Global Gas Engines Market

Global Gas Engines Market Size, Share, Growth Analysis, By Fuel Type(Natural Gas, Special Gas), By Power Output(0.5–1 MW, 1–2 MW), By Application(Power Generation, Mechanical Drive), By End-User(Utilities, Marine) - Industry Forecast 2023-2030


Report ID: SQSG25A2002 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 122 | Figures: 77

Global Gas Engines Market Insights

Gas Engines Market size was valued at USD 4.71 billion in 2021 and is poised to grow from USD 4.91 billion in 2022 to USD 6.37 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

A gas engine is a form of heat engine. It is an internal combustion engine that runs on fuels such as natural gas, landfill gas, biogas, and propane. It also runs on gasoline and diesel. It has exceptional durability and drivability. This engine is more typically used in automobiles. Gas engines have cheap operating and maintenance costs. They are utilized in applications such as cogeneration, power generation, and mechanical drive.

Gas engines are extremely efficient and dependable. One of the primary factors driving the growth of the gas engine market is the rapid increase in demand for power production technology that is effective, efficient, and does not have a detrimental impact on the environment. Furthermore, rigorous emission regulations, such as minimal carbon footprint, are a driving force in the growth of the gas engine market. Natural gas has been the market leader in all types of gas engine categories in terms of fuel type. It is employed in base load power generation as well as combined heat and power applications. The utilities category accounts for the lion's share of the market in terms of end users.

The COVID-19 pandemic wreaked havoc on the global economy. Its impact on various business sectors, including manufacturing, oil and gas, aviation, and hospitality, has been obvious and unparalleled. Following the epidemic, measures such as lockdowns and limitations have caused economies all across the world to stutter. They have further disrupted supply lines, pushed back projects, and caused a labor shortage. The renewable sector in numerous countries is heavily reliant on imports from other regions, notably China. Around 60% of engines and generator sets are manufactured in the United States and sent all over the world. Project developers of gas-powered engines around the world are concerned about project delays due to a slowdown in production in the United States. Major suppliers are also experiencing production delays as a result of COVID-19, resulting in a massive backlog for completing orders. These obstacles are projected to stifle gas engines market growth during the forecast period.

US Gas Engines Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 4.71 billion

Largest Segment

Natural Gas

Fastest Growth

Natural Gas

Growth Rate

4.2% CAGR

Global Gas Engines Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Gas Engines Market Size By Fuel Type, 2021-2028 ($ Bn)
Global Gas Engines Market Size By Fuel Type, 2021-2028 (%)

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Global Gas Engines Market Segmental Analysis

The Global Gas Engines Market is segmented on the basis of fuel type, power output, application, end-user, and region. Based on fuel type, the market is segmented into Natural Gas, Special Gas, Others. Based on power output, the market is segmented into 0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, Above 15 MW. Based on application, the market is segmented into Power Generation, Mechanical Drive, Cogeneration, Others. Based on End-User, the market is segmented into Utilities, Marine, Oil & Gas, Manufacturing, Others. Based on region, the global Gas Engines market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Gas Engines Market Analysis by Fuel Type

In 2021, the natural gas segment dominated the gas engines market and a similar trend is expected to continue in the near future. Natural gas is mostly used in gas engines for electricity generation since it burns cleaner and emits less carbon than other forms of fuel. It also emits minor levels of nitrogen oxide, sulfur dioxide, and particulate matter. Utilities are the major end-users of natural gas-powered engines. Natural gas engines are widely used in industrial and commercial cogeneration. The United States, Russia, the United Kingdom, France, Germany, China, and Canada are strengthening their natural gas distribution networks, which is likely to increase the demand for gas engines. Many gas distribution companies offer natural gas capsules for remote installations where gas distribution networks are inaccessible. During the forecast period, the natural gas segment of the gas engine market is likely to be driven by falling natural gas prices and improved gas distribution networks.

Global Gas Engines Market By Fuel Type, 2021 (%), 2021 (%)

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Global Gas Engines Market Regional Insights

North America accounted for the majority of the gas engines market in 2021, and this is likely to continue during the forecast period since natural gas-fired power is widely distributed across the country. According to the 2018 Annual Energy Outlook for the United States, natural gas-powered engines are expected to account for more than 35% of total electricity generation by 2050. Europe is also a significant region in the global market for gas engines. The bulk of European countries has consistently frigid weather. As a result, they require heat for both home and commercial spaces, resulting in high demand for cogeneration applications.

The Asia Pacific region is expected to be the fastest-growing region in the worldwide gas engine market. The rising demand for electricity in the region is likely to drive the region's growth. Many countries, like India, Japan, and South Korea, are continually focused on the adoption of clean and dependable energy sources. During the projected period, these factors are expected to fuel market expansion across the region. Latin America has the potential for growth as a result of new investment initiatives and innovations. At the same time, governments and a slew of other businesses are intending to invest in the building, expansion, and modernization of power plants.

