Annual natural gas generator set installations are expected to reach 27.2 GW by 2024 and generate $146.8 bn in cumulative revenue according to new data.
The report from research company Navigant states that natural gas gensets are “poised for rapid growth, particularly in markets where inexpensive natural gas is widely available, such as North America”.
It adds that economic growth in the developing world is increasing the demand for reliable backup power and natural gas gensets are increasingly the technology of choice.
It predicts that annual installations of natural gas gensets will grow from 12.9 GW this year to more than 27.1 GW in 2024.
Navigant Research analyst Taylor Embury said: “The reciprocating engines used in natural gas 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.”
“These engines also come in a variety of configurations that can serve multiple applications.”
Navigant states that while historically the higher capital costs and fuel delivery infrastructure requirements of natural gas gensets have been a disadvantage when compared to diesel gensets, “today the line between natural gas and diesel gensets is becoming blurred with the increasing popularity of dual-fuel gensets”.