NEW
YORK, July 17, 2024 /PRNewswire/ --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 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..
![Technavio has announced its latest market research report titled Global gas engine market 2024-2028 Technavio has announced its latest market research report titled Global gas engine market 2024-2028](https://mma.prnewswire.com/media/2462202/Technavio_Global_gas_engine_market.jpg)
Get a detailed analysis on regions, market segments, customer
landscape, and companies- View the snapshot of this
report
Gas Engine Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
6.77%
|
Market growth
2024-2028
|
USD 2483.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.22
|
Regional
analysis
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
Europe at
41%
|
Key
countries
|
US, Germany, China,
France, and Japan
|
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.
|
Market Driver
Dual-fuel gas engines utilize two types of fuels, primarily
diesel and natural gas, during operation. These engines can switch
between fuels to optimize efficiency based on conditions.
Typically, the engine starts on diesel and later introduces natural
gas, which ignites quickly, aiding in engine start-up. Natural gas
is introduced into the system, replacing diesel at a 50%-70%
substitution rate. Towards the end of compression, diesel is
injected to ignite and burn the natural gas. Fuel cost is a
significant operational expense for gas engines, leading
manufacturers to develop products that minimize fuel dependency.
Natural gas availability and energy efficiency make gas engines
suitable for various applications. Clean Air Partners offers the
technology commercially, while Wartsila provides low-pressure
dual-fuel engines, reducing capital expenditure by 15%-20%. These
advancements are expected to fuel the global gas engine market
growth during the forecast period.
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 as alternatives to fossil fuels.
This is driven by the need to reduce carbon emissions and mitigate
climate change. Coal-fired power plants are being replaced with
more efficient and cost-effective gas engines and cogeneration
applications. Cummins, a leading engine manufacturer, is at the
forefront of this trend with its advanced gas engine technology.
Economic expansion and increasing electricity demand are also key
drivers. Gas engines offer cost-effective ways for distributed
power generation and can be used for emergency backup options.
Incentives for emissions reduction and compliance with emission
regulations are also pushing the market forward. The use of gas
engines in district heating systems and industrial plants is also
on the rise. Efficiency and energy consumption are major concerns,
and gas engines offer improvements in both areas compared to coal
plants. The electricity generation mix is shifting towards cleaner
sources, and gas engines are an important part of this transition.
The environmental footprint of gas engines is lower than that of
coal, making them a more sustainable choice for businesses and
consumers alike. The gas distribution network is expanding to meet
the growing demand, and the future looks bright for the gas engine
market.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
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 significantly due to the shale gas boom,
accounting for approximately 25% of global production in 2022.
However, the natural gas distribution infrastructure is inadequate
in several regions, with many relying on old cast iron pipes,
leading to potential disruptions and high maintenance costs. In
contrast, coal remains the dominant fuel in rapidly developing
countries due to its cost-efficiency, with reserves projected to
last over a century at the current consumption rate. This could
hinder the growth of the global gas engine market, as North
American reserves are expected to run out in just 13 years and
European reserves in 30 years.
- 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, requires efficient
coordination. Natural gas reserves are depleting, making it crucial
to explore alternative fuel sources like shale gas and sewage gas.
Power production from gas engines must comply with stringent
regulations on emissions, including nitrogen oxides (NOx) and
particulate matter (PM). Peak load requirements necessitate
reliable power generation technology with high power output.
Population growth and increasing power consumption put pressure on
utilities and water providers to meet energy demands. Renewable
energy sources, such as solar, wind, and hydro, are gaining
popularity, but their intermittency poses challenges. Power plants
must ensure ultimate reliability, especially during extreme weather
conditions. Transmission lines and transportation infrastructure
must be upgraded to accommodate increased power production. Special
gases like syngas and tri-generation applications offer
opportunities for improved efficiency, but their implementation
requires significant investment. Sulfur oxides (SOx) and other
pollutants must be minimized to meet environmental regulations.
Innovations in power generation technology, such as advanced
combustion systems and fuel cells, can help address these
challenges. Universities and research institutions play a vital
role in developing new technologies and improving the efficiency
and sustainability of gas engines.
For more insights on driver and
challenges - Request a sample report!
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 its efficiency and reliability.
Businesses are increasingly turning to gas engines for their power
needs, particularly in industries like transportation and power
generation. Gas engines offer cost savings through fuel efficiency
and long service life. Major players in the market include
Caterpillar, Cummins, and Volvo, who continuously innovate to meet
customer demands. The market is expected to continue growing due to
these advantages and increasing global focus on reducing carbon
emissions.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global commercial aircraft gas turbine engine market is
experiencing robust growth driven by increasing air travel demand
and advancements in engine technology. Major players are focusing
on fuel efficiency and reduced emissions, aligning with
environmental regulations. Key trends include the adoption of
next-generation engines and the integration of advanced materials.
The market is highly competitive, with significant investments in
R&D to enhance performance and sustainability. The global
recommendation engine market is expanding rapidly, propelled by the
growing need for personalized user experiences across e-commerce,
streaming services, and social media platforms. Key drivers include
advancements in AI and machine learning, which enhance the accuracy
and relevance of recommendations. Major players are investing in
innovative algorithms and data analytics to improve customer
engagement and satisfaction. The market is characterized by intense
competition and continuous technological evolution.
Research Analysis
The gas engine market is witnessing significant growth due to
the increasing demand for power production technology in various
industries and economic expansion. The environment is a key
consideration in this sector, with a focus on reducing emissions
and improving energy efficiency. Gas engines offer several
advantages, including the ability to use natural gas, which is a
cleaner burning fuel compared to traditional fossil fuels. Natural
gas reserves continue to be discovered, making it an attractive
option for power generation and industrial processes. Manufacturing
and transportation industries are major consumers of gas engines
due to their reliability and fuel efficiency. Governmental bodies
are also promoting the use of gas engines to reduce the
environmental footprint and meet electricity demand. Gas engine
technology is continually evolving, with advancements in fuel
efficiency, emissions reduction, and the use of special gases such
as syngas, biogas, shale gas, mine gas, landfill gas, and sewage
gas. Acquisitions and partnerships are common in this market as
companies seek to expand their offerings and stay competitive.
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 fueled by biogas, landfill gas,
mine gas, and natural gas, is becoming increasingly popular for
cogeneration applications, distributed power generation, and
emergency backup options. Gas engines offer improved efficiency
compared to coal-fired power plants and are more environmentally
friendly, producing fewer greenhouse emissions and fewer nitrogen
oxides (NOx) and particulate matter (PM) than coal. The use of
natural gas also reduces reliance on fossil fuel imports and
supports grid stability. Industrialization and manufacturing
industries are also turning to gas engines for their mechanical
drive needs, and the renewable sector is exploring the use of
hydrogen and biogas as fuel sources. However, there are challenges
to the widespread adoption of gas engines, including emission
regulations, maintenance costs, and the need for infrastructure
investment. Despite these challenges, the market for gas engines is
expected to continue growing, driven by the need for reliable and
efficient power production technology, peak load requirements, and
the environmental benefits of reducing carbon emissions and
improving energy efficiency.
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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gas-engine-market-size-is-set-to-grow-by-usd-2-48-billion-from-2024-2028--expanding-gas-generator-market-boost-the-market-technavio-302198075.html
SOURCE Technavio