The market for natural gas-fired generation sets is expected to total $147 billion from 2015 to 2024, according to a recent report from Navigant Research.
Navigant analyzed the global market for natural gas generator sets from less than 15 kW to 20 MW in size for residential, commercial, industrial and utility applications by country.
A source of emergency standby, prime, peaking, or continuous power generation, natural gas gensets are used worldwide for distributed power production. The market for this technology is expected to show steady growth over the next 10 years despite a short-term slowdown due to volatility in the oil & gas market.
“The reciprocating engines used in NG gensets are used for many different types of distributed power generation, from small portable purposes to large, multi MW installations,” says Taylor Embury, research analyst with Navigant Research. “NG gensets are also gaining ground in backup and standby application due to their reliable performance.”
Dual-fuel gensets are becoming increasingly popular, as they offer a middle ground between the high reliability of diesel fuel and the lower cost and emissions of natural gas, according to the report. One of the biggest hurdles for NG gensets to navigate is the current lack of natural gas infrastructure in emerging economies; dual-fuel gensets can serve as a bridge into these markets and lay the framework for more NG infrastructure to follow.