To know the impact of COVID-19 On Gas Engine Market Size, Share & Trends Analysis Report By End-user Industry (Utilities, Manufacturing, Oil and Gas, Transportation), By Fuel Type (Natural Gas, Other), Based On Region, And Segment Forecasts, 2022 - 2028 Market
Market Size Forecast Scenarios (Optimistic, Baseline and Pessimistic) 2021-2027
Global Gas Engine Market is valued at USD 1.6 Billion in 2021 and is expected to reach USD 2.4 billion by 2028 with a CAGR of 5.5% during the forecast period.
Gas Engine Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Gas Engine Market place for the forecast 2022– 2028. The two major factors powering the market are lower gas prices, which have dropped by over in the last few years, and strict emission laws on marine fuel, which are leading to rising adoption of LNG-fueled vessels.
Scope of The Gas Engine Market Report:
A gas engine is an internal reciprocating combustion engine, which operates on gaseous fuels such as biogas, natural gas, syngas, and landfill gas. Gas engines are extremely reliable and offer efficiency with low maintenance and operating costs. These gas engines are employed for different applications, comprising cogeneration, power generation, mechanical drive, trigeneration, and others. The natural gas section led the gas engine market and is employed in CHP (combined heat and power) applications and baseload power generation. Gas engines with a power output of 5.0–20.0 MW mostly employ natural gas as a fuel.
Utilities are the biggest end-users of natural gas-fueled engines. The primary CHP applications of natural gas comprise commercial and industrial cogeneration. Dropping natural gas costs and enhancing gas distribution networks are predicted to power the natural gas-based gas engines, during the coming period.
The cogeneration application segment is predicted to develop at a max CAGR during the coming period. In cogeneration applications, gas engines create power along with energy for water heating and space heating. It is an efficient technique of power creation employing gas engines and allows energy savings of almost 60%.
Cogeneration is mainly used in chemical & food processing plants, steel mills, district heating plants, and paper & pulp mills. Besides industrial end-users, public buildings, such as colleges, schools, hospitals, and administrative buildings, also employ gas engine-based power plants for creating heat and electricity. The development of cogeneration application is credited majorly to the rising installed capacity of gas-based CHP power plants in cold climate nations.
Gas Engine Market Key Segments:
By End-user Industry
- Oil and Gas
- Other End-user Industries
By Fuel Type
- Natural Gas
- Other Fuel Types
Gas Engine Manufacturers:
The major players included in the global gas engine market forecast are,
- Hyundai Heavy Industries Co. Ltd. (South Korea)
- Siemens (Germany)
- Rolls Royce plc (UK)
- Kohler Co. (US)
- Yanmar Co. Ltd (Japan)
- Cummins Inc.
- Caterpillar (US)
- Cooper Corp (India)
- Mitsubishi Heavy Industries (Japan)
- INNIO (Austria)
The Use Of Gas Engine Generators Is Also Believed Very Helpful For Handling Peak Load requirements, Thus Powering Growth In The Market
The two major factors powering the market are lower gas prices, which have dropped by over in the last few years, and strict emission laws on marine fuel, which are leading to the rising adoption of LNG-fueled vessels. Moreover, growing gas transportation infrastructure is powering the rising share of gas in major energy consumption, and hence, gas engines. However, the market is limited by the increasing competition from the renewable industry, whose intermittency hurdles is now being dealt by adding energy storage systems with wind and solar power systems. Also, the rising employment of electric vehicles is hampering market development. The use of gas engine generators is also believed very helpful for handling peak load requirements. Different utilities all over the world saw a quick increase in the peak load requirement, specifically during the evening and morning time period.
Europe Added Up For Huge Share Of The Gas Engines Market And Is Predicted To Develop At The Max Rate During The Coming Period
Europe, North America, Asia Pacific, South America, and the Middle East & Africa are the major areas of the gas engines industry. Europe added up for a huge share of the gas engines market and is predicted to develop at the max rate during the coming period.
Majority of the nations in the European area are cold climate nations, which need heat for commercial and household spaces, thereby leading to huge requirements for cogeneration application. Europe is the leader in biogas creation, which is further generating the requirement for special gas-based engines. Owing to stringent environmental rules and low natural gas costs, Europe is predicted to rule the global market during the coming period.
Key Benefits for Gas Engines Market Reports:-
- Global Gas Engines Market report covers in-depth historical and forecast analysis.
- Global Gas Engines Market research report provides detailed information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, and Regional and Country levels.
- Global Gas Engines Market report helps to identify opportunities in the marketplace.
- Global Gas Engines Market report covers an extensive analysis of emerging trends and the competitive landscape
On Special Requirement Gas Engines Market Report is also available for below Regions and Countries:
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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Gas Engine Market Size, Share, Industry Trends Analysis, And Growth By 2028
Gas Engine Market Size, Share & Trends Analysis Report By End-user Industry (Utilities, Manufacturing, Oil and Gas, Transportation), By Fuel Type (Natural Gas, Other), Based On Region, And Segment Forecasts, 2022 - 2028
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