Novel business models set to drive growth, while cheap natural gas drives a shift away from traditional diesel
A new report from Navigant Research examines the global market for diesel and natural gas generator sets (gensets), analyzing key market and technology developments, and providing forecasts for capacity and revenue, through 2026.
Diesel and natural gensets are the most widely adopted distributed energy resources on the planet. Today’s market shows demand growth for diesel gensets is stagnating as customers look to save money or carbon emissions, and as environmental regulations continue to tighten. Meanwhile, the growing availability of cheap natural gas is driving a shift toward gensets using that fuel. Click to tweet: According to a new report from @NavigantRSRCH, the market for new diesel and natural gas gensets is expected to surpass $33 billion in annual revenue by 2026.
“The global genset industry has much in common with utilities: century-old business models based around fossil fuels and the journey to adapting to the new reality of smarter, cleaner, and more distributed power,” says Adam Forni, senior research analyst with Navigant Research. “In this changing environment, genset companies are leveraging their distributed advantage while adopting new business models related to microgrids, energy storage, and smart dispatch of power to support the grid.”
According to the report, developing economies undergoing rapid electrification still value the flexibility and efficiency of gensets, while countries across the economic spectrum are expected to adopt more grid-tied gensets to support the rapid growth of intermittent renewables.
The report, Market Data: Diesel and Natural Gas Generator Sets, analyzes the global market for diesel and natural gas gensets for six segments: residential, commercial and industrial (C&I) standby, C&I prime and continuous, combined heat and power (CHP), utility, and resource extraction. The study examines key market and technology developments, as well as demand drivers and hurdles related to diesel and natural gas gensets. Global market forecasts for capacity and revenue, broken out by segment, region, and country, extend through 2026. 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: Diesel and Natural Gas 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.