Jul 19, 2022   SOURCE: BusinessWire

$6.8 Billion Worldwide Gas Engines Market to 2030 - Share, Size, Trends, Industry Analysis Report - ResearchAndMarkets.com

The "Gas Engines Market Share, Size, Trends, Industry Analysis Report, By Fuel Type, By Power Output, By Application, By End-User, By Region, Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global gas engines market size is expected to reach USD 6.80 billion by 2030. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.

Companies Mentioned

  • Baudouin
  • Caterpillar
  • CNPC Jichai Power Complex
  • Fairbanks Morse
  • FE Engineering Corporation
  • Googol Engine Tech
  • Hyundai Heavy Industries Co. Ltd.
  • 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
  • Siemens Energy
  • Volkswagen (Man Energy Solutions)

Ongoing development of power generation technology is driving the market growth during the forecast period. In recent years, power consumption has risen dramatically in developing countries. Power consumption has increased due to the economy's strong growth, thriving manufacturing sector, and growing population.

Furthermore, there is a higher need for energy consumption due to the rise of emerging countries and increases in living standards. For example, the US Energy Information Administration (EIA) predicted that global power consumption would increase by over 50% by 2050.

As the demand for electricity rises, various countries worldwide increase their power-producing capacity by expanding existing facilities or constructing new ones. For instance, in November 2021, Wartsila has agreed to supply two major multi-fuel power plants with a combined capacity of 600 MW to Mexico's public-owned state electricity unit, "Comision Federal de Electricidad (CFE)." Companies are quickly inclining towards renewable energy sources for electricity generation due to harsh government rules regulating carbon emissions. They choose gas-powered engines that run on natural gas as a fuel source.

Based on the fuel type, the natural market segment accounted for the leading share in the market. Natural gas is commonly utilized in engines to generate power since that burns cleaner and emits less carbon than other fuels. It also produces minor levels of nitrogen oxides, sulfur dioxide, and nanoparticles. Industrial and commercial electricity production are two of the most common uses for natural gas engine. Natural gas capsules are available from many distribution providers in rural locations when gas delivery networks do not exist.

The publisher has segmented the gas engines market report based on fuel type, power type, application, end-use industry, and region:

Gas Engines, Fuel Type Outlook (Revenue - USD Billion, 2018 - 2030)

  • Natural
  • Special
  • Others

Gas Engines, Power Output Outlook (Revenue - USD Billion, 2018 - 2030)

  • Power Generation
  • Mechanical Drive
  • Cogeneration
  • Others

Gas Engines, Application Outlook (Revenue - USD Billion, 2018 - 2030)

  • 5-1 MW
  • 1-2 MW
  • 2-5 MW
  • 5-15 MW
  • Above 15 MW

Gas Engines, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)

  • Utilities
  • Marine
  • Oil & Gas
  • Manufacturing
  • Others

Gas Engines, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Russia
  • Spain
  • Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
  • Latin America
  • Mexico
  • Brazil
  • Argentina
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

For more information about this report visit https://www.researchandmarkets.com/r/nlrql6.