South and Central 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, Mi

South and Central 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 South & Central America gas engine market is expected to reach US$ 239.6 million by 2028 from US$ 181.1 million in 2021. The market is estimated to grow at a CAGR of 4.1% from 2021-2028. 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, in 2019, according to IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters (Bcm), at a rate of +3.3% over the production in 2018. Also, the demand for natural gas increased by 1.5% in 2019. Gas engines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand. High use in applications such as heating, electricity generation, and vehicle functioning is bolstering the demand for natural gas engines. Due to the COVID-19 situation, a large number of populations are 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 handle peak loads. Thus, continuous surge in demand from developing and developed countries is one of the key factors driving South & Central America gas engine market growth.

Based on fuel type, the natural gas segment is expected to register the largest market share during the forecast period. Moreover, the same segment is estimated to register the highest CAGR during the forecast period. In 2021, fossil fuel combustion is the largest contributor to the South & Central America air pollution, which is creating negative effects on the natural environment. To reduce the consumption of fossil fuels and pollution, rapid R&D activities are being carried out, owing to which the importance of natural gases has increased. Natural gases are emerging as a promising solution to reduce diesel and petrol consumption. Stringent emission standards, South & Central America warming, and increasing CO2 legislation are the prominent factors increasing 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 segment growth. The benefits of the natural gas are low emission, clean burning, and lower cost than fossil fuels.

Brazil has reported the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, Ecuador, and Argentina. Governments in SAM imposed lockdowns and social distancing measures to protect people and contain the infection spread. The lockdown resulted in the temporary shutdown of various organizations in the region, which lowered the demand for electricity. Thus, containment measures in South American countries hampered the economic activities in the manufacturing and service sectors for at least the next quarter.

The overall South & Central 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 South & Central America gas engine market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South & Central America gas engine market. Companies adopt a few strategies, such as mergers and acquisitions and market initiatives, which promotes market growth. Caterpillar Inc.; Cummins Inc.; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; Wärtsilä Corporation; MTU (Rolls-Royce Power Systems AG); and 2G ENERGY AG are among the major players operating in the market.

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