Gas Engines Market expand at a moderate CAGR of 4.1% between 2022 and 2032, totaling US$ 7.47 Bn by 2032

According to a recent analysis issued by FMI, the gas engines market share is likely to reach US$ 7.47 billion by 2032, up from US$ 4.6 billion in 2021, expanding at a steady CAGR of 4%. The analysis concludes that the increasing demand for gas engine generators is proportional to the increase in gas engine use.

Consumption of energy on a global scale has risen dramatically during the last decade. This increase is due to the Asia Pacific region's rising economy. As a result, natural gas is frequently used as a bridge fuel to help economies move to renewables and other sustainable energy sources.

Natural gas accounted for around 25% of total primary energy consumption worldwide in 2020 and is expected to grow. In addition, natural gas-fired power plant stations are more affordable and straightforward to construct than coal-fired power plants.

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When gas motor for bicycle is utilized instead of coal, air quality generally improves. As a result, demand for all sorts of gasoline engine fuels increased. Cogeneration, trigeneration, and quad generation technologies further improve the efficiency of gas-fired power plants. In industrialized nations such as the United States, the United Kingdom, Germany, and Ireland, cogeneration and trigeneration systems are used.

The efficiency of combined heat and power plants ranges from 60% to 80%. As a result, developing countries will soon adopt gas engines to attain operational excellence and significantly cut their carbon footprint. On the other hand, COVID-19 has severely damaged the world economy and energy industry, disrupting supply chains and suffocating demand.

"Throughout the projected period, the increased need for environmentally friendly and efficient power generation technology is expected to drive the gas engines market. As a result, COVID-19 has impacted the global healthcare business and has also had a detrimental effect on the worldwide economy. It has had a significant economic impact on a wide range of industrial sectors, including manufacturing, power generation, renewable energy, nuclear energy, and oil and gas."

Key Takeaways:

• Rising energy consumption and worries about energy security will drive demand for natural gas and mini gasoline engine in the coming years. In addition, the inexpensive cost of gas and its ease of transportation and handling have sparked considerable interest in the desire for gas-powered engines.
• The global gas engines market may be divided into 10-20 M.W., 5-10 M.W., 2-5 M.W., 1-2 M.W., and 0.5-1 M.W. segments based on power output. Therefore, the 10-20 M.W. and 5-10 M.W. categories are predicted to have the largest market share, followed by the 2-5 M.W. categories.
• Engine manufacturers have responded by offering new, purpose-built natural gas engines ranging in size from tiny light-duty engines rated at a few kW to low-speed two-stroke fuel marine engines rated at more than 60 M.W.
• Rapid urbanization and rising worldwide population are two significant factors driving power demand, particularly the honda gx270 generator in emerging nations, boosting the global gas engines market growth.

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Competitive Landscape

The global gas engines market is dominated by Rolls-Royce Holdings (U.K.), Volkswagen (M.A.N. Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (U.S.), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I. Power & Machinery Group Co., Ltd. (China), I.H.I. Power Systems (Japan), J.F.E. Engineering Corporation (Japan)

• Rolls-Royce Holdings will introduce engine running periods of up to 96,000 hours between overhauls (T.B.O.) for the newest MTU Series 4000 engines for commercial maritime applications in December 2021. In general, depending on the duration and intensity of operation, all marine engines of the newest MTU Series 4000 may now run for up to 25 years before requiring significant maintenance.
• Caterpillar (U.S.) bought Carbon Point Solutions (U.S.) in September 2021 to concentrate and trap CO2 for use. Carbon capture systems based on patented technologies can be used in engines and gas turbo at oil and gas sites, distributed power plants, industrial plants, and waste-to-energy sites. This collaboration will aid in the reduction of greenhouse gas emissions.
• Siemens Energy (Germany) inked a deal in April 2021 with Spanish E.P.C. contractor TSK to offer highly efficient energy technologies and services to Atinkou (previously known as Ciprel V), a new combined-cycle gas power station to be built in Jacqueville, Côte d'Ivoire.

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Key Segments

By Fuel Type:
• Natural gas
• Special gas
• Others

By End Use:
• Utilities
• Marine
• Oil & gas
• Manufacturing
• Others

By Power Output:
• 1-2 MW
• 2-5 MW
• 5-15 MW
• Above 15 MW

By Application:
• Power Generation
• Mechanical Device
• Cogenerations
• Others

By Region:
• North America
• Latin America
• Europe
• Middle East and Africa
• Asia Pacific

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.