Customers in developed countries are embracing this technology to cut fuel costs and limit emissions
A new report from Navigant Research examines the global market for dual-fuel generator sets (DFGSs) for commodity extraction, commercial and industrial (C&I), and utility applications, providing an analysis of key market and technology developments, with global market forecasts for capacity and revenue through 2025.
Despite major slowdown since 2014 with the fall of diesel prices and oil & gas (O&G) production, DFGSs are positioned to take a growing share of the global generator set (genset) market. Industry players now have the opportunity to capture anticipatory market share, as less capitalized participants may close up shop or be purchased given the current market conditions. Click to tweet: According to a new report from @NavigantRSRCH, the global market for DFGS installations and retrofits is expected to grow from nearly 1.1 GW in 2016 to more than 2.0 gigawatts (GW) annually by 2025.
“Thanks to cheap natural gas, dual-fuel genset adoption surged with the North American oil & gas boom,” says Adam Forni, senior research analyst with Navigant Research. “Growth is now spreading into more segments and geographies, thanks to the lowered emissions, fuel redundancy, and cost savings offered by these products.”
Customers in developed countries are embracing DFGS technology to cut fuel costs or limit emissions, while demand in the developing world is often driven by volatility in the price or supply of fuel, according to the report. Of all the major world regions, North America is expected to add the most capacity during the decade with 4.2 GW.
The report, Market Data: Dual-Fuel Generator Sets, analyzes the global market for DFGSs for commodity extraction, C&I, and utility applications. The study provides an analysis of key market and technology developments related to DFGSs. Global market forecasts for capacity and revenue, broken out by segment and region, extend through 2025. The report also examines the key demand drivers and market challenges associated with DFGSs, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Market Data: Dual-Fuel Generator Sets, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.