Global Gas Engine Market Growing Due To Rising Environmental ConcernsandDiscovery of New Gas Fields
Since the industrial revolution, excessive and rampant use of conventional sources of fuels likes coal. Petrol, diesel, etc has led to pollution and environmental degradation. The ambition of the 21st century to have carbon-neutral growth and efforts to achieve sustainable development compelled us to search for alternative sources of energy which has similar performance potential as compared to conventional sources of energy and it should be environmentally friendly. Natural gas is the most practical solution available today. Natural gas is mainly consisting of methane and on combustion, it releases carbon dioxide and water vapors. A gas engine is an internal combustion engine that uses gas such as natural gas, producer gas, coal gas, and other gases as fuel. It is observed that heavy-duty engines that require continuous running are generally gas engines. Gas engines are used in power plants, heavy industries, refineries, and automotive. Due to fewer maintenance costs and efficient operation, their popularity is increasing in the market.
The Global Gas Engine market was estimated at around USD 4 Billion in 2019, and by the end of 2026, existing and expected developments would hit valuations of around USD 5.82 Billion. The industry players and analysts predict the global Gas Engine market growth of around 5.5% in terms of CAGR.
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Energy demand is increasing at a rapid pace. According to the UN report, the world population will increase to 9.6 billion in 2050. Due to this growth in population and demand for the improvement of the standard of living is expected to increase the energy demand by manifolds. Today most of our energy demand is met by fossil fuels. Usage of fossil fuel has a tremendous environmental cost which has led to accelerated climate change, excessive greenhouse gas emission, and rising frequency of occurrence of natural disasters. To neutralize these changes, a shift from traditional fuels like coal to natural gas is essential for power generation. Similarly, shifting to electrical vehicles commercially may take many years. Electric vehicle development requires a commercially viable engine, charging infrastructure, manpower for repair and maintenance. Thus, it is believed that filling this gap in shifting to a gas engine-driven automobile will play an important role. Worldwide there is a growing trend that the companies investing in green infrastructure can garner the maximum chunk of investment from investors. This investor nudged the development of a green economy is also play important role in the development of the gas engine market.
During the upcoming years, the rising demand for energy and concerns related to energy security will develop the demand for natural gas and gas-powered engines. The low cost of gas and its easy transportation and handling has created significant interest in the demand for gas-powered engines. The engine makes have responded by supplying new, purpose-built natural gas engines in sizes ranging from small light-duty engines of a few kW to low-speed two-stroke marine engines of over 60 MW. Similarly, potential reserves of natural gas are also an important factor in driving the growth of natural fuel. Exploration and extraction of shale gas from the coast of the USA have given a further boost to the research and development of gas-powered machines. However, the exploration cost of natural gas is very high and deep-sea exploration is possible only with sophisticated technology.
Top Market Players
- Volkswagen AG
- Renault SA
- General Motors
- Caterpillar Incorporated
- AGCO Corporation
- Volvo AB
- Bosch
- Mitsubishi Heavy Industries
- Rolls-Royce Holdings plc. Ford Motor
- Toyota Motor Corporation
- Shanghai Diesel Engine Company Limited
- Mahindra & Mahindra Limited
- Fiat S.p.A.
- MAN SE
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Based on power output the worldwide Gas Engine market can be segmented into 10–20 MW, 5–10 MW, 2–5 MW, 1–2 MW, and 0.5–1 MW. Among these, the 10-20 & 5-10 MWcategoryis expected to have the leading market share followed by the 2-5 MW category. In terms of geography, the Gas Engine market is segmented into North America, LATAM, Europe, Asia, and the Middle East and Africa. Among the regional market, it is expected due to the vast storage of shale gas reserves, North America will be leading the market of gas engines. North America is technologically advanced and has better research and development infrastructure which will benefit in expanding the market. Similarly, Europe due to its demand for cogeneration in cold climate and production of biogas is anticipated to boost the demand for the gas engine market
Frequently Asked Questions
What is a Gas Engine?
A gas engine is an internal combustion engine that uses gas such as natural gas, producer gas, coal gas, and other gases as fuel. It is observed that heavy-duty engines that require continuous running are generally gas engines. Gas engines are used in power plants, heavy industries, refineries, and automotive. Due to fewer maintenance costs and efficient operation, their popularity is increasing in the market.
What are the key factors driving the Gas Engine Market expansion?
During the upcoming years, the rising demand for energy and concerns related to energy security will develop the demand for natural gas and gas-powered engines. The low cost of gas and its easy transportation and handling has created significant interest in the demand for gas-powered engines. The engine makers have responded by supplying new, purpose-built natural gas engines in sizes ranging from small light-duty engines of a few kW to low-speed two-stroke marine engines of over 60 MW. Similarly, potential reserves of natural gas are also an important factor driving the growth of natural fuel
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Which region will make notable contributions towards global Gas Engine Market revenue?
North America will be leading the market for gas engines. North America is technologically advanced and has better research and development infrastructure which will benefit in expanding the market. Similarly, Europe due to its demand for cogeneration in cold climate and production of biogas is anticipated to boost the demand for the gas engine market
Which are the key players leveraging Gas Engine Market growth?
Some of the leading and top Gas Engine companies in the global Gas Engine market include Volkswagen AG, Renault SA, General Motors, Caterpillar Incorporated, AGCO Corporation, Volvo AB, Bosch, Mitsubishi Heavy Industries, Rolls-Royce Holdings plc., Ford Motor, Toyota Motor Corporation, Shanghai Diesel Engine Company Limited, Mahindra & Mahindra Limited, Fiat S.p.A., and MAN SE.