Natural Gas Generator Market to Reach $10.4 Billion by 2031: Allied Market Research
Allied Market Research
Updated 5 min read
Allied Market Research
Rise in urbanization, surge in global population, extensive application of natural gas generators in hospitals, nursing homes, and other facilities where continuous power supply is critical, and rapid expansion of upstream production in oil & gas drive the growth of the global natural gas generator market. Reduction in power demand from the industrial and commercial sector during the pandemic had a negative impact on the market.
Portland, OR, Nov. 07, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global natural gas generator market generated $5.5 billion in 2021, and is projected to reach $10.4 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Extensive application of natural gas generators in hospitals, nursing homes, and other facilities
Opportunities
Surge in global population and their demands
Rapid expansion of upstream production in oil & gas
Restrains
Extortionate cost of luxury jewellery
Multiple sources of renewable energy
COVID-19 Scenario:
COVID-19 had a negative impact on the global natural gas generator market due to the presence of lockdowns in numerous countries across the globe.
Lockdowns resulted to reduction in demand for power mainly from institutional customers including the industrial and commercial sector, as many manufacturing plants and retail businesses were closed during the lockdown. Thus, the demand for natural gas generator plummeted.
In addition, shortage of workforce during the pandemic further aggravated the impact on the market.
However, the market is expected to recoup with increase in awareness and benefits about natural gas.
The report offers detailed segmentation of the global natural gas generator market based on application, power rating, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on application, the continuous segment held the dominating market share in 2021, holding nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.8% during the forecast period. The report also analyses other segment such as the stand-by segment.
Based on power rating, the less than 75 kVA segment held the largest market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.1% during the forecast period. The report also analyses other segment such as 75-375 kVA and above 375 kVA.
Based on end-user, the commercial segment held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 6.8% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 7.0% during the forecast period. The report also analyses other regions such as North America, Europe, and LAMEA.
The key players analyzed in the global natural gas generator market report include Generac Holdings Inc., Caterpillar Inc., aksa power generation, Cooper Corporation, Mitsubishi Heavy Industries Ltd, KOHLER CO., Cummins Inc., General Electric Company, F.G. Wilson, MTU America Inc.
The report analyzes these key players in the global natural gas generator market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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