Low and Medium Capacity Gas Generator Market to grow by USD 4.55 billion from 2023 to 2028 | Expanding natural gas pipeline networks to drive the growth- Technavio
NEW YORK, Nov. 26, 2023 /PRNewswire/ — The low and medium capacity gas generator market is expected to grow by USD 4.55 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of 11.22% during the forecast period. The market is segmented by end-user (residential, commercial, and industrial), application (stationary and portable), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
Expanding natural gas pipeline networks is a key factor driving market growth. The demand for natural gas will grow due to the construction of cross-border and multijurisdictional pipelines. The investment in the construction of gas pipelines will also take place globally, led by countries such as the US, China, and Russia. Moreover, the development of further gas pipeline projects will arise as a result of completing planned projects for these major countries.
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- The report recognizes the following as some of the key players in the low and medium capacity gas generator market: Atlas Copco AB, AVK-SEG (UK) Ltd., Briggs and Stratton LLC, Caterpillar Inc., Champion Power Equipment Inc., Cummins Inc., DuroMax Power Equipment, Generac Holdings Inc., Honda Motor Co. Ltd., J C Bamford Excavators Ltd., Kohler Co., Meidensha Corp., PERIN GENERATORS GROUP, Pulsar Products Inc., Rolls Royce Holdings Plc, WEN Products, Yamaha Motor Co. Ltd., Yanmar Holdings Co. Ltd., Genesal Energy, and Westinghouse Electric Corp.
- Low and Medium Capacity Gas Generator Market is fragmented in nature.
- Market to observe 10.85% YOY growth in 2024.
- Emerging alternative backup power packs are a major trend in the market.
- The most popular backup power equipment in the past has been generators. However, the demand for alternative backup solutions is increasing due to fuel costs, equipment expenses, maintenance expenditures, storage and facility costs as well as emission regulations.
- The engineering design of these power packs is currently being improved by producers such as Luminous, Amaron, and Microtek.
- The growing renewable energy sector is a significant challenge restricting market growth.
- Given population growth, urbanization, and industrialization, there has been a rise in electricity demand over the last few years.
- The governments of many countries have begun to move towards renewable energy sources, because of increasing demand for electricity and concerns over the environment.
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- The residential segment is estimated to witness significant growth during the forecast period. The most common source of fuel for a backup generator at home is Natural gas. It is readily available, due to its frequent use for cooking and heating in the homes sector, as it’s a very popular fuel in nearly all of the well-established municipalities.
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The portable generator market size is forecast to increase by USD 2.20 billion between 2022 and 2027, accelerating at a CAGR of 6.14%.
The dual-fuel generator market size is estimated to grow at a CAGR of 4.46% between 2022 and 2027. The market size is forecast to increase by USD 204.67 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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