What is the global market size of Gas Engines Market?

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).

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 2024-2031

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 2019 and is poised to grow from USD 4.91 billion in 2023 to USD 6.37 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

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.

Global Gas Engines Market Report Snapshots

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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 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 2024-2031

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