The global natural gas generator market size is projected to reach USD 7.71 billion by the end of 2026. The increasing awareness regarding the use of natural gas and sustainable products will emerge in favor of market growth. According to a report by Fortune Business Insights, titled “Natural Gas Generator Market Size, Share and Industry Analysis, By Power Rating (Below 75kVA, 75-375kVA, 375-750kVA, Above 750kVA), By Application (Stand-by and Continuous), By End-User (Residential, Commercial, and Industrial), and Regional Forecast, 2019 – 2026,” the market was worth USD 4.81 billion in 2018 and will exhibit a CAGR of 6.2% during the forecast period, 2019-2026.
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A natural gas generator is a system that has the ability to produce electricity in cases of emergency and power shortages. It operates through the mechanism that is based on natural gases such as methane and propane. The increasing use of natural gas generators is attributable to the growing efforts put in by government as well as private organizations to maximize the use of sustainable energy. The increasing investment in the R&D of natural gas generators will emerge in favor of the companies operating in the market. Moreover, technological advancements have played a vital role in the widespread adoption of these products across the world.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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A few of the leading companies that have been profiled in the report include:
- Atlas Copco (Sweden)
- Caterpillar Inc. (United States)
- Kohler-SDMO (France)
- Cummins Inc. (United States)
- Himoinsa (Spain)
- Ingersoll Rand (Ireland)
- American Honda Motor Company, Inc (United States)
- Kirloskar Electric Co. Ltd (India)
- Inmesol S.L.U (Spain)
- Generac Power Systems (United States)
- FG Wilson (United Kingdom)
- Briggs & Stratton (United States)
- Aggreko (United Kingdom)
- John Deere (United States)
- PRAMAC (Italy)
Asia Pacific to Witness Considerable Growth; Increasing Investment in Product R&D Will Provide Impetus to Market Growth
The report analyzes the ongoing construction, chemicals market trends across North America, Latin America, Asia Pacific, the Middle East and Africa, and Europe. Among these regions, Asia Pacific is likely to witness considerable growth in the coming years. The efforts put in by governments of countries such as India, China, and Japan will emerge in favor for the growth of the regional market. As of 2018, the market in Asia Pacific was worth USD 1.54 billion and this value is projected to increase further in the coming years.
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January 2020: Stadwerke Kiel announced the launch of a new flexible, modern, and advanced heat and power plants driven by natural gas.
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