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Global Industrial Gas Generator Market to Reach US$ 4.4 Billion by 2024, Impelled by Increasing Demand for Power Backup

According to the latest report by IMARC Group, titled “Industrial Gas Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global industrial gas generator market size reached US$ 2.9 Billion in 2018. Gas generators refer to devices which aid in generating gases from a liquid or solid source. These generators are used for driving turbines which further generate electricity. They form an integral part of industrial operations and are available in different types and sizes. Construction, agriculture, oil and gas, manufacturing, mining and dairy are some of the key industrial sectors which widely employ these generators for effective and seamless operations.

Global Industrial Gas Generator Market Trends:

Increasing demand for power backup across the industrial sector is one of the major factors driving the growth of the market. Growing instances of power overload and power outages, along with prolonged blackouts, have created a demand for industrial gas generators for ensuring a backup or a source of uninterrupted power supply. [S1] Apart from this, the rising adoption rates of natural gas generators and various supportive government initiatives, owing to growing environmental consciousness, are further creating a positive outlook for the market. Numerous industries are now employing natural gas generators since they offer longer runtimes with reduced carbon emissions. Other factors driving the demand for industrial gas generator include rapid industrialization, especially in emerging regions, along with enhanced research and development (R&D) to introduce technologically advanced product variants. On account of the aforementioned factors, the market is projected to reach a value of US$ 4.4 Billion by 2024, growing at a CAGR of 7.3% during 2019-2024.

Market Summary:

  • On the basis of the product type, the market has been divided into 20KW to 100KW, 101KW to 500KW, 501KW to 1MW, 1 MW to 2 MW and 2 MW to 5 MW, wherein the 101 KW to 500 KW segment exhibits a clear dominance.
  • Based on the end use, the market has been categorized into chemical, breeding, petroleum and gas, mining, and other industries. Amongst these, the petroleum and gas industry accounts for the majority of the total market share.
  • On the geographical front, Asia Pacific holds the leading position in the market. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed in the report with some of the key players operating in the market being Caterpillar, Cummins Inc., General Electric Company, Kohler Power, Himoinsa SL, Generac Power Systems, Shandong Lvhuan Power Co., Ltd., Rolls-Royce Motor Cars Ltd., Multiquip Inc., and Jinan Diesel Engine Co., Ltd.
 

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