“According to the research report published by Polaris Market Research, 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.”
The report delivers significant research data and proof to be a ready-to-access and self-analyzed study for managers, analysts, industry experts, and other key people, assisting them in making crucial business decisions. The report comprises qualitative and quantitative information on the Gas Engines Market that provides historical data and growth forecast. It covers recent developments, technologies, and the changing investment structure of the market. The report is showcased with self-explained tables and charts in a presentable format.
Ongoing development of power generation technology is driving the market growth during the forecast period. In recent years, power consumption has risen dramatically in developing countries. Power consumption has increased due to the economy’s strong growth, thriving manufacturing sector, and growing population.
Furthermore, there is a higher need for energy consumption due to the rise of emerging countries and increases in living standards. For example, the US Energy Information Administration (EIA) predicted that global power consumption would increase by over 50% by 2050.
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As the demand for electricity rises, various countries worldwide increase their power-producing capacity by expanding existing facilities or constructing new ones. For instance, in November 2021, Wartsila has agreed to supply two major multi-fuel power plants with a combined capacity of 600 MW to Mexico’s public-owned state electricity unit, “Comision Federal de Electricidad (CFE).” Companies are quickly inclining towards renewable energy sources for electricity generation due to harsh government rules regulating carbon emissions. They choose gas-powered engines that run on natural gas as a fuel source.
Based on the fuel type, the natural market segment accounted for the leading share in the market. Natural gas is commonly utilized in engines to generate power since that burns cleaner and emits less carbon than other fuels. It also produces minor levels of nitrogen oxides, sulfur dioxide, and nanoparticles. Industrial and commercial electricity production are two of the most common uses for natural gas engine. Natural gas capsules are available from many distribution providers in rural locations when gas delivery networks do not exist.
Top Key Players:
- Baudouin
- Caterpillar
- 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.
- Liebherr
- Mitsubishi Heavy Industries Ltd.
- Ningbo C.S.I Power & Machinery Group Co. Ltd.
- R Schmitt Enertec
- Siemens Energy
- Volkswagen (Man Energy Solutions)
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In December 2021, Rolls-Royce introduced new durable, more extended engine running periods for up to 96,000 hrs between overhauls for the current generation of its MTU Series 4000 engines for the commercial marine engines.
Polaris market research has segmented the gas engines market report based on fuel type, power type, application, end-use industry, and region:
Gas Engines, Fuel Type Outlook (Revenue – USD Billion)
- Natural
- Special
- Others
Gas Engines, Power Output Outlook (Revenue – USD Billion)
- Power Generation
- Mechanical Drive
- Cogeneration
- Others
Gas Engines, Application Outlook (Revenue – USD Billion)
- 5–1 MW
- 1–2 MW
- 2–5 MW
- 5–15 MW
- Above 15 MW
Gas Engines, End-Use Outlook (Revenue – USD Billion)
- Utilities
- Marine
- Oil & Gas
- Manufacturing
- Others
Gas Engines, Regional Outlook (Revenue – USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- UK
- Italy
- Netherlands
- Russia
- Spain
- Asia Pacific
- China
- India
- Japan
- Malaysia
- South Korea
- Indonesia
- Latin America
- Mexico
- Brazil
- Argentina
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Key Questions Answered with This Study
- What makes the market feasible for long-term investment?
- What geographic region would have better demand for products/services?
- What opportunity emerging territory would offer to established and new entrants in the market?
- How influencing factors driving the demand for Gas Engines Market in the next few years?
- What is the impact analysis of various factors in the market growth?
- What strategies of major players help them acquire share in a mature market?
- What are the recent trends in the regional market?
- What will be the market-based future possibilities, development patterns, and Gas Engines Market elements?
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