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Gas Engines Market Size worth $6.80 Billion By 2030 | CAGR: 4.2%
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Ongoing development of power generation technology is driving the market growth during the forecast period. In recent years, power consumption has risen dramatically in developing countries. Power consumption has increased due to the economy's strong growth, thriving manufacturing sector, and growing population.
Furthermore, there is a higher need for energy consumption due to the rise of emerging countries and increases in living standards. For example, the US Energy Information Administration (EIA) predicted that global power consumption would increase by over 50% by 2050.
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As the demand for electricity rises, various countries worldwide increase their power-producing capacity by expanding existing facilities or constructing new ones. For instance, in November 2021, Wartsila has agreed to supply two major multi-fuel power plants with a combined capacity of 600 MW to Mexico's public-owned state electricity unit, "Comision Federal de Electricidad (CFE)." Companies are quickly inclining towards renewable energy sources for electricity generation due to harsh government rules regulating carbon emissions. They choose gas-powered engines that run on natural gas as a fuel source.
Based on the fuel type, the natural market segment accounted for the leading share in the market. Natural gas is commonly utilized in engines to generate power since that burns cleaner and emits less carbon than other fuels. It also produces minor levels of nitrogen oxides, sulfur dioxide, and nanoparticles. Industrial and commercial electricity production are two of the most common uses for natural gas engine. Natural gas capsules are available from many distribution providers in rural locations when gas delivery networks do not exist.
Market players such as Caterpillar, Baudouin, CNPC Jichai Power Complex, FE Engineering Corporation, Fairbanks Morse, Googol Engine Tech, Jfe Engineering Corporation, Hyundai Heavy Industries Co., Ltd., Jinan Lvneng Power Machinery Equipment Co., Ltd., Liebherr, Mitsubishi Heavy Industries, Ltd., Kawasaki Heavy Industries, Ltd., Ningbo C.S.I Power & Machinery Group Co. Ltd., Siemens Energy, R Schmitt Enertec, and Volkswagen (Man Energy Solutions) are key players operating in the global market.
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In December 2021, Rolls-Royce introduced new durable, more extended engine running periods for up to 96,000 hrs between overhauls for the current generation of its MTU Series 4000 engines for the commercial marine engines.
Polaris market research has segmented the gas engines market report based on fuel type, power type, application, end-use industry, and region:
Gas Engines, Fuel Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Natural
• Special
• Others
Gas Engines, Power Output Outlook (Revenue - USD Billion, 2018 - 2030)
• Power Generation
• Mechanical Drive
• Cogeneration
• Others
Gas Engines, Application Outlook (Revenue - USD Billion, 2018 - 2030)
• 5-1 MW
• 1-2 MW
• 2-5 MW
• 5-15 MW
• Above 15 MW
Gas Engines, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
• Utilities
• Marine
• Oil & Gas
• Manufacturing
• Others
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