Global natural gas generator market is expected to flourish at a CAGR of 9.2% over the forecast period. Moreover, the global natural gas generator market is projected to garner USD 17,975 Million by the end of 2024. The demand for natural gas generator aftermarket is increasing owing to the rising sale of natural gas generator across the globe. Further, inclination of people toward clean energy devices and government regulation to curb the pollution is expected to escalate the growth of the natural gas generator market which further is anticipated to drive the demand for natural gas generator aftermarket over the forecast period.
The global natural gas generator market is segmented into type such as service & maintenance, repair and others. Among these segments, service and maintenance natural gas generator segment is expected to occupy the top position in the market. Global consumption of natural gas is forecasted to increase to 203 trillion cubic feet by 2040 from 120 trillion cubic feet in 2012. This factor is anticipated to supplement the growth demand for natural gas energy products such as natural gas generator. Apart from this, abundant resources of natural gas is expected to contribute significantly to the growth of natural gas generator which further is anticipated to augment the demand for service & maintenance natural gas generator aftermarket.
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Asia Pacific is slated to account for a leading share of 70.1% by 2024 in the natural gas generator aftermarket market. The growth in the region can be attributed to increasing sale of natural gas generators coupled with rising number of industries in the region. Besides, encouragement by the government to adopt clean energy sources and rapid pace in urbanization is also expected to impel the growth of natural gas generator aftermarket market in the Asia Pacific. China and India are the prominent market in the region.
Increasing Sale of Natural Gas Generator
The industries are transitioning from non-renewable energy sources products to renewable energy sources products due to environmental concerns such as global warming and pollution. This factor is increasing the market size of natural gas generators across the globe. Apart from this, high adoptability and encouragement by the government authorities is anticipated to boost the sale of the natural gas generators which is anticipated to positively impact the growth of the natural gas generator aftermarket.
Rising Focus on Aftermarket Business
Increasing emphasis on aftermarket by the manufacturers is expected to propel the growth of natural gas generator aftermarket market. Further, improvisation of the service quality in recent years is anticipated to accelerate the growth of the natural gas generator aftermarket.
Although, availability of local repair products from local manufacturer is likely to negatively impact the growth of the natural gas generator aftermarket in the near future.
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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.
This report also provides the existing competitive scenario of some of the key players of global natural gas generator market which includes company profiling of Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Generac Holdings, Inc., Kirloskar Oil Engines Ltd., Kohler Co., Doosan Corporation, Multiquip Inc., Wärtsilä Corporation and General Electric Company. The profiling 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 global natural gas generator market that will 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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