Dec 12, 2022   SOURCE: BusinessWire

Insights on the Gas Engine Global Market to 2031 - Rise in Demand for Integrating Natural Gas in Electricity Generation Mix is Driving Growth - ResearchAndMarkets.com

The "Gas Engine Market By Fuel Type, By Power Output, By Application, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global gas engines market size was valued at $4.2 billion in 2021, and projected to reach $6.0 billion by 2031, with a CAGR of 3.8% from 2022 to 2031.

A gas engine is a reciprocating internal combustion engine, which primarily runs on natural gas and other special gas such as shale gas, mine gas, biogas, landfill gas, sewage gas, and syngas. These engines generally achieve more than 90% efficiency due to their high electrical and thermal efficiency, low operating and service costs, and high reliability.

They are used for various applications including power generation, cogeneration, mechanical drive, and tri-generation applications, such as district heating schemes, hospitals, universities, or industrial plants.

The construction of new power plants and transmission lines requires massive investment and high maintenance. Most of the government companies prefer to offer cost-effective ways to fulfill electricity demand. According to the World Energy Council (WEC), the global electricity demand is expected to double by 2050.

The rise in demand for integrating natural gas in electricity generation mix and improving natural gas associated infrastructure will have positive impact on the market. Gas engines based distributed power generation is fast emerging as an economical solution for government companies which is projected to drive the growth of the market.

Caterpillar Inc. and MAN SE are offering low pollutions engines with fuel type natural gas having ultimate reliability and the highest energy efficiency. Natural gas based engines deliver better functioning than coal plants because they can be turned up and down rapidly. For instance, according to the International Energy Agency (IEA), the total fossil fuel supply is expected to be 80% by 2040, making natural gas based engines the most preferred fuel in the future.

Key Benefits

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gas engine market analysis from 2021 to 2031 to identify the prevailing gas engine market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the gas engine market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global gas engine market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Fuel Type

  • Natural Gas
  • Special Gas
  • Others

By Power Output

  • 2-5 MW
  • 5-15 MW
  • Above 15 MW
  • 0.5-1 MW
  • 1-2 MW

By Application

  • Power Generation
  • Mechanical Drive
  • Cogeneration
  • Others

By End Use

  • Marine
  • Utilities
  • Oil and Gas
  • Manufacturing
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • U.K.
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

Key Market Players

  • Cummins Inc.
  • Caterpillar
  • Mitsubishi Heavy Industries, Ltd.
  • Rolls-Royce plc
  • Volkswagen AG
  • Wartsila
  • Kohler Co.
  • Yanmar Co Ltd.
  • Hyundai Heavy Industries Co., Ltd.
  • China Yuchai International Limited
  • Siemens AG
  • Doosan Corporation
  • Cooper Corp.
  • INNIO
  • Kawasaki Heavy Industries, Ltd.
  • JFE Engineering Corporation
  • MAN SE

For more information about this report visit https://www.researchandmarkets.com/r/9hlkgl