Market Overview
Gas generators, also known as power generators, are devices that convert mechanical energy into electrical energy. They are used in a variety of applications, including providing backup power during blackouts, powering remote locations, and powering medical equipment.
The global gas generator market is expected to grow from USD 5.9 billion in 2022 to USD 8.62 billion by 2032, at a CAGR of 4.30% during the forecast period. The growth of the market is attributed to the increasing demand for backup power during blackouts, the rising demand for power in remote locations, and the growing need for medical equipment.
These generators are in huge demand in commercial places and industrial sectors. The market is expanding at a rapid growth rate due to investments in data centers and rising gas exploration activity. The growing focus on electrical security in end-use industries is accelerating the market.
The key growth factors like rising awareness of natural gas as a reliable fuel and a reduction in natural gas fuel prices. The concern over diesel maintenance and refueling issues drives the Gas Generator Market. Moreover, regarding concern for environmental pollution, countries worldwide are implementing stricter emission policies to promote eco-friendly gas generator usage.
During the COVID-19 period, the market was affected badly and lost its investors, which disrupted its sales rate. The imposed lockdown across various regions resulted in a lack of transportation, workforce, and productivity. However, the industrial players are bringing up new methods with enhancements, safety measures, and promotional events, which will boost the market in the forecast period. Moreover, the research and development activities to bring up more advancements will bring robust opportunities.
Market Segments
The Gas Generator Market is segmented into end-users and power capacity.
Based on the end-user segment, the market is segregated into utility, residential, commercial, and industrial. Among these, the utility sector has generated a higher share value in the forecast period.
The power capacity segment of the market is categorized into 300 kW, 301 kW - 1MW, and above 1 MW. More than 1 MW and less than 300 kW are noticed as the fastest growing segments in the ongoing forecast.
Regional Analysis
The studied growth analysis of the Natural gas generators Market Size shows its remarkable growth in regions worldwide, such as Asia Pacific, North America, Europe, and the rest of the world.
Among the above geographical regions, the Asia Pacific region is predominately leading the market in terms of share in the forecast period. The region is noticing tremendous market growth due to reliable electricity supply and massive industrial growth in China and India. Also, the utilization of modern gas generators has increased at a higher rate in these countries.
The European region has also upgraded itself as the second dominating regional market due to the higher use of gas generators in the utility sector.
Industry News
In September 2022 - Alfa Laval improved and enhanced the Alfa Laval Smit LNG inert gas generator’s design. This resulted in greater flexibility in becoming the industry-leading solution. Modular construction with multiple options will assist in faster access to safety equipment.
In August 2022 - Kirloskar Oil Engines declared the gas-powered generator range launch. As per the company’s focus on customer-centric solutions and sustainability with major concerns for gas availability, industrial sectors are regarding them as leaders of backup power solutions to generate alternative fuel-based options.
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