Gas Engines Market Size & Sales Will Reach ~US$6.80 Billion By 2030: Research Report by Polaris Market Research
According to the research report, the global gas engines market was valued at USD 4.71 billion in 2021 and is expected to reach USD 6.80 billion by 2030, to grow at a CAGR of 4.2% during the forecast period.
Gas engines are the type of heat engines that run on fuels such as natural gas, coal gas, biogas, propane, and special gas. Gas engines are widely used in end-use industries, including automotive, oil & gas, manufacturing, and utilities. They are highly efficient, ecofriendly in nature, and are best for the lowest operating and maintenance costs. They are used in applications such as cogeneration, power generation, mechanical drive, construction equipment, and electric utilities.
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- 110+ Pages Research Report
- 2022 Latest updated research report with Overview, Definition, TOC, updated Top market players
- Market Size & Share Estimation and Forecast
- COVID-19 Pandemic Pre and Post Impact on Businesses
- Provide Chapter-wise guidance on Request
- Current and upcoming trends impact analysis
- Competitive Landscape Study
- Updated 2022 Regional Analysis with Graphical Representation of Size, Share & Trends
- Report Includes updated 2022 Top Market Players with their latest Business Strategy, Sales Volume, and Revenue Analysis
- Polaris Market Research 360-degree research methodology to provide precise analysis
Growing demand for power production technology that is effective, efficient, and eco-friendly is one of the prominent factors driving the growth of the gas engine market. The increasing use of the engine in the utility sector fuel the demand for gas engines. Also, strict emission regulations coupled with the rising use of distributed power generation systems are all boosting the expansion of the gas engine market. The rapid preference for gasoline engines in power-plant applications also increases its demand.
Gas Engines Market: Growth Drivers
The global gas engine market is majorly driven by fast urbanization, industrialization, and economic expansion in emerging nations such as India and China, which has led to a surge in electricity demand. The rapid increase in demand for gas-fired power generation technology and surged focus on reducing carbon emissions fuel the growth of the global gas engine market. These engines are used to produce power to generators that generate electricity and distribute it to various end-users.
Moreover, developments in gas engine technologies and increasing environmental concerns are expected to boost the demand for gas engines across the world over the forecast period. Also, several other factors that accelerate the market growth include stringent guidelines associated with carbon emission or carbon footprint, as well as increased demand for gas engines and increased cost of diesel fuel.
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Top Key Players:
- CNPC Jichai Power Complex
- Fairbanks Morse
- FE Engineering Corporation
- Googol Engine Tech
- Hyundai Heavy Industries Co. Ltd.
- Jfe Engineering Corporation
- Jinan Lvneng Power Machinery Equipment Co. Ltd.
- Kawasaki Heavy Industries Ltd.
- Mitsubishi Heavy Industries Ltd.
- Ningbo C.S.I Power & Machinery Group Co. Ltd.
- R Schmitt Enertec
- Siemens Energy
- Volkswagen (Man Energy Solutions)
Gas Engines Market: Report Segmentation
Insight by Power Output
Based on the Power output segment, the 15MW segment is anticipated to hold the most significant revenue in the global gas engines market as gas engines with more than 15 MW are mostly used for power generation. Also, the decreasing cost of natural gas, the availability of renewable fuel sources, and an improved gas distribution network are some of the key factors expected to propel the market growth during the forecast period.
Insight by Fuel Type
On the basis of fuel type, the natural segment witnessed the largest share in the global gas engines market and is expected to continue its dominance over the forecast period. Natural gas is mostly used in gas engines to generate electricity due to its low emission of carbon, nitrogen oxide, sulfur dioxide, and particulate matter. The increased natural gas distribution networks in the economies like the US, Russia, the UK, France, Germany, China, and Canada are anticipated to boost the demand for gas engines in the market.
Geographic Overview: Gas Engines Market
Based on geography, Europe held the largest revenue share as there is high demand for gas-based applications in household and commercial spaces in the continent. Rising government policies to obtain a greener energy transition drives the market growth in the region. Also, the rapid advancements in hydrogen and natural-gas-based technologies to encourage emission-free environment fuel the growth of the gas engine market.
Moreover, Asia Pacific may record a high CAGR in the global gas engine market owing to the increasing electricity demand. The continuously rising focus on adopting clean energy resources by various emerging countries is another prominent factor expected to flourish the market growth in the region over the foreseen period.
- In April 2021, Siemens Energy (Germany) signed an agreement with Spanish EPC contractor TSK to provide a new combined cycle power plant to Atinkou, (formerly known as Ciprel V), a subsidiary of Eranove in Jacqueville, Càƒ´te d’Ivoire.
- In June 2020, Kawasaki Heavy Industries, Ltd. announced the completion of testing and the start of sales of their new model KG-18-T gas engine.
Gas Engines Market: By Fuel Type Outlook
Gas Engines Market: By Application Outlook
- Power Generation
- Mechanical Drive
Gas Engines Market: By Power Output Outlook
- 5–1 MW
- 1–2 MW
- 2–5 MW
- 5–15 MW
- Above 15 MW
Gas Engines Market: By End-Use Outlook
- Oil & Gas
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