At 5.5% CAGR, Gas Engine Market Size is Expected to Reach USD 2.4 Billion in 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

09 May, 2022, 12:30 GMT

LONDON, May 9, 2022 /PRNewswire/ -- The Gas Engine Market Value is expected to record a valuation of USD 2.4 Billion by 2028, Registering to Accelerate at a 5.5% CAGR, According to the most recent study by Brandessence Market Research & Consulting Pvt ltd.

The Global Gas Engine Market size was Valued at USD 1.6 Billion in 2021. Gas Engine Market Size, Share & Trends Analysis Report By End-User Industry (Utilities, Manufacturing, Oil And Gas, Transportation), By Fuel Type (Natural Gas, Other), Based On Region, And Segment Forecasts, 2022 - 2028

The global gas engine market has been expected to see a growth in terms of demand in the coming years as there is a rise in the need for technology which will generate efficient and clean power. It is also expected to see an increase in the usage of systems for the distributed power generations. Moreover, there are stricter regulations related to emission which are going to drive the global market.

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The segment which has been driving the global gas engine market growth has been the mechanical drive segment as the gas engines are used directly for the use of running mechanical equipment. These are equipment like blowers, compressors, pumps, chillers in addition to other rotating equipment which could further be known as the prime movers. The engines find their usage in the manufacturing and oil and gas sectors. The gas engines often drive the compressor in the process of gas gathering and its further processing and transmission. This takes place particularly in the LNG plants. The gas engines might also be used for driving the oil well's injection pumps as well as the water irrigation pumps. For the prime moving, the gas engines application has been designed for handling the variable loads in comparison to the lean burn engines which are used for the generation of power. There is growth in the industrial sector which is going to be increasing the requirement of these prime movers and will consequently drive demands for the gas engine market in the coming years.

Gas Engine Market Scope

Gas engines were dealt with a major setback in the COVID-19 pandemic as the global energy and supply chains had been closed and the demand started diminishing. The pandemic affected the overall sector of healthcare but has also impacted various other sectors all of which had a cascading impact on the power generations. The natural gas engines manufacturers did breathe a sigh of relief once the Covid waves were over but eventually had to deal with multiple different waves and there is a looming threat of the hospitalizations increasing.

The energy consumption has increased considerably in the previous few years and this is a rise which may be attributed to the growth in the developing economies since there is a need for the energy demands. This in turn is resulting in a shift to some more renewable and cleaner sources of energy. The power plants which emit the natural gas are easier to use and emit very less CO or carbon monoxide and other harmful gasses. They also have a better thermodynamic efficiency. It helps in the improvement of air quality which is a major demand in a lot of the countries in the current scenario.

Gas Engine Market report covers prominent players like

  • Hyundai Heavy Industries Co. Ltd. (South Korea)
  • Siemens (Germany)
  • Rolls Royce plc (UK)
  • Kohler Co. (US)
  • Yanmar Co. Ltd (Japan)
  • Cummins Inc.
  • Caterpillar (US)
  • Cooper Corp (India)
  • Mitsubishi Heavy Industries (Japan)
  • INNIO (Austria)

In terms of the end users, the biggest share of the global gas engine market has been held by utilities segment. This is because of the power which is produced by the utilities and how it can be put to use in powering the local facilities or may be exported to the electricity grids locally. The utilities deploy these gas engines for meeting the requirement during peak load and also providing an emergency solution in case there is a backup required for preventing blackout when a malfunction happens in the central power plant. There is also an increase in the transformation towards the power plants which use gas power rather than the coal power in order to reduce the load the coal-powered plants put on the environment; therefore, governments have become active in putting emission regulation on these plants. Natural gas has turned out to be a unique but good enough alternative to the problem as it provides an eco-friendly and carbon neutral solution to managing the power requirements of the world.

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Gas Engine Market: Segmentation analysis

The industrial gas engines have been seen in applications such as trigeneration, cogeneration and quad generations. The quad generations have been increasing the efficiency of the power plants which are gas-powered a lot more. The cogeneration and trigeneration systems have been used primarily in the developed countries which is a good sign that the global gas engine market will be operating excellently in the developed countries too. Further, there is an increase in the demand to meet the new generation of technology and that will further propel the global gas engine market.

The global gas engine market has seen the coal-fired power plants get the biggest share of the energy generation in the world; however, there are many countries which are trying to reduce the usage of coal-based plants due to their environmental impact. The developing economies are reliant still on coal as a big source of power. The coal power plants take a longer time to startup and the peak demand supply can be met with the coal power plants. Developed countries have a proper infrastructure and are therefore able to attract largest engine manufacturers in the world which in contrast to the developing and the underdeveloped countries don't have. Therefore, the production of the gas energy is much lesser in these regions.

However, the population in these countries is huge so every existing gas manufacturer uses these reserves in fulfilment of resources and they still have to import a significant amount of the gas energy from the other countries. This also has meant that the developing countries have the resources to enter into the CHP. However, the technology has not peaked thus far. There isn't enough of an infrastructure yet to explore this aspect of the gas engine market however it is going to eventually play a factor in the development of the global gas engine market.

Reginal Analysis:

In terms of the region, the global gas engine market has been segmented into Asia Pacific, Europe, South America, North America and the Middle East and Africa. The global gas engine market has been growing majorly in the developing countries in Asia Pacific as the demand is highly present particularly with the growing population but also because of the infrastructure aging and the demand for cleaner fuels arising in this region.

On Special Requirement Gas Engine Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France,U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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