The global dual fuel generator market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global dual fuel generator market to post a CAGR of over 4% during the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the growing benefits of dual fuel generators. Unlike traditional generators, the dual fuel generators deploy an advanced dual fuel control system that runs on both gas and diesel, which makes them more flexible when it comes to supplying emergency power. Moreover, fuel prices have been volatile in the last decade; the cost of fuel accounts for a considerable share of the total operating cost for end-users. The prices of oil and gas also increase and decrease periodically depending on the demand and supply dynamics. Other factors such as stringent emission norms, fuel cost, and availability are encouraging generator and engine manufacturers to design equipment that combines the benefits of both the fuel types. These dual fuel generators can operate on a wide range of gas/diesel supply combinations ranging from 100%/0% to 30%/70%, which reduces the overall spending on fuel.
As per Technavio, the tri-fuel generator technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global dual fuel generator market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global dual fuel generator market: Tri-fuel generator technology
Although tri-fuel generators are relatively less popular among end-users as compared to dual fuel generators, tri-fuel generators are expected to emerge as the next best alternative to dual fuel generators in the coming years. In general, the four main fuel choices to run a generator include gasoline, diesel, liquid propane, and natural gas. Dual fuel generators are powered by gasoline or liquid propane while a tri-fuel generator can run on three different types of fuel sources such as gasoline, liquefied petroleum (LPG or propane), and natural gas (NG). These generators are being increasingly adopted by preppers or survivalists who need to be prepared for any sort of emergency situations. In addition, there is always a high possibility that one of the three fuels may become scarce at any time during an emergency, and therefore, most people tend to purchase a generator that can be operated using three different fuels.
“Apart from tri-fuel generator technology, the growth of microgrid networks, the increasing adoption of the rental model, and the fluctuations in the prices of crude oil are some other major aspects that are contributing largely to the growth of the global market during the forecast period,” says a senior analyst at Technavio.
Global dual fuel generator market: Segmentation analysis
This market research report segments the global dual fuel generator market by end-user (industrial, commercial, residential) and geographical regions (APAC, EMEA, and the Americas).
The industrial segment led the market in 2018 with a market share close to 42%, followed by commercial, and residential respectively. However, during the forecast period, the residential segment is expected to register the highest incremental growth, followed by the commercial segment.
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