With 6.6% of CAGR, Gas Engine Market to Gain $6.35 Billion Revenue by 2028 | Share, Demand, Top Players, Industry Size & Future Growth Outlook: The Insight Partners

2022-11-25 12:36:05 By : Ms. Jiuzhi Yuan

Gas Engine Market size is projected to reach US$ 6.35 Billion by 2028 from US$ 3.93 Billion in 2020; it is expected to grow at a CAGR of 6.6% from 2021 to 2028.

New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on " Gas Engine Market Size, Share, Growth and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Type, End User, Portability, and Geography. Surging Adoption of Gas Engines in Developing Countries and Distributed Gas Generation are Expected to Provide Lucrative Opportunities for Gas Engine Market Growth during Forecast Period. Increasing demand for natural gas-powered engines in applications in heavy industries such as metal, food processing, and chemicals is driving the market at a significant rate. Further, growing concerns regarding emissions and enhancing regulatory standards are supporting the market growth. In the gas engine market, remote, mid-stream oil and gas, heavy industries, light manufacturing, utilities, biogas, datacenters, MUSH, and commercial are end users. Containerized Cng Station

With 6.6% of CAGR, Gas Engine Market to Gain $6.35 Billion Revenue by 2028 | Share, Demand, Top Players, Industry Size & Future Growth Outlook: The Insight Partners

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Global Gas Engine Market Report Scope, Segmentations, Regional & Country Scope:

No. of chart and figures

North America; Europe; Asia Pacific; Latin America; MEA

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development

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Gas Engines Market: Competitive Landscape and Key Developments

INNIO Jenbacher GmbH & Co OG; Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; R Schmitt Enertec GmbH; Wärtsilä Corporation; MTU (Rolls-Royce Power Systems AG); and 2G ENERGY AG are key gas engine market players profiled in the report. Several other essential gas engine market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed gas engine market insights, which help the key players strategize their growth. A few developments under gas engine market are mentioned below:

In 2021, Cummins Inc. had launched a new heavy-duty powertrain for natural gas customers. The combination of the ISX12N near-zero natural gas engine and the endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.

In 2020, The Liebherr components division and Cummins Inc. had started a cooperation in power generation. For the Cummins new C25G gas generator series, Liebherr would provide fully equipped gas engines, which comprise ignition and control systems for natural gas and biogas applications in 50Hz and 60Hz markets.

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Also, biogas-powered engines with improved electric efficiency and low emissions are creating substantial growth opportunities for the market players. The gas engine manufacturers are focusing offering advanced products to address the rising demand for high power outputs, meeting diesel engine standards. Major heavy industries, remote power plants, and manufacturing companies are selecting high-power gas engines due to enhanced electric efficiency and reduced fuel costs. The use of natural gas in gas engines combustion technology can resolve the emission problems, along with assisting customers in meeting new regulatory norms.

Europe held the largest share in terms of gas engine market size in the global market. Germany, the UK, France, and Italy are at the forefront of the European gas engine market. Strong adoption of the gas engines for utilities, remote sector, and industrial equipment is likely to drive the European gas engine market. Also, strong presence of prominent engine manufacturers in European region such as INNIO, Liebherr, and MAN SE is bolstering the market growth. stringent pollution norms and rising diesel engine pollution is promoting the industries and utility sector to use natural gases for engines. Further, companies are developing advanced gas engines, majorly for power generation.

For instance, in December 2020, Rolls-Royce, a UK-based company, introduced a new MTU gas engine Series 500. This new engine-based gas-power delivers up to 42.6% efficiency with a power single-cylinder range of 250 to 550 kilowatts. These new gas engines are specifically developed for power generation applications for industrial and utility sectors. Similarly, MAN SE company introduced a 20.7 MW gas engine at the POWER-GEN Europe event, which is an enhancing the power output ratio for the power generation market.

The Report Insights and Findings

Market Perception: In-depth and comprehensive information on the product portfolios of the leading players in the Gas Engines Market.

Competitive Analysis: An in-depth assessment of the market strategies and geographical and business segments of the Gas Engines Market leading players.

Product Development: Detailed insights into upcoming R&D activities, technologies, and new product launches in the Gas Engines Market.

Market Diversification: Complete information on new products, untapped geographies, recent developments and investments in the Gas Engines Market.

Market Recent Development: In-depth information about emerging markets. This report analyzes the market for various segments across regions.

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The gas engine market has been segmented on the basis of fuel type, power output, end user, and geography. Based on fuel type, the gas engine market is segmented into natural gas and special gas. Based on power output, the gas engine market is segmented as 100–300 kW, 300–500kW, 0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. By end user, the market is segmented into remote power generation, midstream oil and gas, heavy industries, light manufacturing, utilities, biogas, datacenters, MUSH, and commercial. Based on geography, the gas engine market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).

The gas engine market size in Asia Pacific is projected to witness impressive growth during 2021–2028. Rising population in developing countries, especially in India and China, leads to an increased demand for electricity, thus, end users such as for power generating plants, manufacturing industries, and remote plants are using natural gas engines for power generation. China is a leading manufacturing hub for gas engines, while India and Japan are also considered significant contributors to regional growth. Various APAC countries are characterized by mass production of gas engines required for manufacturing, power generation, and other industrial machinery.

However, high cost of electric energy plants and the lack of supporting infrastructure have supplemented the market growth. Governments of various countries in the region are majorly promoting natural gas use in engines for low emissions. Thus, utilization of natural gases as a prominent source in engines in order to meet regulatory standards is likely to favor the market growth.

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Key Benefits of the Report Over Competitors

The report provides qualitative and quantitative analysis to determine Gas Engines Market size, share, forecast, market trends and new opportunities.

Porter's Five Forces analysis highlights the power of suppliers and buyers to enable stakeholders to make or run strategic business decisions and operation and determine the level of competition in the Gas Engines Market.

The research highlights the most impactful factors and key investment pockets in Gas Engines Market.

The major countries in each region are analyzed and their consumer, manufacturing and revenue contribution is mentioned.

The market player positioning segment provides an understanding of the current position of the market players active in the Gas Engines Market.

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With 6.6% of CAGR, Gas Engine Market to Gain $6.35 Billion Revenue by 2028 | Share, Demand, Top Players, Industry Size & Future Growth Outlook: The Insight Partners

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