888-776-0942 from 8 AM - 10 PM ET
SAN FRANCISCO , Sept. 14, 2022 /PRNewswire/ -- The global natural gas generator market size is expected to reach USD 18.67 billion by 2030, expanding at a compound annual growth rate (CAGR) of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. Growing demand for backup power coupled with increasing government regulation to reduce the carbon emission caused by diesel genset is likely to strengthen the growth of the market during the forecast period.
The global electricity demand is anticipated to witness an increase of nearly two-thirds of the current demand during 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 gensets are the factors anticipated to increase the share of natural gas generators set in the coming years.
Key Industry Insights & Findings from the report:
Read full market research report, "Natural Gas Generator Market Size, Share & Trends Analysis Report By Power Rating (Low Power Genset, Medium Power Genset, High Power Genset), By Application (Industrial, Residential, Commercial), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Natural Gas Generator Market Growth & Trends
Conventional gensets, such as diesel gensets, emit harmful gases, including nitrogen oxide, hydrocarbons, and carbon monoxide, due to the combustion of diesel. As a result, different regulatory bodies have imposed strict regulations and thus making it difficult for diesel generators to be used. This has led to the growth of eco-friendly alternatives to diesel gensets, such as natural gas gensets.
Emerging economies in the Asia-Pacific region, such as India , China , Japan , and others, have witnessed strong growth in their commercial sectors. The growth of demand for natural gensets over diesel gensets for backup power applications is owing to the increasingly stringent government regulations to curb greenhouse gas emissions caused by diesel gensets.
Natural Gas Generator Market Segmentation
Grand View Research has segmented the natural gas generator market based on power rating, application, and region:
Natural Gas Generator Market - Power Rating Outlook (Revenue, USD Million, 2019 - 2030)
Natural Gas Generator Market - Application Outlook (Revenue, USD Million, 2019 - 2030)
Natural Gas Generator Market - Regional Outlook (Revenue, USD Million, 2019 - 2030)
List of Key Players in the Global Natural Gas Generator Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Distribution & Utilities Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact: Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: https://www.grandviewresearch.com Grand View Compass | Astra ESG Solutions Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET