- Governments imposing strict regulations across the world to control pollution have a positive influence on the market..
- Growth in the industrial sector increases demand demand for natural gas generators.
- Other alternatives may limit the demand for natural gas generators.
The Global Natural Gas Generator Market is predicted to grow significantly at a CAGR of 8.1% over the forecast period (2017-2024), owing to factors such as the growing adoption of environment friendly solutions, growing disposable incomes of the global population and industries increasingly adopting green manufacturing practices across the world.
Moreover, the global natural gas generator market is estimated to attain a Y-o-Y growth rate of 8.5% in 2024 as compared to the earlier year.
The growth of the market is driven by various factors such as the attraction developed by a majority of the global population towards adopting clean energy devices and various governments imposing strict regulations across the world to control pollution. Rising concerns about the environment across the world and with emissions of natural gas being comparatively lower than that of others is encouraging its adoption across the globe.
Further, with the industrial sector facing noteworthy growth and expansion over the last several years, the demand for natural gas generators across the world is anticipated to increase significantly and drive the growth of the market over the forecast period.
However, the market is anticipated to face some barriers to its growth, due to factors such as the presence of power packs, diesel generators and others that can serve as alternatives to the existing technology that may limit the demand for natural gas generators. Moreover, power packs being technologically advanced with high energy storage and output may limit the growth of the market over the forecast period.
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The global natural gas generator market is comprised of four segments which are segmented by phase, revolution per minute, material and by application. The 3 phase falling under phase segment occupied the highest market share of 64.4% in 2016 across the globe and is predicted to achieve a market size worth $5661.8 million by end of 2024, by registering a CAGR growth of 8.5% over the forecast period.
The revolution per minute natural gas generator market segment is predicted to register the highest CAGR growth over the forecast period, and is increasingly considered to be attractive for new market entrants as well as existing market players who are interested to expand their businesses. Additionally, investors are anticipated to benefit from this segment considerably by seeking new opportunities for investments over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global natural gas generator market which includes company profiling of key companies such as Briggs & Stratton Corporation (NYSE: BGG), Caterpillar, Inc. (NYSE: CAT), Cummins Inc. (NYSE: CMI), Generac Holdings Inc. (NYSE: GNRC), Kirloskar Oil Engines Limited (NSE: KIRLOSENG), Kohler Co., Doosan Corporation (KRX: 000150), Multiquip Inc., Wartsila Corporation (HEL: WRT1V) and General Electric Company (NYSE: GE).