Gas Engines Market by Fuel Type, Application, Power Output, End-user Industry and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Gas Engines Market by Fuel Type (Natural Gas, Special Gas), Application (Power Generation, Cogeneration, Mechanical Drive), Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-15 MW, & Above 15 MW), End-User Industry, and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The gas engines market is projected to reach USD 5.8 billion by 2027 from an estimated USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.

The global gas engines market is driven by the rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations. The increasing inclination towards gas-fired power plants, and adoption of natural gas as a transition fuel are expected to offer lucrative opportunities for the gas engines market during the forecast period.

The natural gas segment, by fuel type, is expected to be the largest market from 2022 to 2027

The fuel type segment is categorized into natural gas, special gas, and others. The natural gas segment held the largest share of the gas engines market. Natural gas is most used in gas engines for electricity generation as it burns cleaner and has low carbon emission compared to other types of fuels. It also emits low nitrogen oxide, sulfur dioxide, and particulate matter. The US, Russia, the UK, France, Germany, China and Canada are strengthening their natural gas distribution networks, which is expected to create a demand for gas engines. Utilities are the largest end users of natural gas-fueled engines, which use them for power generation. The other major applications of natural gas engines include industrial and commercial cogeneration and mechanical drive. The expected in price of natural gas price and improving gas distribution network may drive the growth of the natural gas segment of the gas engines market.

The above 15 MW segment, by power output, is expected to be the largest market from 2022 to 2027

The above 15 MW segment held the largest market share of the gas engines market in 2021. The above 15 MW gas engines are mainly used for baseload power generation applications. These engines are used by utilities as a power plant to feed the grid and are primarily implemented in island-type configurations to supplement major power plants. The slumping and fluctuating natural gas prices, availability of renewable fuel sources, and improved gas distribution network are expected to drive the growth of the above 15 MW segment during the forecast period.

Asia Pacific: The largest region in the gas engines market

Asia Pacific is expected to dominate the global gas engines market between 2022-2027. The growth of the regional market is driven by the increasing demand for efficient and clean power generation technologies, and the replacement of aging power generation infrastructure and conversion of coal-based power plants to gas based ones. Asia Pacific is experiencing rapid economic growth, and to meet its energy demand while adhering to decarbonization plans, it is witnessing a spike in investments in hydrogen as well as other cleaner fuels for power generation.

Market Dynamics

Drivers

• Rising Demand for Clean and Efficient Power Generation Technology
• Increase in the Use of Distributed Power Generation Systems
• Stricter Emission Regulations

Restraints

• Geopolitical Instability Affecting the Supply and Pricing of Natural Gas
• Price Variations Across Regional Markets

Opportunities

• Inclination Towards Gas-Fired Power Plants
• Adoption of Natural Gas as a Transition Fuel

Challenges

• Infrastructural Shortcomings
• Limited Natural Gas Reserves

Companies Mentioned

• Baudouin
• Caterpillar
• Cnpc Jichai Power Complex
• Cummins
• Fairbanks Morse
• Googol Engine Tech
• Hyundai Heavy Industries Co. Ltd.
• IHI Power Systems
• Innio
• JFE Engineering Corporation
• Jinan Lvneng Power Machinery Equipment Co. Ltd
• Kawasaki Heavy Industries, Ltd.
• Liebherr
• Mitsubishi Heavy Industries, Ltd.
• Ningbo C.S.I Power & Machinery Group Co. Ltd.
• R Schmitt Enertec
• Rolls-Royce Holdings
• Siemens Energy
• Volkswagen (Man Energy Solutions)
• Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/ez501u

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