Gas Engines Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Gas Engines Market grew at a CAGR of 5.1% between 2017-2021 and is estimated to be US$ 4,123.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.4% and is expected to reach a valuation of US$ 7,668.4Mn by 2032 end.
Major end-use industries like utilities, manufacturing, automotive, and oil & gas use natural gas to power engines because it burns cleaner and emits less carbon than other fuels. The segment’s growth is boosted by the rising use of natural gas in gas engines across power-generating facilities.
Additionally, the forecast for the gas engine market is anticipated to benefit from rising consumer awareness of the advantages of using natural gas combined with supportive government initiatives. Natural gas uses will improve due to changing regulatory policies driven by integrated energy considerations toward energy transition and sustainable energy sources.
ChemView Consulting has analyzed that there has been a considerable rise in global energy use in the last ten years. The Asia Pacific region’s expanding economies are to blame for this increase. As economies transition to renewables and other clean energy sources, natural gas is frequently used as a transition fuel to meet energy demands. In addition, natural gas usage, which makes up about 25% of the world’s total primary energy consumption, is expected to rise. Building biological gas-fired power stations are less expensive and simpler.
The natural gas segment currently accounts for the biggest share of the global market for gas engines. It is anticipated to expand at a higher CAGR over the forecast period. The increased use of natural gas in gas engines across all electricity-generating plants is blamed for the segment’s growth.
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Segments Covered in Report
By Fuel Type:
- Natural gas
- Special gas
- Oil & gas
By Power Output:
- 1-2 MW
- 2-5 MW
- 5-15 MW
- Above 15 MW
- Power Generation
- Mechanical Drive
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Gas Engines Market
- Based on the fuel type, the natural gas segment currently accounts for the biggest share of the global market for gas engines. It is anticipated to expand at a higher CAGR over the forecast period. The increased use of natural gas in gas engines across all electricity-generating plants is blamed for the segment’s growth.
- Based on the power output, due to their expanding use in power generation and cogeneration applications, the segment of gas engines with a capacity of 15 MW or more accounted for the biggest revenue share. Most of the time, these engines are arranged in island-style arrangements to support large power plants and prevent blackouts.
- Based on the application, the automatic driver market category outpaces the rest globally. Gas engines power various mechanical devices, including pumps, blowers, compressors, and other instruments used in manufacturing and the oil and gas industries. Thus, the market for industrial gas turbines will experience rapid growth during the anticipated period.
- Based on the region, with a market share of 42.1%, the demand for efficient and clean power generation technologies, the replacement of outdated power generation infrastructure, and the conversion of coal-based power plants to gas-based ones are driving the growth of the Asia Pacific market.
Key companies covered in the market study are Westport Fuel Systems Inc, Wärtsilä, IHI Power Systems Co., Ltd. (Subsidiary of IHI Corporation), YANMAR HOLDINGS CO., MAN SE, BERGEN engines AS, LIEBHERR, JFE Engineering Corporation, Siemens, INNIO, MITSUBISHI HEAVY INDUSTRIES, LTD, Kawasaki Heavy Industries, Ltd, and Caterpillar, Cummins Inc
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
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