW, and < 1 MW. The < 1 MW segment dominated the market; the small-scale industries use the generator with < 1 MW capacity because of the short time in operation and less load. Hence, these categories' demands are propelling due to the emerging industries of the countries like India and China. These regions are growing power outage rates and growing gas generator demand. Also, this Region is considered the center of small cost-driven businesses, driving the growth of the Gas Generator Market.
Figure 1: Gas Generator Market, by Power Capacity, 2024 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Gas Generator End-User Insights
Based on end-user, the Gas generator market segmentation includes residential, commercial & industrial and utilities. The commercial & industrial segment was estimated as the largest natural gas generator market globally. The commercial & industrial segment is projected to expand at the highest CAGR of 12.0% during the forecast period, owing to the growing demand for cleaner and greener fuel-fired gensets for commercial & industrial applications. Developing economies in the Asia Pacific have witnessed strong growth in their commercial & industrial sectors. IT, telecom, and retail are major sectors that are growing rapidly in developing countries in the Asia Pacific, resulting in high demand for natural gas gensets as they are crucial for backup power in these facilities. Hospitals and medical institutes are the main contributors to the commercial & industrial segment of the natural gas generator market. Medical facilities and the communities they support depend heavily on emergency generator sets for critical power. The growing demand for gensets from healthcare facilities is expected to drive the demand for natural gas gensets for commercial & industrial applications during the forecast period.
October 2021: Sales of certain types of generators (portable gas-powered generators) will no longer be permitted in 2028. The new law affects portable gas-powered generators that run under 25 horsepower. These generators may be used to power a fridge or other mid-sized appliances.
August 2020: Caterpillar Inc. announced its gas-fueled generator set with the United States Environment Protection Agency (EPA) Stationary Emergency Certification rated at 500 kW for 60 Hz markets. Caterpillar Inc. manufactures and designs various generators and engines, including diesel and gas generators.
Gas Generator Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Gas Generator Market area will dominate this market due to a surge in economic activities in gulf countries, and more electronic devices are integrated into lives; people are likely to increase the installation of natural gas generators to provide uninterrupted power supply. Moreover, China’s Gas Generator market held the largest market share, and the Indian Gas Generator market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Gas Generator Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Gas Generator market accounts for the second-largest market share due to immensely contributing to the growing demand and Rapid industrial development. Further, the German Gas Generator market held the largest market share, and the UK Gas Generator market was the fastest-growing market in the European Region.
North America is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increased demand for cleaner, less expensive gas generators as a power source compared to other non-renewable fuels is predicted to drive market expansion in the Region.
Gas Generator Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Gas Generator market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Industrial gas generator industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Gas Generator industry to benefit clients and increase the market sector. The Gas Generator industry has offered some of the most significant environmental advantages in recent years. Major players in the Gas Generator market, including APR Energy (USA), Siemens Ltd. (Germany), General Electric Company (USA), Aggreko plc (U.K), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India) and Perkins Engines Company Limited (U.K), are attempting to increase market demand by investing in research and development operations.
Caterpillar Inc. is an American construction equipment manufacturer. The company is the world's largest manufacturer of construction equipment. In 2018, Caterpillar was ranked number 65 on the Fortune 500 list and 238 on the Fortune 500 list. Caterpillar Inc. announced its gas-fueled generator set with the United States Environment Protection Agency (EPA) Stationary Emergency Certification rated at 500 kW for 60 Hz markets. Caterpillar Inc. manufactures and designs various generators and engines, including diesel and gas generators.
Rolls-Royce was a British luxury car and later an aero-engine manufacturing business established in 1904 in Manchester by the partnership of Charles Rolls and Henry Royce. Rolls-Royce and its distribution partner Knopf & Wallisch (K&W) delivered three MTU customized and containerized combined cooling, heat, and power plant (CCHP) trigeneration units to ClusterPower, a Romanian cloud service provider.
Key Companies in the gas generator market include
- APR Energy (USA)
- Siemens Ltd. (Germany)
- General Electric Company (USA)
- Aggreko plc (U.K)
- Toshiba Corporation (Japan)
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- Mitsubishi Electric Corporation (Japan)
Gas Generator Industry Developments
January 2022: Caterpillar introduced the Cat G3516 natural gas-fuelled Fast Response generator set, which has received US EPA certification for use in emergencies and non-emergency applications.
January 2022: Rolls-Royce and its distribution partner Knopf & Wallisch (K&W) delivered three MTU customized and containerized combined cooling, heat, and power plant (CCHP) trigeneration units to ClusterPower, a Romanian cloud service provider.
August 2021: Toho Gas and MHIET Successfully Conduct a Test Operation of Mixed-fuel Combustion of City Gas and Hydrogen in a Commercial Gas Engine for a Cogeneration System.
Gas Generator Market Segmentation
Gas Generator Power Capacity Outlook
- > 300 KW
- 301 KW-1 MW
- < 1 MW
Gas generator End-User Outlook
- Residential
- Commercial & Industrial
- Utility
Gas Generator Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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