NEWARK, Del, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global gas engine market is expected to reach US$ 4.8 Bn in 2022. Gas engine market is likely to reach an estimated value of US$ 7.47 Bn by the end of 2032, with sales growing at a moderate CAGR of 4.1% during the forecast period of 2022-2032. Accelerated demand for clean and efficient power production technologies is expected to propel market possibilities for gas engines.
Gas engines are internal combustion engines that run on gaseous fuels like biogas, natural gas, coal gas, and special gas. These engines are slowly gaining popularity across various end-use verticals like automotive, utilities, oil & gas, manufacturing, and others owing to the beneficial properties associated with gas engines. Low operating costs, higher efficiency, and eco-friendly nature are some of the benefits that accompany the use of gas engines.
Increasing concerns for the environment coupled with a gradual shift towards energy production via natural gas and special gas fuels are propelling the market demand for gas engines. A majority of power generation plants are focused on replacing their conventional power generation infrastructure with gas engines to reduce emission levels.
In addition to this, the growing demand for electricity along with an upsurge in the use of natural gas for producing energy owing to its easy availability, clean and economical nature, will likely augment the market growth of gas engines over the forecast period.
Moreover, the implementation of strict carbon emission regulations, rising government initiatives to expand the power generation infrastructure, the increasing popularity of gas engine technologies across emerging economies, and technological advancements in gas engines are some of the prominent factors fueling the growth in the global gas engines market.
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“Advances in gas engine technologies along with rising environmental concerns are expected to boost the sales of gas engines in the global market for the forecast period,” says an FMI analyst.
Key Takeaways:
- Multiple end-use industry applications like electricity generation, powering mechanical equipment, and vehicles to boost market possibilities.
- Expansion of industrial gas turbine market to generate attractive market opportunities.
- Countries like India, Germany, and the U.K. are increasing investment in gas-powered power plants.
- Sales of gas engines in China are expected to exhibit substantial growth over the forecast period.
- The U.K. gas engine market will present steady growth over the assessment period.
- By fuel type, the natural gas segment is projected to account for the largest market share, with a high CAGR.
- Based on power output, 15 MW gas engines continue to dominate the market.
- By application, the mechanical drive segment is anticipated to lead market growth.
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More Insights into the Gas Engines Market Report
In its latest report, FMI offers an unbiased analysis of the global gas engine market, providing historical data from 2015 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented based on fuel type (natural gas, special gas, others), end use (utilities, marine, oil & gas, manufacturing, others), power output (1-2 MW, 2-5 MW, 5-15 MW, above 15 MW) application (power generation, mechanical drive, cogenerations, others) and region.
According to the latest FMI reports, based on regional growth, China is expected to exhibit significant growth during the assessment period. Rising demand for clean and efficient power generation technologies, the existence of stringent government regulations, swift increase in the number of gas-powered power plants, availability of advanced products at reduced prices, and growing usage of natural gas in multiple industry verticals promote the expansion of the regional gas engine market.
The gas engine market in the U.K. is primarily driven by the need for reducing carbon emissions as well as the implementation of strict government regulations. Growing consumption of natural gas in various fields is generating high demand for gas engines. Additionally, the rising popularity of turbofan engines coupled with rapid expansion of the marine gas engine market will likely boost market possibilities in the U.K. over the forecast period.
As per the latest study by FMI, based on fuel type, the natural gas segment is likely to experience a high rate of growth and hold the largest portion of the global gas engine market. This growth is due to the elevated use of natural gas in gas engines across multiple industry verticals, especially electricity generation plants.
In the power output section, the 15 MW segment accounted for the largest revenue share in 2021. The segment is expected to continue its dominance over the forecast period. This growth is attributed to their growing usage in power generation and cogeneration applications.
On the basis of application, the mechanical driver segment is estimated to generate maximum lucrative opportunities for the gas engine market through 2032.
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Key Segments
By Fuel Type:
- Natural gas
- Special gas
- Others
By End Use:
- Utilities
- Marine
- Oil & gas
- Manufacturing
- Others
By Power Output:
- 1-2 MW
- 2-5 MW
- 5-15 MW
- Above 15 MW
By Application:
- Power Generation
- Mechanical Drive
- Cogenerations
- Others
Competitive Landscape
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. among others are some of the major players in the gas engine market that are profiled in the full version of the report.
Major gas engine market players are focused on employing various organic and inorganic tactics including product expansion and capacity expansion. These businesses are intent on releasing new and innovative products as well as expanding and establishing new manufacturing facilities across appealing regions. They are also participating in mergers and acquisitions, partnerships, and collaborations to achieve a competitive advantage.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
2. Market Overview
2.1. Market Coverage
2.2. Market Definition
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background
4.1. Gas Engines Market, by Key Countries
4.2. Gas Engines Market Opportunity Assessment (US$ Mn)
4.3. Market Scenario Forecast
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