The global distributed natural gas-fueled generation market is expected to reach USD 32.21 Billion by 2024, according to a new report by Grand View Research, Inc. Increasing government initiatives to promote the use of natural gas as a generator fuel especially in emerging markets of China, and India is expected to boost the global market. In addition, various benefits offered by DNGG, such as low carbon emissions, increasing natural gas usage, and other operational benefits, are expected to steer the market growth over the forecast period.
There are huge investments in the power sector to develop the distributed generation technologies by emerging companies. At the same time, they are in need of high technologies, which will act as a substitute for current methods like diesel or coal generation.
The companies R&D facilities of hydrogen and fuel cell focuses on integrating, developing, and demonstrating hydrogen storage, delivery and production and also on using fuel cell technologies for stationary, transportation, and portable applications to differentiate their product from their competitor.
View summary of this report @ www.grandviewresearch.com/industry-analysis/distributed-natural-gas-fueled-generation-market
Further key findings from the report suggest:
- Stationary fuel cells hold the largest CAGR of 13.1% in the global technology segment and are expected to grow at 6,116.8 million by 2024.
- Microturbines technology in Europe is estimated to be USD 3,964.8 million in 2015 and will witness the fastest growth in next seven years, growing at a CAGR of 12.2% over the forecast period. By integrating an innovating turbine engine, advanced power electronics, magnetic generator with fuel cell technology, the micro turbine can provide cleaner energy which will increase the DNGG market.
- Commercial and industrial accounted for around 67% of the global DNGG end-use segment in 2015 and is anticipated to reach 20,620.1 million by 2024, growing at an anticipated CAGR of 12% from 2016 to 2024.
- Europe accounted for 36% of the total market in 2015 and is anticipated to hold its leading position over the forecast period. Asia Pacific is anticipated to witness a high CAGR of over 13.1% over the forecast period. Increasing usage of DNGG in residential and commercial sector coupled with government initiatives mainly in China and India is expected to boost DNGG demand in the region.
- Key industry participants in the market includeCummins Inc., ShanDongLvhuan Power Equipment CO., LTD, MWM GmbH, ABB Group, Redox Power Systems, LLC, General Electric, and Plug Power Inc.
Browse more reports of this category by Grand View Research: www.grandviewresearch.com/industry/construction-and-utilities
Grand View Research has segmented the natural gas-fueled generation market on the basis of technology, end-use and region:
Global Distributed Natural Gas-Fueled Generation Technology Outlook (Revenue, USD Million, 2014 – 2024)
- Natural Gas Gensets
- Stationary fuel cells
Global Distributed Natural Gas-Fueled Generation End-Use Outlook (Revenue, USD Million, 2014 – 2024)
- Building & institutional
- Commercial & industrial
Global Distributed Natural Gas-Fueled Generation Regional Outlook (Revenue, USD Million, 2014 – 2024)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
For More Info: www.grandviewresearch.com