Global Gas Engines Market By Geography, 2021-2028, 2023-2030
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Global Gas Engines Market Dynamics

Gas Engines Market Driver

  • Power consumption in developing countries such as China, India, Brazil, and Mexico have risen dramatically in recent years. Power consumption has increased due to the economy's strong growth, a thriving manufacturing sector, and a growing population. Furthermore, as emerging countries expand and living standards improve, there is a greater demand for energy consumption. For instance, The U.S. Energy Information Administration (EIA) forecasted in September 2020 that global energy consumption would rise by around 50% by 2050, with total intake in residential and commercial buildings increasing from 91 quadrillion British thermal units (Btu) to 139 quadrillion Btu, a 65% increase. As the need for electricity rises, various countries throughout the world are increasing their power generation capacity.

Gas Engines Market Restraint

  • Natural gas supply and cost are being impacted by geopolitical uncertainty. Australia, Russia, Qatar, Norway, and the United States are some of the world's greatest natural gas exporters. The current political conflict between Russia and the European Union (EU) over the Ukraine issue has raised concerns about Russian supply disruptions. The project delivers gas to the EU on a yearly basis, accounting for a significant portion of Russia's exports. However, the present standoff between Russia and Ukraine has put the project in jeopardy of EU sanction. Russia is starving the EU of natural gas in response, supplying roughly 25% less natural gas despite rising demand. As a result, the EU is facing a severe gas shortage. The United States has also threatened to sanction the Nord Stream 2 pipeline project and the firms involved. The Nord Stream 2 pipeline is slated to begin operations in June 2022, but geopolitical difficulties between the countries involved may cause it to be delayed much further. With relation to such projects, there are also strong political tensions between the CIS and several European countries. Such political upheaval is predicted to have a severe influence on the economics of several European countries.

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Global Gas Engines Market Competitive Landscape

The market for gas engines is moderately fragmented. General Electric Company, Rolls-Royce Holdings PLC, Wartsila Oyj Abp, Caterpillar Inc., and Cummins Inc. are among the prominent competitors in this industry.

Gas Engines Market Top Player’s Company Profiles

  • Caterpillar
  • Rolls-Royce Holdings
  • Siemens Energy
  • General Electric Company
  • Cummins Inc.
  • Wärtsilä Corporation
  • MAN Energy Solutions SE
  • Mitsubishi Heavy Industries Ltd.
  • Doosan Infracore Co. Ltd.
  • Kawasaki Heavy Industries Ltd.
  • Yanmar Co. Ltd.
  • Cooper Corporation Pvt. Ltd.
  • DEUTZ AG
  • Dresser-Rand Group Inc.
  • Guascor Power
  • INNIO Jenbacher GmbH & Co. KG
  • Liebherr-International AG
  • MTU Friedrichshafen GmbH
  • Waukesha Bearings Corporation
  • Yanmar Energy Systems Co. Ltd.

Gas Engines Market Recent Developments

  • In March 2022, Ford Motor Co. is planning a massive restructuring of its operations to create two independent divisions—one for its conventional gas-engine business and another for developing electric vehicles and software.
  • In January 2022, Nissan Motor Co Ltd plans to discontinue developing new internal combustion engines in all of its major markets except the United States and instead focus on creating electric vehicles. The manufacturer will continue the limited development of its gasoline engines for its U.S. market, mostly for pickup trucks.

Global Gas Engines Key Market Trends

  • The rising inclination towards gas-fired power plants is a major key trend identified for gas engines market. After coal, natural gas-fired power generation ranks second in the global electricity generation mix. In 2020, the output was 6268.1 TWh, accounting for 23.4% of total electricity generation. The most prominent reason for such a large deployment of gas-based engines was the electricity sector's decarbonization. Many more gas-to-power projects are in the pipeline for inclusion in the worldwide power production portfolio. Gas-fired power plants are more cost-effective and emit less carbon than coal-fired power plants. Coal combustion emits the most CO2 per million BTU of energy, at around 229 ppm, making it the most polluting of all fossil fuels. Emissions from coal-fired power plants also contribute to smog and reduce visibility. As a result, the majority of coal-fired power plants will be replaced by gas-fired power plants. Many utilities in the United States, for instance, are replacing coal-fired power plants with gas-fired power plants. Pledges made by countries such as Australia, China, India, and others at the Conference of Parties (COP) in November 2021 indicate that these countries will reduce their reliance on coal. The market for gas engines will benefit from the shift to gas-fired power plants.
  • Gas engines are preferred by electric utilities to serve base electrical loads. Furthermore, gas engine generators are thought to be very useful for handling peak load demand. Several utilities around the world have experienced a rapid increase in peak load demand, particularly in the morning and evening.

Global Gas Engines Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the above 15 MW segment held the largest share of the gas engines market in terms of power output in 2021 and is expected to maintain its dominance in the coming years. The segment above 15 MW serves the power utilities and propulsion industries. These engines play a critical role in assisting major global economies in developing a more sustainable energy system by providing a dependable and relatively cleaner alternative. When used in island-type configurations, these engines can supplement major power plants and help avoid blackouts. Furthermore, these engines are becoming more useful in the marine industry for propulsion. Strict maritime regulations restricting the emission of sulfur and other pollutants are driving the use of gas engines with capacities greater than 15 MW to power the world's shipping fleet.

