Revving Up Innovation: Exploring the Thriving Gas Engine Market

The gas engine market size was valued at $4.2 billion in 2021, and is estimated to reach $6.0 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031. Gas Engine Market by Fuel Type, by Power Output, by Application, by End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031.

A gas engine is a type of heat engine. It is an internal combustion engine, which functions on fuels such as natural gas, landfill gas, biogas, propane. In addition, it also runs on gasoline and diesel. It provides excellent durability and drivability. This engine is more commonly utilized in automotive vehicles. Gas engines have low operating cost as well as low maintenance cost. They are used for applications such as cogeneration, power generation, and mechanical drive.

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The demand for gas engines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for gas engines. The production of natural gas, which is required for the functioning of gas engines, is growing at a significant rate. For instance, in 2019, according to IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters. Gas engines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand. According to Eurostat, natural gas accounts for ~36% of the EU energy consumption. High use in applications such as heating, electricity generation, and vehicle functioning is bolstering the demand for natural gas engines.

The electric power, automotive, manufacturing, and transportation industries, among others, in developing countries are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the gas engines market. Electric motors, electric devices, solar plants, and wind projects are more expensive than gas engines, which is driving the preference of various countries toward gas engines as an environment-friendly solution.

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The global gas engine market forecast is segmented on the basis of by power output, fuel type, application, end use and region.

Based on fuel type, the natural gas segment held the highest market share in 2021, accounting for more than three-fourths of the global gas engine market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in demand for power and investments of the key players toward the low-emission and low-cost power generation. However, the special gas segment is projected to manifest the highest CAGR of 4.7% from 2022 to 2031. Rise in environmental awareness, increase in supply concerns connected with the usage of fossil fuels, and surge in demand for renewable & environment-friendly fuel created by converting various forms of organic waste to gas have driven the segment.

Based on application, the power generation segment accounted for the largest share in 2021, contributing to more than half of the global gas engine market, and is projected to maintain its lead position during the forecast period. Rise in population across the globe, followed by the rapid urbanization in emerging regions and rising number of consumers has resulted in a steady rise in the electricity demand. This is a crucial factor driving the growth of power generation in the gas engine market. The report also analyzes the cogeneration and mechanical drive segments.

Based on end use, the utilities segment held the highest market share in 2021, accounting for more than one-third of the global gas engine market, and is estimated to maintain its leadership status throughout the forecast period, owing to rising population across the globe, followed by the rapid urbanization in emerging regions and rising number of consumers. However, the oil & gas segment is projected to manifest the highest CAGR of 4.7% from 2022 to 2031. Oil & Gas industry products act as a backbone for various industries such as chemical and power industry. The products and by-products in this industry are used as raw material in the chemical industry to manufacture various end products that are used in the daily life. In addition, European Union and the U.S have taken initiatives to convert coal-based thermal plants to gas fired power plants to generate power. These factors have driven the segment.

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The major companies profiled in this report include Cummins Inc., Caterpillar, 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, Doosan Corporation, Cooper Corp., INNIO, Kawasaki Heavy Industries, Ltd., Man SE, and JFE Engineering Corporation.

Due to rapidly development of industrialisation, modernization and spread of information through internet led to the development of demand for data centers, heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for gas engine. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in the gas fired power generation systems has led to attain key developments in the global gas engine market trends.

Key findings of the study:
• North America would exhibit CAGR of 3.4% during 2022-2031.
• As per global gas engine market analysis, by fuel type, the natural gas segment accounted for the largest share in 2021.
• By power output, above 15MW type gas engine was the leading segment in 2021.
• By application, power generation segment was the highest revenue contributor in 2021.
• By end-use, utilities segment has largest market share in 2021

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