The global gas engine market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for gas engines for heavy-duty vehicles. Gas engines work on the principle of internal combustion, providing advantages, such as, running continuously at full load for long periods at a time. With the rapid depletion of fossil fuels, gas engines are gaining popularity globally, which is estimated to boost the market growth. Moreover, the increasing production and sale of automobiles, is another major factor projected to boost the market growth. Over the past few years, the demand for CNG and LNG vehicles has witnessed a substantial growth, owing to the surge in awareness amongst end-users regarding environmental pollution. According to the data by the Environment Protection Agency (EPA), an average passenger vehicle emits around 4.6 metric tons of carbon dioxide per year. 10,180 grams carbon dioxide is generated from one gallon of diesel. The increasing government initiatives to reduce vehicular pollution, such as, stringent emission regulation, are foreseen to boost the market growth.
The market is segmented by gas type into natural gas, gasoline, landfill gas, and others, out of which, the natural gas segment is anticipated to hold the largest share in the global gas engine market over the forecast period on account of its vast usage in base load power generation and combined heat and power applications. Natural gas includes methane and propane, which are clean, economical, and readily available fuels. Such factors are estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global gas engine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of numerous programs and regulations to reduce pollution by governments of developing countries, including, India, and China. For instance, the government of India plans to reduce 22.97 million tons of fuel consumption by 2025, as per the Bureau of Energy Efficiency (BEE). Various guidelines regarding vehicular emissions, such as, fuel efficiency norms for commercial vehicles, and Corporate Average Fuel Consumption, have been set up to achieve the target.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing adoption of gas engines in the region, especially amongst oil and gas and construction industry. Moreover, the high environmental awareness amongst the population is estimated to boost the market growth.
The global gas engine market is further classified on the basis of region as follows:
Our in-depth analysis of the global gas engine market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The rising demand for clean and efficient power generation technology is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030.
The growing adoption of EVs is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period, owing to the increasing environment awareness amongst the people in the region.
The major players in the market are Hyundai Heavy Industries Co., Ltd., General Electric Company, Cummins Inc., Rolls-Royce Holdings plc, Wärtsilä Oyj Abp, INNIO Jenbacher GmbH & Co OG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by gas type, application, end-user, and by region.
The natural gas segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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