North America Gas Engine Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Fuel Type (Natural Gas, and Special Gas), Power Output (100 - 300 kW, 300-500kW, 05- 1 MW, 1-2 MW, 2-5 MW, 5-10 MW, and 10-20 MW), End-User (Remote, Mid-Stream Oil

North America Gas Engine Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Fuel Type (Natural Gas, and Special Gas), Power Output (100 - 300 kW, 300-500kW, 05- 1 MW, 1-2 MW, 2-5 MW, 5-10 MW, and 10-20 MW), End-User (Remote, Mid-Stream Oil and Gas, Heavy Industries, Light Manufacturing, Utilities, Biogas, Datacenters, MUSH, and Commercial)

The North America gas engine market is expected to reach US$ 1,469.1 million by 2028 from US$ 861.3 million in 2021; it is estimated to grow at a CAGR of 7.9% from 2021 to 2028. The demand for gas engines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for gas engines. The production of natural gas, which is required for the functioning of gas engines, is growing at a significant rate. For instance, according to IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters (Bcm) in 2019, at a rate of +3.3% over the production reported in 2018. Also, the demand for natural gas increased by 1.5% in 2019. Gas engines are less expensive, environmentally friendly, and more reliable and efficient than engines based on other fuel sources. According to Eurostat, natural gas accounts for more than 25% of energy consumption in the US. Elevated use in applications such as heating, electricity generation, and vehicle functioning is bolstering the demand for natural gas engines. During the COVID-19 situation, a large part of the population began working from home, virtually attending school from home, and enjoying entertainment at home. Hence, to provide a solution for unexpected power outages, the utility service providers are using gas generators to manage peak loads. Thus, a continuous surge in demand from developing and developed countries is one of the key factors driving the North America gas engine market growth.

Based on fuel type, the North America gas engine market is segmented into natural gas and special gas. The natural gas segment is expected to account for a larger market share during the forecast period. Moreover, it is estimated to register a higher CAGR during the forecast period. In 2021, fossil fuel combustion was the largest contributor to air pollution in North American countries. To reduce the consumption of fossil fuels and pollution, rapid R&D activities are being conducted, owing to which the importance of natural gases has increased. Natural gases are emerging as promising solutions to reduce diesel and petrol consumption. Stringent emission standards, global warming, and increasing CO2-related regulations are the prominent factors boosting the adoption of natural gas engines. The rich mixture of hydrocarbons in natural gases and easy availability in almost every nation due to strong penetration is augmenting the North America gas engine market growth for the special gas segment. Further, natural gas benefits through lower emissions and costs, and clean burning than fossil fuels.

During the COVID-19 pandemic, approximately two-thirds of Americans were compelled to work remotely. Despite businesses beginning to reopen, several companies are still opting for the WFH strategy and reducing their previous capacity for an extended period, which is expected to limit the gas engines market growth in the coming years. Also, the COVID-19 pandemic has had a huge impact on the consumption and export of LNG gas in the US market. The slowdown of gas demand is further impacting the growth of the market. Moreover, financial losses are expected to discourage several power plants to invest in the procurement of new gas engines as they are cutting their budgets to mitigate the losses.

The North America gas engine market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the North America gas engine market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the North America gas engine market. Companies adopt strategies such as mergers and acquisitions, and market initiatives to drive the market growth. INNIO Jenbacher GmbH & Co OG; Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; MAN SE; Wärtsilä Corporation; MTU (Rolls-Royce Power Systems AG); and 2G ENERGY AG are among the major players operating in the North America gas engine market.

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