Industrial Gas Generator Market REPORT OVERVIEW
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The global industrial gas generator market size was USD 2560.5 million in 2021 and is projected to touch USD 6391.5 million by 2031, exhibiting a CAGR of 9.6% during the forecast.
The swift industrialization and urbanization across developing and developed nations have augmented the adoption of industrial gas generators in the past years. Due to the rising faults in electric networks and the increased number of power outages, industrial power generators have gained immense demand in the global market. Major manufacturers of industrial gas generators are extensively investing in research and development activities to produce environmentally friendly gas generators due to increasing pollution levels and global warming. The new product launches and product innovations are likely to boost the market growth in the coming. Additionally, the growing awareness of natural gas as an alternative fuel for gas generators is expected to foster growth for the industrial gas generator market.
COVID-19 IMPACT
"Market to Gain Rapid Growth Post-Pandemic"
The humanitarian crisis has wreaked unprecedented challenges on the global economic structure and hampered the growth of several industries and markets. The global industrial gas generator market has witnessed a negative impact of the COVID-19 outbreak. The shutdown of manufacturing plants and other facilities across several industries has resulted in a declined demand for industrial gas generators. The stringent lockdowns and curfews implemented by the governments of several nations have affected raw material procurement and disrupted the global supply chain networks. The ban on international trade and the low available workforce due to these stringent restrictions has aggravated the situation. Nonetheless, the vaccines are available to the masses, and nations across the globe have ramped up their vaccination drives to recover from the adverse impact of the pandemic. The market is slowly recovering and is expected to gain immense traction once the pandemic ends.
LATEST TRENDS
"Environmental Friendly Gas Generators to Widen the Scope of Industry"
In recent years, government regulations on carbon emissions from industries have become stricter. Industries across different verticals produce high amounts of greenhouse gases that exacerbate global warming. With the rising global temperatures, the awareness of nature as a reliable and clean fuel has risen. It has led the manufacturers to produce gas generators that operate on natural gas instead of fossil fuels such as diesel. Moreover, diesel generators require high maintenance and produce high amounts of carbon emissions. The decreasing prices of natural gas and the increasing diesel prices have urged manufacturers to opt for alternative fuel sources. The innovations in the product and the adoption of environmentally friendly gas generators are expected to foster market growth.
Industrial Gas Generator Market SEGMENTATION
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Based on type, the market segments into 20KW to 100KW, 101KW to 500KW, 501KW to 1MW, 1MW to 2MW, and 2MW to 5MW.
Based on application, the market fragments into petroleum and gas industry, breeding industry, chemical industry, mining industry, and others. Out of these, the 20KW to 100KW segments is anticipated to witness the highest growth in the market due to the rising number of small-scale industries in developing countries.
Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
DRIVING FACTORS
"Green Building and Smart Cities Initiatives to Boost the Demand for 75KVA Gas Generators"
The 75kVA gas generators are an affordable energy source in small-scale industries where power outage is a common phenomenon. Small businesses in developing and developed countries rely on cheap and portable small generators to deal with power failure issues. The green building and smart cities in countries such as India and China boost the construction activities and subsequently increase the demand for industrial gas generators. Small and affordable, 75kWA gas generators are highly useful in construction activities where emergency power backup requirements are high. Hence, the growing construction of green buildings and smart cities is likely to stimulate market growth in the forthcoming years.
"Escalating Urbanization & Industrialization to Propel Market Growth"
The growing digitization and the resolving trade issues due to increasing globalization have brought significant development to the global economic trade. It has resulted in escalating urbanization and industrialization across developing and developed. The ever-increasing global population is contributing to rapid urbanization and industrialization. The growth and expansion of several industries such as automotive, defense, oil and gas, construction, and others are expected to boost the demand for industrial gas generators for emergency power backup and other applications and fuel the global industrial gas generator market growth years.
RESTRAINING FACTORS
"Absence of a Well-Connected Gas Pipeline Grid to Hinder Market Growth"
The gas pipeline networks in developing countries in countries such as India are not well established or well-connected. It affects the fuel supply to industries and is likely to restrain the market growth.
