PUBLISHER: The Business Research Company | PRODUCT CODE: 1409441
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409441
“Gas Engines Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gas engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gas engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gas engines market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A gas engine is an internal combustion engine designed to combust gaseous fuels such as natural gas and blast furnace gas to generate gas. These engines find applications in renewable energy production and grid balancing.
Gas engines primarily utilize natural gas, special gas, and other fuel types. Natural gas engines, specifically, are internal combustion engines ignited by sparks and fueled by natural gas, commonly employed in vehicles. They come in different power output categories, including 1-2 MW, 2-5 MW, 5-15 MW, and above 15 MW. These engines are utilized in diverse applications such as power generation, mechanical drive, cogeneration, and other fields, catering to end users such as utilities, marine, oil and gas, manufacturing, and other sectors.
The gas engine market research report is one of a series of new reports from The Business Research Company that provides gas engine market statistics, including gas engine industry global market size, regional shares, competitors with a gas engine market share, detailed gas engine market segments, market trends, and opportunities, and any further data you may need to thrive in the gas engine industry. This gas engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The gas engines market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth witnessed in the historical period can be ascribed to factors such as increasing energy demand, abundant availability of natural gas, adherence to environmental regulations, the trend toward decentralized energy generation, industrial applications, and the advantages of flexibility and fast start-up.
The gas engines market size is expected to see strong growth in the next few years. It will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The anticipated growth in the forecast period can be attributed to the shift towards renewable energy, heightened emphasis on distributed generation, economic viability, rural electrification, cogeneration in commercial buildings, and the retrofitting of existing infrastructure. Major trends expected in the forecast period include digitalization and smart controls, the adoption of emissions reduction technologies, the use of LNG-powered engines, integration of energy storage, and the emergence of hydrogen-powered gas engines.
The anticipated increase in the use of natural gas for power generation is expected to drive the growth of the gas engine market in the future. Power generation involves the production of electricity from various sources such as fossil fuels, nuclear power plants, and hydropower, encompassing electricity generated in combined heat and power as well as electricity-only facilities. The gas engine market benefits from the modularity and high cost-efficiency of gas engines, offering an optimal solution for consistent power requirements. Consequently, the growing utilization of natural gas for power generation contributes to the increasing demand for the gas engine market. For example, the International Energy Agency (IEA) reported in September 2022 that the amount of natural gas-fired electricity generated rose by approximately 3% in 2021 compared to the previous year, highlighting the driving force behind the gas engine market.
The escalating demand for electricity is poised to be a significant factor propelling the growth of the gas engines market. Gas engines, with features such as modularity, combined heat and power applications, fast response capabilities, and adaptability to various fuel sources, are well-suited to address the challenges posed by the rising demand for electricity. Their role in decentralized power generation and alignment with environmental considerations contribute to the expanding use of gas engines for efficient and sustainable electricity production. As indicated by the Energy Information Administration in April 2023, the total end-use consumption of electricity in the United States increased by approximately 2.6% in 2022 compared to the previous year, with notable growth in retail electricity sales to the residential and commercial sectors. Thus, the increasing demand for electricity is a driving force for the gas engine market.
Technological advancement stands out as a key trend gaining traction in the gas engine market. Major players in the market are directing their efforts toward adopting new technologies to enhance the performance of gas engines, aligning with modern energy and power needs. A case in point is the November 2022 launch by The Weichai Group, a China-based manufacturer, of a commercial natural gas engine, the world's first with a brake thermal efficiency (BTE) of 54.16% based on Westport high-pressure direct injection (HPDI) technology. This innovative natural gas engine incorporates technical upgrades, employing low friction and high thermal efficiency technology utilized in diesel engines.
Major companies in the gas engine market are developing new high-efficiency natural gas engine cogeneration systems. These systems, also known as combined heat and power (CHP) systems, simultaneously generate electricity and useful heat from a single energy source, typically an internal combustion engine. Mitsubishi Heavy Industries Engine & Turbocharger, Ltd., for instance, launched the SGP M2000 in March 2023, a natural gas engine cogeneration system boasting a generation output of 2,000kW. With a 16-cylinder natural gas-fired engine, the G16NB, the system achieves an electrical efficiency of 44.3%, marking a significant improvement compared to existing 1,000kW gas engine cogeneration systems. This compact and energy-efficient solution contributes to carbon neutrality efforts by maximizing efficiency and minimizing environmental impact, particularly in distributed energy resources (DER) applications.
In February 2021, TMH International, a Switzerland-based railroad equipment manufacturing company, acquired Rolls-Royce's Bergen Engines medium-speed gas and diesel engines business for $163 million. This acquisition, aimed at achieving carbon-neutral applications of combustion engines, adds the gas engines segment to TMH's portfolio. Rolls-Royce, a US-based company, has been a key player in the gas engine industry.
Major companies operating in the gas engines market report are Caterpillar Inc., Cummins Inc., Siemens AG, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd., Hyundai Heavy Industries Co. Ltd., Maschinenfabrik Augsburg-Nurnberg AG, General Electric Company, Kawasaki Heavy Industries Ltd., Japan Future Enterprise Engineering Corporation, Liebherr-International AG, Kohler Co., Yanmar Co. Ltd., Perkins Engines Company Limited, Doosan Group, Rolls-Royce plc, INNIO Jenbacher GmbH & Co. OG, Deutz AG, Guascor Power, Dresser-Rand, Motoren- und Turbinen-Union Friedrichshafen GmbH, Fairbanks Morse LLC, Jinan Lvneng Power Machinery Equipment Co. Ltd., Ningbo C.S.I. Power & Machinery Group Co. Ltd., Baudouin, CNPC Jichai Power Complex, Googol Engine Tech Co. Ltd., Liquid Combustion Technology LLC, Lombardini Srl, Chongqing Winyou Power Co Ltd., Briggs & Stratton Corporation, Honda Motor Co Ltd., Yamaha Motor Corporation, KUBOTA Corporation, Koki Holdings Co Ltd., Generac Power Systems Inc., Robert Bosch GmbH .
North America was the largest region in the gas engines market in 2023. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the gas engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The gas engine market consists of sales of stoichiometric Otto cycle engines, biogas engines, and shale gas engines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.