South Korea Natural Gas Generator Market Size & Outlook
South Korea natural gas generator market, 2018-2030 (US$M)
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South Korea natural gas generator market highlights
- The South Korea natural gas generator market generated a revenue of USD 177.8 million in 2021 and is expected to reach USD 569.4 million by 2030.
- The South Korea market is expected to grow at a CAGR of 13.8% from 2022 to 2030.
- In terms of segment, low power gensets was the largest revenue generating power rating in 2021.
- HighPower Gensets is the most lucrative power rating segment registering the fastest growth during the forecast period.
Natural gas generator market data book summary
| Market revenue in 2021 | USD 177.8 million |
| Market revenue in 2030 | USD 569.4 million |
| Growth rate | 13.8% (CAGR from 2021 to 2030) |
| Largest segment | Low power gensets |
| Fastest growing segment | HighPower Gensets |
| Historical data | 2018 - 2020 |
| Base year | 2021 |
| Forecast period | 2022 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Low Power Gensets, Medium Power Gensets, HighPower Gensets |
| Key market players worldwide | Caterpillar Inc, Cummins Inc, Generac Holdings Inc, Mitsubishi Heavy Industries Ltd, Kohler, GE Aerospace, MTU Onsite Energy, Mahindra & Mahindra Ltd DR |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.5% of the global natural gas generator market in 2021.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China natural gas generator market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,320.5 million by 2030.
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Natural Gas Generator Market Scope
Natural Gas Generator Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea natural gas generator market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to natural gas generator market will help companies and investors design strategic landscapes.
Low power gensets was the largest segment with a revenue share of 47.75% in 2021. Horizon Databook has segmented the South Korea natural gas generator market based on low power gensets, medium power gensets, highpower gensets covering the revenue growth of each sub-segment from 2018 to 2030.
Natural gas gensets are majorly used for backup power application in the country’s power sector and manufacturing industry. The country is experiencing a rapid rise in the demand for electricity owing to growing industrial activities for which the country’s government plans to have more than 150 GW of installed capacity by 2030, which is expected to propel the demand for gas generator set in power sector.
OEMs are enhancing their presence in the country by providing natural gas genset with long-term services contracts with power plant owners. These developments are estimated to fuel the growth of natural gas genset in the country over the forecast period.
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Our clientele includes a mix of natural gas generator market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea natural gas generator market , including forecasts for subscribers. This country databook contains high-level insights into South Korea natural gas generator market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea natural gas generator market size, by power rating, 2018-2030 (US$M)
South Korea Natural Gas Generator Market Outlook Share, 2021 & 2030 (US$M)
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