The commercial segment was estimated as the largest natural gas generator market globally, with an estimated value of USD 3,224.7 million in 2021. Application insightsīased on the application of natural gas gensets, the market is segmented into residential, commercial, and industrial segments. Moreover, they are also installed in a remote location for power generation and distribution where there is no grid connection. Rapid industrialization in emerging economies, including India, China, and Brazil, is expected to drive the demand for medium and high power gensets.High power gensets are majorly installed in large manufacturing facilities, power plants, and in the marine industry, where a continuous power supply is crucial. 350 KW and above rating genset can power heavy machines and large equipment. Increasing demand for medium power gensets from emerging economies, such as China, India, and Brazil, for backup power systems, which use clean fuel for commercial and industrial applications, is a major driver for medium power gensets. The medium power genset segment accounted for the second-largest market share in 2021 and is anticipated to expand at the highest CAGR during the forecast period. As a result, many households choose to have only an 80 KW generator set as a standby power source. These appliances require more power to function as in the case of washing machines, which might consume 750 watts but need about 2500 watts to start. Nowadays, people use various electrical appliances in their homes, such as geysers, water pumps, AC units, water purifiers, and others. Low power gensets are popular for residential and commercial power backup applications. The low power genset segment was valued at USD 3.10 billion in 2021. Gas generator sets are becoming more popular than diesel generator sets due to the country's shale gas revolution, and this trend is expected to continue in the coming years. The abundance of natural gas in the United States, combined with the well-developed infrastructure for transporting it within the country, has fueled the demand for generator sets in the United States. Natural disasters and severe weather conditions due to climate change have resulted in extended power outages, driving demand for backup power as a necessary amenity in commercial, residential, and industrial buildings. Moreover, growing industrial and commercial facilities, such as shopping malls, high rises, universities, restaurants, district heating, and cooling plants, refineries, office buildings, and others in the U.S., are driving the demand for uninterrupted electricity supply to expand businesses and perform operations efficiently, which propels the demand for natural gas gensets. natural gas generator market accounted for the largest market share in 2021 in the North American market, and the trend is projected to continue during the forecast period due to the growing concern for carbon emissions caused by diesel gensets and the availability of natural gas as a fuel for gensets. However, the high capital cost of natural gas genset as compared to diesel genset coupled with limited natural gas reserves is expected to restrict the growth of the business. The rising occurrence of power outages and power supply deficits globally, combined with regulations imposed on the use of diesel gensets due to high levels of carbon emissions, is driving the global demand for natural gas generators. The global natural gas generator market size was valued at USD 7.13 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 11.4% during the forecast period.
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