According to the new market research report "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", published by MarketsandMarkets™, the Gas Engines Market size will grow to USD 5.8 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.
Rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations are the driving factors for the Gas Engines Market, globally. Global energy consumption has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific. Furthermore, natural gas is often seen as a transition fuel to meet energy demands as economies shift to renewables and other clean energy solutions. Natural gas-fired power plants are cheap and easier to build. These power plants emit a negligible amount of carbon monoxide (CO), carbon dioxide (CO2), sulfur oxide (SO), and nitrogen oxide (NO) compared to oil and coal-fired power plants. Gas-fired power plants are economical and emit lesser carbons than coal-fired power plants. Coal-fired power plants’ emissions also cause smog and reduce visibility. Thus, most coal-fired power plants will be replaced by gas-fired power plants which utilize gas engines, leading to the growth of the Gas Engines Market.
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The natural gas segment is expected to dominate the Gas Engines Market
The natural gas segment is expected to hold the largest market 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. 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. Declining natural gas prices and improving gas distribution networks are expected to drive the natural gas segment of the Gas Engines Market during the forecast period.
The utilities segment is expected to be the largest in the Gas Engines Market
The largest share of the Gas Engines Market in 2021 was held by the utilities segment. The power produced by utilities can power local facilities or exported to local electricity grids. Utilities deploy gas engines to meet the peak load requirement and provide emergency backup solutions to prevent blackout in case of a malfunction of the main power plant. The application of cogeneration or combined heat and power (CHP) technology also helps increase the overall efficiency of the power plants. The increasing demand for power, thus, is expected to create favourable circumstances for the growth of the Gas Engines Market during the forecast period.
Asia Pacific likely to emerge as the largest Gas Engines Market
The Asia Pacific region, as a whole, is experiencing rapid development and growth fueled by the growth of major economies such as China, India, Indonesia, Thailand, Vietnam, and other economies. The major end users for gas engines in the APAC include utilities, oil & gas, manufacturing, marine, and sewage treatment industries. The demand for power generation is witnessing an upward trend with the rising population and economic growth in China and India. The region is moving toward clean energy on a large scale to efficiently meet the growing energy needs. The continued growth in Asia Pacific in almost all the major industrial sectors and the resulting 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 will drive the growth for gas engines in the region.
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The Gas Engines Market is dominated by a few major players that have a wide regional presence. The leading players in the Gas Engines Market are Caterpillar (US), Wärtsilä (Finland), Rolls-Royce Holdings (UK), Volkswagen (MAN Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (US), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I Power & Machinery Group Co., Ltd. (China), IHI Power Systems (Japan), JFE Engineering Corporation (Japan), Liebherr (Germany), Hyundai Heavy Industries Co., Ltd. (South Kore), Jinan Lvneng Power Machinery Equipment Co., Ltd. (China), R Schmitt Enertec (Germany), CNPC Jichai Power Complex (China), Fairbanks Morse (US), Googol Engine Tech (US), Baudouin (France), and others.