Industrial Gas Generator Market REGIONAL INSIGHTS
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"Reducing Natural Gas Prices to Amplify Growth in North America"
North America is projected to gain the largest global industrial gas generator market share. The abundant supply of natural gas and its growing adoption as an alternative to coal for energy production is expected to foster growth for the market. The frequent emergence of cyclones and hurricanes disrupt the electricity networks and is likely to boost the demand for gas generators and surge the market growth. Additionally, reducing natural gas prices is anticipated to stimulate growth for the market.
Asia Pacific is expected to rank in the global market. The increasing construction activities due to the increasing populace and rapid industrialization are anticipated to fuel the market growth in the coming years. The abundance of natural gas in countries such as India and the growing government regulations on carbon emissions by industries are estimated to propel growth for the industrial gas generator market.
Europe is anticipated to gain substantial growth in the upcoming years. The rising construction of green buildings and smart cities in the region is expected to flourish in growth for the market. The development of the gas grid infrastructure is likely to amplify market growth. Additionally, the implementation of stringent government policies for industrial pollution is anticipated to garner market growth.
The Middle East & Africa is likely to gain considerable growth in the global market. The increasing industrialization and urbanization in Saudi Arabia, Dubai, and other middle eastern countries is expected to stimulate the market growth
Latin America is expected to witness steady growth in the coming years due to the expanding commercial and residential sectors.
KEY INDUSTRY PLAYERS
"Key Players Focus on Environment-Friendly Gas Generators to Accumulate Growth in Industry"
The key players in the market are extensively investing in the research and development activities to manufacture environmentally-friendly gas generators that produce low carbon emissions and require lesser maintenance. The key players emphasize on various organic growth strategies such as new product launches, technological advancements, patents, and others. They also adopt inorganic growth strategies such as mergers, acquisitions, partnerships, collaborations, and others to strengthen their market positions and generate greater revenues.
List of Key Market Players Profiled
- ArcelorMittal
- Nippon Steel and Sumitomo Metal Corporation
- Hebei Steel Group
- Baosteel Group
- POSCO
- Shagang Group
- Ansteel Group
- Wuhan Steel Group
- JFE Steel Corporation
- Shougang Group
- Tata Steel Group
- Shandong Steel Group
- Nucor Corporation
- HYUNDAI Steel Company
- United States Steel Company
- Gerdau S.A.
- Maanshan Steel
- Tianjin Bohai Steel
- ThyssenKrupp AG
KEY INDUSTRY DEVELOPMENTS
February 2020: Cummins launched its new C25G natural generator series as its latest gas product innovation.
September 2020: Kohler launched its new series of industrial gas gen-sets. The new 200, 180, and 150 kW units are powered by a 10.3L engine that provides high power density and emits lesser carbon footprints.
REPORT COVERAGE
The market is fairly competitive and comprises various key players operating globally and domestically. The global industrial gas generator market report features a comprehensive market assessment and emphasizes several critical factors such as applications, end-users, types, and leading companies. Other than this, the report provides valuable insights into the regulatory scenarios of the market and current market trends. It also features the latest industry developments. In addition to the factors mentioned above, the report incorporates significant factors contributing to the market’s growth in recent years.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2560.5 Million in 2021 |
Market Size Value By |
US$ 6391.5 Million by 2031 |
Growth Rate |
CAGR of 9.6% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
|
By Application
|
Frequently Asked Questions
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What value is the global industrial gas generator market size expected to touch by 2031?
Based on our research, the global industrial gas generator market size is projected to touch USD 6391.5 million by 2031.
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What CAGR is the global industrial gas generator market size expected to exhibit by 2031?
The global industrial gas generator market size is expected to exhibit a CAGR of 9.6% by 2031.
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Which are the driving factors of the industrial gas generator market?
Green Building & Smart Cities Initiatives and Escalating Urbanization & Industrialization are the factors driving the industrial gas generator market.
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Who are the key players in the industrial gas generator market?
The key players in the industrial gas generator market include ArcelorMittal, Nippon Steel and Sumitomo Metal Corporation, Hebei Steel Group, Baosteel Group, POSCO, Shagang Group, and others.