Global Gas engine Market is expected to foresee significant growth. Asia Pacific to lead the growth!
- Vikas Kumar
- May 24, 2022
- ENERGY & POWER, NEWS
- Gas engine Market Forecast, Gas engine Market Growth, Gas engine Market News, Gas engine Market Report, Gas engine Market Share, Gas engine Market size, Gas engine Market Trend
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The global gas engine market is expected to grow at a CAGR of more than 4.5% during the forecast period 2021-2027. A gas engine is a reciprocating internal combustion engine, which primarily runs on natural gas and other special gases such as shale gas, mine gas, biogas, landfill gas, sewage gas, and syngas. These engines generally achieve more than 90% efficiency due to their high electrical and thermal efficiency, low operating and service costs, and high reliability. They are used for various applications, including power generation, cogeneration, mechanical drive, and tri-generation applications, such as district heating schemes, hospitals, universities, or industrial plants.
Factors such as the rapid increase in demand for power generation technology that is effective, efficient, and does not negatively impact the environment have been one of the major reasons that drive the gas engine market growth. In addition, stringent regulation regarding emissions, such as low carbon imprint, also acts as a driving factor for the gas engine market growth.
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The gas engine market is growing at a flourishing rate and is expected to witness significant growth during the forecasted period. Factors that are supporting its growth such as increasing demand for efficient and low carbon engines along with technological advancements, companies are investing and adopting advanced small gas engines that require low maintenance and reduced product costs catering to the market demand.
Additionally, the emission monitoring and regulatory bodies from various countries are imposing stringent regulations on the use of diesel engines and generators. To meet these regulatory standards, various industries are deploying gas engines and generators for power generation is expected to accentuate the market size of a gas engine. For instance: In December 2020, Rolls-Royce launched MTU Series 500, a new series of gas engines, with a power range of 250–550 kilowatt. The engines are specially designed to meet the emission goals by using hydrogen as a power source, which is offering low fuel costs and low fuel consumption for industrial and utility sectors.
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The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments for local authorities, industrial, and commercial activities, even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the growth of the power industry as a supply chain across various industries was severely disrupted, in turn, affecting the demand for gas engines.
Based on fuel type, the gas engine market is classified into natural gas, special gas, and others. The natural gas segment caters to extensive market share in the gas engine market and is predicted to be the fastest-growing segment in the forecasted period. It is mainly owing to the cleanest burning fossil fuel and produces less carbon emission compared to other fuels. Hence, escalating its market demand in the gas engine market.
Based on power output, the gas engine market is categorized into 0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, and Above 15 MW. The 1-2 MW segment caters to a significant market share in the gas engine market. As these generators are mainly used in cogeneration systems and power generation. In cogeneration, engines produce power along with energy for space heating and water heating, which enables energy savings of up to 60%.
Based on application, the gas engine market is bifurcated into power generation, mechanical drive, cogeneration, and others. The cogeneration segment caters to a substantial market share in the gas engine market. As these systems are the most efficient and reliable systems for providing both electricity and heat to industrial processes, such as textiles, ceramics, food, or laundry, to applications in commercial buildings or hospitals with high heat demands.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. The Asia Pacific is anticipated to witness the highest growth rate during the forecast period, owing to the soaring electricity demand for electricity coupled with many countries constantly focusing on adopting clean and reliable energy sources are escalating the market size of the gas engine.
Some of the major players operating in the market are Cummins Inc., Mitsubishi Heavy Industries, Ltd., Rolls-Royce plc, Volkswagen AG, Wärtsilä, Kohler Co., Yanmar Co Ltd., Hyundai Heavy Industries Co., Ltd., China Yuchai International Limited, Siemens. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Gas engine Market Segmentation
Market Insight, by Fuel Type
- Natural Gas
- Special Gas
Market Insight, by Power Output
• 0.5–1 MW
• 1–2 MW
• 2–5 MW
• 5–15 MW
• Above 15 MW
Market Insight, by Application
• Power Generation
• Mechanical Drive
Market Insight, by End-User
- Oil & Gas
Market Insight, by Region
- North America Gas Engine Market
- United States
- Rest of North America
- Europe Gas Engine Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Gas Engine Market
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• Cummins Inc.
• Mitsubishi Heavy Industries, Ltd.
• Rolls-Royce plc
• Volkswagen AG
• Kohler Co.
• Yanmar Co Ltd.
• Hyundai Heavy Industries Co., Ltd.
• China Yuchai International Limited