Feb 26, 2021 (AmericaNewsHour) -- Research Nester has released its report titled "Global Natural Gas Generator Market: Industry Analysis & Opportunity Evaluation 2016-2024" thatdelivers detailed overview of the global natural gas generator market in terms of market segmentation byphase, revolution per minute, material, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
The global natural gas generator market is predicted to grow significantly at a CAGR of 8.1% over the forecast period (2017-2024), owing to factors such as the growing adoption of environment friendly solutions, growing disposable incomes of the global population and industries increasingly adopting green manufacturing practices across the world. Moreover, the market is estimated to attain a Y-o-Y growth rate of 8.5% in 2024 as compared to the earlier year.
The growth of the market is driven by various factors such as the attraction developed by a majority of the global population towards adopting clean energy devices and various governments imposing strict regulations across the world to control pollution. Moreover, rising concerns about the environment across the world and with emissions of natural gas being comparatively lower than that of others is encouraging its adoption across the globe. Further, with the industrial sector facing noteworthy growth and expansion over the last several years, the demand for natural gas generator across the world is anticipated to increase significantly and drive the growth of the market over the forecast period.
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However, the market is anticipated to face some barriers to its growth, due to factors such as the presence of power packs, diesel generators and others that can serve as alternatives to the existing technology that may limit the demand for natural gas generators. Moreover, power packs being technologically advanced with high energy storage and output may limit the growth of the market over the forecast period.
The global natural gas generator market is comprised of four segments which are segmented by phase, revolution per minute, material and by application. The 3 phase falling under phase segment occupied the highest market share of 64.4% in 2016 across the globe and is predicted to achieve a market size worth USD 5661.8 million by end of 2024, by registering a CAGR growth of 8.5% over the forecast period. The revolution per minute natural gas generator market segment that is predicted to register the highest CAGR growth over the forecast period is increasingly considered to be attractive for new market entrants as well as existing market players who are interested to expand their businesses. Additionally, investors are anticipated to benefit from this segment considerably by seeking new opportunities for investments over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global natural gas generator market which includes company profiling of key companies such asBriggs & Stratton Corporation , Caterpillar, Inc. /zigman2/quotes/203434128/composite CAT +0.36% , Cummins, Inc. /zigman2/quotes/208385233/composite CMI +0.91% , Generac Holdings, Inc. /zigman2/quotes/208144117/composite GNRC +1.58% , Kirloskar Oil Engines Limited (nse:KIRLOSENG), Kohler Co., Doosan Corporation (krx:000150), Multiquip, Inc., Wartsila Corporation (hel:WRT1V) and General Electric Company /zigman2/quotes/208495069/composite GE -1.18% . The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global natural gas generator market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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