(MENAFN- PR Newswire)
NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global gas engine market
size is estimated to grow by USD 2.48 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost
6.77%
during the forecast period.
Expanding gas generator market
is driving market growth,
with a trend towards
emergence of dual-fuel engines. However,
irregularities in Natural gas reserves and supplies
poses a challenge. Key market players include Caterpillar Inc., Cummins Inc., DEUTZ AG, Guangxi Yuchai Machinery Group Co. Ltd., Hyundai Heavy Industries Group, INNIO Jenbacher GmbH and Co. OG, JFE Engineering Corp., Kawasaki Heavy Industries Ltd., Kohler Co., Liebherr International Deutschland GmbH, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., NGV Group, Rolls Royce Holdings Plc, Siemens Energy AG, Sinotruk Hong Kong Ltd., Volkswagen AG, Wartsila Corp., WeiChai Holding Group Co. Ltd., and Yanmar Holdings Co. Ltd..
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Technavio has announced its latest market research report titled Global gas engine market 2024-2028
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Application (Power generation, Co-generation, and Others), End-user (Power, Industrial, Residential, and Commercial), and Geography (Europe, North America, APAC, South America, and Middle East and Africa) |
| Region Covered |
Europe, North America, APAC, South America, and Middle East and Africa |
| Key companies profiled |
Caterpillar Inc., Cummins Inc., DEUTZ AG, Guangxi Yuchai Machinery Group Co. Ltd., Hyundai Heavy Industries Group, INNIO Jenbacher GmbH and Co. OG, JFE Engineering Corp., Kawasaki Heavy Industries Ltd., Kohler Co., Liebherr International Deutschland GmbH, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., NGV Global Group, Rolls Royce Holdings Plc, Siemens Energy AG, Sinotruk Hong Kong Ltd., Volkswagen AG, Wartsila Corp., WeiChai Holding Group Co. Ltd., and Yanmar Holdings Co. Ltd. |
Key Market Trends Fueling Growth
Dual-fuel gas engines utilize two fuels during operation, primarily diesel and natural gas. These engines can switch between fuels based on efficiency, with natural gas introduced after the engine starts with diesel. Natural gas substitutes diesel at a rate of 50%-70%. Towards the end of the compression cycle, diesel is injected to ignite the natural gas. Fuel cost is a significant operational expense for gas engines, leading manufacturers to develop fuel-efficient technologies. In regions with abundant natural gas, these engines offer energy efficiency, high torque, and power characteristics identical to diesel engines. Clean Air Partners and Wartsila are key players providing commercial dual-fuel engine solutions. Wartsila's low-pressure dual-fuel engines reduce capital expenditure by 15%-20%. These advancements in technology and commercial offerings are expected to fuel the growth of the global gas engine market.
The gas engine market is experiencing significant growth due to various driving factors. One trend is the shift towards renewable gases like biogas and hydrogen for power generation and cogeneration applications. This move is driven by the need for carbon emissions reduction in response to climate change concerns. Coal-fired power plants are being replaced with gas engines and cogeneration systems for improved efficiency and economic viability. Acquisitions of engine manufacturers like Cummins by Fortive Corporation demonstrate the market's economic strength. Gas engines are also used as emergency backup options and in distributed power generation, including district heating systems. Emission regulations and the environmental footprint of fossil fuels are increasing the demand for gas engine technology. Cost-effective ways to reduce emissions, such as fuel efficiency improvements, are also key considerations. Electricity demand and the electricity generation mix are also influencing the market. Gas engines offer a cost-effective and efficient solution for electricity generation, particularly in areas with limited grid stability. Additionally, the increasing popularity of electric vehicles is driving the need for efficient and cost-effective electricity generation from gas engines. Overall, the market for gas engines is expected to continue growing due to these trends and the economic expansion of various industries.
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Market
Challenges
The natural gas engine market is experiencing growth due to the increasing preference for natural gas in new power generation capacities. However, the unpredictability of global natural gas reserves may impact the demand for gas engines. In the US, natural gas production has risen due to the shale gas boom, accounting for approximately 25% of global production in 2022. However, the natural gas distribution infrastructure is outdated in many regions, leading to potential disruptions and high operational costs. In contrast, coal remains the dominant fuel in rapidly developing countries due to its cost-effectiveness, with reserves projected to last for over a century at the current consumption rate. This may hinder the expansion of the gas engine market during the forecast period. Despite these challenges, the gas engine market continues to gain traction among end-users worldwide.
