Gas Engine Market By Fuel Type (Natural Gas, Special Gas, Others), By Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW), By Application (Power Generation, Mechanical Drive, Cogeneration, Others), By End Use (Marine, Utilities, Oil and Gas, Man

Gas Engine Market By Fuel Type (Natural Gas, Special Gas, Others), By Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW), By Application (Power Generation, Mechanical Drive, Cogeneration, Others), By End Use (Marine, Utilities, Oil and Gas, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

The global gas engines market size was valued at $4.2 billion in 2021, and projected to reach $6.0 billion by 2031, with a CAGR of 3.8% from 2022 to 2031.

A gas engine is a reciprocating internal combustion engine, which primarily runs on natural gas and other special gas such as shale gas, mine gas, biogas, landfill gas, sewage gas, and syngas. These engines generally achieve more than 90% efficiency due to their high electrical and thermal efficiency, low operating and service costs, and high reliability. They are used for various applications including power generation, cogeneration, mechanical drive, and tri-generation applications, such as district heating schemes, hospitals, universities, or industrial plants.

The construction of new power plants and transmission lines requires massive investment and high maintenance. Most of the government companies prefer to offer cost-effective ways to fulfill electricity demand. According to the World Energy Council (WEC), the global electricity demand is expected to double by 2050. The rise in demand for integrating natural gas in electricity generation mix and improving natural gas associated infrastructure will have positive impact on the market. Gas engines based distributed power generation is fast emerging as an economical solution for government companies which is projected to  drive the growth of the market.

Caterpillar Inc. and MAN SE are offering low pollutions engines with fuel type natural gas having ultimate reliability and the highest energy efficiency. Natural gas based engines deliver better functioning than coal plants because they can be turned up and down rapidly. For instance, according to the International Energy Agency (IEA), the total fossil fuel supply is expected to be 80% by 2040, making natural gas based engines the most preferred fuel in the future.

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

On the basis of power output, it is segmented into 0.5-1MW, 1-2MW, 2-5MW, 5-15MW, and above 15MW. On the basis of fuel type, the market is classified into natural gas, special gas, and others. On the basis of application, the market is categorized into power generation, mechanical drive, cogeneration, and others. In addition, on the basis of end use, the global gas engines market is segmented into marine, utilities, oil & gas, manufacturing, and others.

Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market, followed by Europe and Asia-Pacific.

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. Rapid development of industrialization, modernization and spread of information through internet led to the development of demand for data centers, heavy manufacturing industries, and light manufacturing uses 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 engines market trends.

COVID-19 analysis:

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies. The novel coronavirus has affected several economies ad caused lockdown in many countries, which has limited the growth of the market. The shutdown of industrial manufacturer led to the decline in the demand for gas engine in most of the countries across the world led to decline in the demand for the gas engine market. The decrease in utilization of power in the industrial facilities across the globe during the outbreak has a negative impact on the development of the market.

In several countries, the renewable sector is mainly dependent on imports from other regions, primarily China. Around 60% of engines and generation sets are produced in the U.S. and are supplied across the globe. Gas based engines project developers worldwide are worried about project delays due to the slowdown of manufacturing in the U.S. Major suppliers are also observing production delays due to COVID-19, thereby causing a huge backlog for fulfilling orders. These factors hampered the growth of the market in the forecast period.

After the global vaccination the government of various countries has taken initiatives to increase the investment in the renewable energy related industries, especially gas fired power systems.  Increase in investment is mostly to improve the national energy security during the pandemic and other crisis. The presence of above mentioned activities and change in policies due to outbreak of pandemic have positive impact on the development of the market during the forecast period.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gas engine market analysis from 2021 to 2031 to identify the prevailing gas engine market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the gas engine market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global gas engine market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Fuel Type

Natural Gas
Special Gas
Others

By Power Output

2-5 MW
5-15 MW
Above 15 MW
0.5-1 MW
1-2 MW

By Application

Power Generation
Mechanical Drive
Cogeneration
Others

By End Use

Marine
Utilities
Oil and Gas
Manufacturing
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
U.K.
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA

Key Market Players

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 AG
Doosan Corporation
Cooper Corp.
INNIO
Kawasaki Heavy Industries, Ltd.
JFE Engineering Corporation
MAN SE

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