New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Natural Gas Generator Global Market Report 2023" - https://www.reportlinker.com/p06466666/?utm_source=GNW
, Coopercorp Generators, Mitsubishi Heavy Industries Ltd., Aggreko Plc., APR Energy Inc., Jinan Diesel Engine Co.Ltd. (JDEC), Shandong Naipute Gas Power Co.Ltd., Zibo Diesel Engine Parent Company and Himonsa S.L.
The global natural gas generator market is expected to grow from $6.93 billion in 2022 to $7.56 billion in 2023 at a compound annual growth rate (CAGR) of 9.04%. 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 natural gas generator market is expected to reach $10.46 billion in 2027 at a CAGR of 9.52%.
The natural gas generators market consists of sales of engines, fuel systems, voltage regulators, cooling systems, and exhaust systems.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.
Natural gas generator refers to a type of generator that runs on natural gas rather than petrol or diesel. A mixture of fuel and air is inserted into a combustion chamber to create electricity in a natural gas generator.
North America was the largest region in the natural gas generators 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 types of the natural gas generator are standby and prime.A Stand-by generator refers to a backup power solution that delivers power to business activities, commercial and industrial applications, or facilities in the event of a power outage.
They are available in low power genset, medium power genset, and high power genset ratings in a single phase, and 3 phase, which are made of aluminum, composite, and steel and used by industrial, commercial, and residential end-users.
Surging demand for electricity from various end-use sectors is significantly contributing to the natural gas generator market going forward.Electricity refers to a type of energy that powers motors and gadgets that generate light or heat.
Natural gas generators are used for supplying electricity to various end-use sectors for their cost-effectiveness and environmental friendliness.For instance, according to 2023 data released by the International Energy Agency (IEA), a France-based intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, global electricity demand is predicted to grow at a rate of 3% on average from 2022 to 2025.
Therefore, surging demand for electricity from various end-use sectors is driving the natural gas generators market.
Investments are the key trend gaining popularity in the natural gas generators market.Major companies operating in the natural gas generators market are focusing on investing in natural gas generator technologies and assets to expand the market.
For instance, in February 2023, Cummins Inc., a US-based manufacturer of power generation products invested 175kW and 200kW natural gas standby generator sets. The generators offer a tough 6-cylinder spark-ignited QSJ8.9G petrol engine for dependable power that responds quickly to load changes, the PowerCommand 2.3 control for automatic remote starting/stopping, precise frequency and voltage regulation, alarm and status message display, and output metering with NFPA 110 Level 1 compliance, a standard cooling package that provides reliable running up to 122 degrees F, and an aesthetically appealing enclosure incorporating special designs. In May 2022, National Pension Service (NPS), a South Korea-based public pension fund, and Korean Teachers’ Credit Union (KTCU), a South Korea-based public pension fund for teachers, invested $390 million in Calpine Corp., a US-based manufacturer of natural gas generators.
In March 2023, Brookfield Renewable Partners, a UK-based renewable energy company along with others acquired Origin Energy for $10.21 billion. The acquisition adds natural gas generation and other renewable power generation technologies to Brookfield’s renewable energy-related portfolio of offerings. Origin Energy is an Australia-based energy company that manufactures natural gas generators.
The countries covered in the natural gas generators 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 natural gas generator market research report is one of a series of new reports that provides natural gas generator market statistics, including the natural gas generator industry’s global market size, regional shares, competitors with a natural gas generator market share, detailed natural gas generator market segments, market trends, and opportunities, and any further data you may need to thrive in the natural gas generator industry. This natural gas generator 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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