The Gas Engine Market faces several challenges in the power generation sector. Integration of natural gas with other energy sources, such as nuclear and renewable energy, is crucial for a balanced energy mix. However, natural gas reserves are depleting, and the increasing population and power consumption necessitate higher power output. Power plants must meet peak load requirements while reducing nitrogen oxides (NOx) and particulate matter (PM) emissions. Nitrogen and special gases are essential for power production technology, but their use contributes to these emissions. Sulfur oxides (SOx) and other pollutants must also be minimized. Reliability is paramount for utilities, water providers, and universities, making the choice of power generation technology and fuel sources essential. Renewable energy sources like solar, wind, and sewage gas are gaining popularity, but their intermittency poses challenges. Shale gas and syngas offer potential solutions, but their production can be reduced due to market volatility and environmental concerns. Transmission lines and transportation infrastructure are crucial for the efficient distribution of gas and electricity. Ultimately, the market must strive for ultimate reliability, while also addressing the environmental impact of power production and the transition to renewable fuel sources.
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Segment Overview
This gas engine market report extensively covers market segmentation by
Application
1.1 Power generation
1.2 Co-generation
1.3 Others
End-user
2.1 Power
2.2 Industrial
2.3 Residential
2.4 Commercial
Geography
3.1 Europe
3.2 North America
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1
Power generation-
The gas engine market is experiencing steady growth due to increasing demand for fuel-efficient and eco-friendly power solutions. Key players in this industry include Caterpillar, Cummins, and Wacker Neuson. They focus on producing advanced engines with improved fuel efficiency and reduced emissions. These engines find extensive applications in various sectors such as construction, power generation, and transportation. Market growth is driven by factors like infrastructure development, increasing industrialization, and stringent environmental regulations.
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Research Analysis
The Gas Engine Market is experiencing significant growth due to the increasing demand for power production technology that is more environmentally friendly and economically viable. Gas engines, which run on natural gas, are becoming increasingly popular as industrialization and economic expansion drive up electricity demand. The technology offers several advantages, including fuel efficiency, emissions reduction, and energy efficiency, making it an attractive alternative to traditional power sources. Natural gas reserves, including shale gas, mine gas, biogas, landfill gas, sewage gas, and syngas, are fueling this growth. Gas engine technology is being used in various sectors, including manufacturing and transportation, to reduce environmental footprint and emissions. Governmental bodies are also encouraging the adoption of gas engines through incentives and regulations. Acquisitions and partnerships among key players are also contributing to the market's expansion. Special gases, such as hydrogen and carbon dioxide, are also being explored for use in gas engines to further enhance efficiency and reliability.
Market Research Overview
The gas engine market is experiencing significant growth due to various driving factors, including economic expansion, increasing electricity demand, and the need for cost-effective ways to reduce carbon emissions and mitigate climate change. Gas engine technology, which includes engines that run on biogas, landfill gas, mine gas, and natural gas, is becoming increasingly popular for cogeneration applications and distributed power generation. Efficiency and reliability are key advantages of gas engines, making them suitable for emergency backup options and peak load requirements. The integration of natural gas infrastructure and the availability of natural gas reserves are also contributing to the market's growth. However, emission regulations and the environmental footprint of gas engines are areas of concern, with efforts being made to reduce greenhouse emissions, nitrogen oxides (NOx), and particulate matter (PM). Renewable fuel sources, such as hydrogen and biogas, are gaining popularity as alternatives to fossil fuels. The renewable sector is also driving the market with the development of new power generation technology and power output capabilities. The market is also being influenced by incentives, maintenance requirements, and the availability of labor for manufacturing and installation of gas engines in industrial plants, hospitals, and district heating systems. The market is also impacted by the economic viability of gas engines compared to coal-fired power plants and other power production technology. The availability and cost of natural gas imports and exports, as well as the infrastructure for LNG facilities, are also factors influencing the market's growth. The market is expected to continue growing as the world transitions to a more sustainable energy mix and seeks to reduce its reliance on fossil fuels.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Power Generation
Co-generation
Others
End-user
Power
Industrial
Residential
Commercial
Geography
Europe
North America
APAC
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
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SOURCE Technavio
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