- Rising uptake of LNG engines in power generation and marine industries to propel revenue growth; diesel-LNG internal combustion engines to gather traction in light and heavy-duty trucks, creating substantial lucrative opportunities
- Asia Pacific LNG engine market to witness enormous revenue streams from thriving LNG trade; growing spending on LNG supply infrastructure expanding avenues
WILMINGTON, Del., July 1, 2022 /PRNewswire/ -- A comprehensive demand analysis of LNG engine market found that adoption of low-carbon fuels in the marine and power generation sectors is steering growth. Industry stakeholders are keen on strengthening LNG distribution infrastructure, which has bolstered the product sales of LNG engine market. The LNG engine market is projected to reach US$ 2.6 Bn in value by the end of the forecast period of 2020–2030.
The LNG engine market outlook is constantly being broadened on the back of governments in various countries boosting export and import volumes of LNG, such as growing exports of the gas by the U.S. and imports in South Korea in recent years. Emerging trends of the LNG engine market underscore the fact that decarbonizing of the maritime transport has enriched the prospects. Advancements in diesel-LNG internal combustion engines are expected to fuel the expansion of the LNG engine market.
Advances in small-scale LNG supply chain, especially due to them being more cost-effective than natural gas in some industrial applications, have filliped the product demand in the LNG engine market. Rise in traded LNG volumes globally is catalyzing the product sales of LNG engine market.
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Key findings of LNG Engine Market Study
- Widespread Adoption in Marine Industry to Generate Sizable Revenues for Cos: The marine industry is likely to present largest opportunity for LNG engine market during the forecast period. The growing popularity of LNG as a marine fuel is reinforced by implementation of recent emission norms pertaining to the maritime transportation, such as regulations by the IMO. For instance, shipowners can hope to achieve the IMO's 2030 target of reducing CO2 emissions with bio-LNG. Increasing number of marine vessels equipped with LNG engines has spurred substantial revenue streams. Innovation in dual-fuel engines has expanded lucrative opportunities for firms in the LNG engine market.
- Decarbonization of Transportation Sector Spurring Market Prospects: There is an abundant demand for LNG engines in light and heavy-duty trucks. Stakeholders in the LNG market are embracing the technology as a step toward reducing the CO2 emissions, notably in European countries. Furthermore, growing body of studies on bio-fuels has generated immense interest in synthetic LNG among companies in the LNG engine market.
- Synthetic LNG Emerging as Sustainable Fuel Option: Stakeholders view synthetic or bio-LNG as a sustainable option. With companies ramping up production of these using sustainable feedstocks, this has opened up new frontiers in the LNG engine market. As businesses in the maritime industry and transportation sector speed up efforts to shift to decarbonization, the prospects are likely to be massive in the near future, observe the analysts in the LNG engine market.
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LNG Engine Market: Key Drivers
- Stringent implementation of regulations on lowering the greenhouse gas emissions in the marine sector has increasingly influenced the evolution of the LNG engine market. Industry players with the help of governments have stepped up investments on existing LNG export infrastructure in developed regions.
- Inclination toward cost-effective propulsion systems has driven the interest toward LNG shipping, thus extending the canvas for companies in the LNG engine market.
LNG Engine Market: Regional Growth Dynamics
Asia Pacific has emerged as a remarkably lucrative region in the global LNG engine market. The prospects have been fueled by rise in exports of LNG over the past few years. The TMR study found that the region held a share of 38.4% of the total exports in 2018. Trade in LNG continues to thrive, expanding profitable avenues for market players to capitalize on. Rise in use of LNG in transportation sector is cementing the revenue prospects of the Asia Pacific LNG engine market.
LNG Engine Market: Key Players
Some of the key players in the LNG engine market are Scania AB, DAIHATSU DIESEL MFG. CO., LTD., Anglo Belgian Corporation, MAN Energy Solutions, Rolls-Royce plc, Wärtsilä Corporation, Caterpillar, Fairbanks Morse, and Cummins Inc.
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LNG Engine Market Segmentation
- Direct Gas Injection
- Power Generation
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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