A new report from Navigant Research analyzes the global market for natural gas gensets for residential, commercial, industrial, and utility applications, including global market forecasts for capacity and revenue through 2024.
Used for emergency standby, prime, peaking, or continuous power, gensets fueled by natural gas are poised for rapid growth in the coming years, particularly in markets where inexpensive natural gas (NG) is widely available, such as North America. Economic growth in the developing world, meanwhile, is increasing the demand for reliable backup power—and it is hard to beat the reliability and quick response time of a genset. Click to tweet: According to a new report from Navigant Research, annual installations of NG gensets are expected to grow from 12.9 gigawatts (GW) in 2015 to more than 27.1 GW in 2024.
“The reciprocating engines used in NG gensets represent a widespread and mature technology used for all types of power generation, from small portable gensets to larger industrial engines that power generators of several megawatts,” says Taylor Embury, research analyst with Navigant Research. “These engines also come in a variety of configurations that can serve multiple applications.”
The higher capital costs and fuel delivery infrastructure requirements of NG gensets have historically been a disadvantage versus diesel gensets. Today, though, the line between NG and diesel gensets is becoming blurred with the increasing popularity of dual-fuel gensets, according to the report. These systems offer the energy content of diesel while taking advantage of the low price and low emissions of NG.
The report, Natural Gas Generator Sets, analyzes the global market for NG gensets from less than 15 kW to 20 MW for residential, commercial, industrial, and utility applications. It includes in-depth assessments of global regions for NG genset capacity installations, a breakdown of market segments by power class, an analysis of global gas resource development, and profiles of the key industry players engaged in this market. Global market forecasts that project the capacity and revenue of NG gensets in the 15 kW–6 MW size range, segmented by region and country, extend through 2024. An Executive Summary of the report is available for free download on the Navigant Research website.