New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Distributed Natural Gas-Fueled Generation Global Market Report 2023" - https://www.reportlinker.com/p06466662/?utm_source=GNW
, Generac Power Systems, Mitsubishi Heavy Industries Ltd., Kohler Co. Inc., MTU Onsite Energy GmbH, Mahindra Powerol, Yanmar Co. Ltd. and Coopercorp Generators.
The global distributed natural gas-fueled generation market is expected to grow from $27.35 billion in 2022 to $30.15 billion in 2023 at a compound annual growth rate (CAGR) of 10.25%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The distributed natural gas-fueled generation market is expected to reach $45.26 billion in 2027 at a CAGR of 10.68%.
The distributed natural gas-fueled generation market includes revenues earned by entities by providing services such as the combustion of gases to run the gas turbine and boiling of water by the exhaust gases of the gas turbine, to convert the water into steam and to drive the steam engine.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.The distributed natural gas-fueled generation market consists of sales of ethane, propane, butanes, pentanes, and higher molecular weight hydrocarbons, which are used in providing distributed natural gas-fueled generation services.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Distributed natural gas-fueled generation refers to the pipelines used for distribution as well as the metering and regulating apparatus at metering-regulating stations that are run by a local distribution company operating within a single state and governed as a separate operating company by a public utility commission or that are run as an independent municipally owned distribution system.
North America was the largest region in the distributed natural gas-fueled generation market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies involved in distributed natural gas-fueled generation are natural gas gen-sets, microturbines, and stationary fuel cells.Natural gas gen-sets refer to a kind of generator that utilizes natural gas as opposed to the more traditional options of petrol or diesel.
The process can be microgeneration, small-scale generation, medium-scale generation, and large-scale generation used by residential, commercial and industrial, building, and institutional end-users.
The rising usage of natural gas is expected to propel the growth of the distributed natural gas-fueled generation market going forward.Natural gas refers to a naturally occurring flammable gas that can be used as fuel or an energy source for many things, including heating, cooking, moving around, and producing power.
Natural gas is mostly used for heating and producing power, but other consumer sectors also use it for other purposes.Natural gas is used in the fueled generation to create useful thermal output and generate electricity.
For instance, in July 2022, according to the International Energy Agency (IEA), a France-based intergovernmental agency reports, between 2021 and 2025, global natural gas consumption is anticipated to increase by a total of 140 billion cubic meters. Therefore, the rising usage of natural gas is driving the growth of the distributed natural gas-fueled generation market.
Technological advancements are a key trend gaining popularity in the distributed natural gas-fueled generation market.Companies operating in the distributed natural gas-fueled generation market are adopting new technologies to sustain their position in the market.
For instance, in April 2021, ABB Ltd, a Switzerland-based automation company launched new drone-based gas detection system technology. In this technology, drones gather survey-level data that can precisely determine the site of the leak and even provide details on the type of gas and projected leak rate.
In February 2022, Plug Power Inc., a US-based electrical equipment manufacturing company acquired Joule Processing for $160 million. The goal of this acquisition is to increase opportunities for liquid hydrogen around the world and achieve performance and cost improvements through optimized turnkey integration and standardization of hydrogen liquefaction plants. Joule Processing is a US-based services and process optimization company, it provides cutting-edge engineering products and services to boost energy efficiency, increase project economics, and maximize operational performance.
The countries covered in the distributed natural gas-fueled generation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The distributed natural gas-fueled generation market research report is one of a series of new reports that provides distributed natural gas-fueled generation market statistics, including the distributed natural gas-fueled generation industry’s global market size, regional shares, competitors with a distributed natural gas-fueled generation market share, detailed distributed natural gas-fueled generation market segments, market trends, and opportunities, and any further data you may need to thrive in the distributed natural gas-fueled generation industry. This distributed natural gas-fueled generation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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