Report Metric Details
Market size value in 2021 USD 4.71 billion
Market size value in 2030 USD 6.37 billion
Growth Rate 4.2%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Fuel Type
    • Natural Gas, Special Gas, Others
  • Power Output
    • 0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, Above 15 MW
  • Application
    • Power Generation, Mechanical Drive, Cogeneration, Others
  • End-User
    • Utilities, Marine, Oil & Gas, Manufacturing, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Caterpillar
  • Rolls-Royce Holdings
  • Siemens Energy
  • General Electric Company
  • Cummins Inc.
  • Wärtsilä Corporation
  • MAN Energy Solutions SE
  • Mitsubishi Heavy Industries Ltd.
  • Doosan Infracore Co. Ltd.
  • Kawasaki Heavy Industries Ltd.
  • Yanmar Co. Ltd.
  • Cooper Corporation Pvt. Ltd.
  • DEUTZ AG
  • Dresser-Rand Group Inc.
  • Guascor Power
  • INNIO Jenbacher GmbH & Co. KG
  • Liebherr-International AG
  • MTU Friedrichshafen GmbH
  • Waukesha Bearings Corporation
  • Yanmar Energy Systems Co. Ltd.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Gas Engines Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Gas Engines Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Gas Engines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Gas Engines Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Gas Engines Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Gas Engines Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Gas Engines Market size was valued at USD 4.71 billion in 2021 and is poised to grow from USD 4.91 billion in 2022 to USD 6.37 billion by 2030, growing at a CAGR of 4.2% in the forecast period (2023-2030).

The market for gas engines is moderately fragmented. General Electric Company, Rolls-Royce Holdings PLC, Wartsila Oyj Abp, Caterpillar Inc., and Cummins Inc. are among the prominent competitors in this industry. 'Caterpillar', 'Rolls-Royce Holdings', 'Siemens Energy', 'General Electric Company', 'Cummins Inc.', 'Wärtsilä Corporation', 'MAN Energy Solutions SE', 'Mitsubishi Heavy Industries Ltd.', 'Doosan Infracore Co. Ltd.', 'Kawasaki Heavy Industries Ltd.', 'Yanmar Co. Ltd.', 'Cooper Corporation Pvt. Ltd.', 'DEUTZ AG', 'Dresser-Rand Group Inc.', 'Guascor Power', 'INNIO Jenbacher GmbH & Co. KG', 'Liebherr-International AG', 'MTU Friedrichshafen GmbH', 'Waukesha Bearings Corporation', 'Yanmar Energy Systems Co. Ltd.'

Power consumption in developing countries such as China, India, Brazil, and Mexico have risen dramatically in recent years. Power consumption has increased due to the economy's strong growth, a thriving manufacturing sector, and a growing population. Furthermore, as emerging countries expand and living standards improve, there is a greater demand for energy consumption. For instance, The U.S. Energy Information Administration (EIA) forecasted in September 2020 that global energy consumption would rise by around 50% by 2050, with total intake in residential and commercial buildings increasing from 91 quadrillion British thermal units (Btu) to 139 quadrillion Btu, a 65% increase. As the need for electricity rises, various countries throughout the world are increasing their power generation capacity.

The rising inclination towards gas-fired power plants is a major key trend identified for gas engines market. After coal, natural gas-fired power generation ranks second in the global electricity generation mix. In 2020, the output was 6268.1 TWh, accounting for 23.4% of total electricity generation. The most prominent reason for such a large deployment of gas-based engines was the electricity sector's decarbonization. Many more gas-to-power projects are in the pipeline for inclusion in the worldwide power production portfolio. Gas-fired power plants are more cost-effective and emit less carbon than coal-fired power plants. Coal combustion emits the most CO2 per million BTU of energy, at around 229 ppm, making it the most polluting of all fossil fuels. Emissions from coal-fired power plants also contribute to smog and reduce visibility. As a result, the majority of coal-fired power plants will be replaced by gas-fired power plants. Many utilities in the United States, for instance, are replacing coal-fired power plants with gas-fired power plants. Pledges made by countries such as Australia, China, India, and others at the Conference of Parties (COP) in November 2021 indicate that these countries will reduce their reliance on coal. The market for gas engines will benefit from the shift to gas-fired power plants.

North America accounted for the majority of the gas engines market in 2021, and this is likely to continue during the forecast period since natural gas-fired power is widely distributed across the country. According to the 2018 Annual Energy Outlook for the United States, natural gas-powered engines are expected to account for more than 35% of total electricity generation by 2050. Europe is also a significant region in the global market for gas engines. The bulk of European countries has consistently frigid weather. As a result, they require heat for both home and commercial spaces, resulting in high demand for cogeneration applications.

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Global Gas Engines Market

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