The global gas engine market is expected to reach US$ 4.8 Bn in 2022, according to a new report from Future Market Insights.
The as engine market is likely to reach an estimated value of US$ 7.47 Bn by the end of 2032, with sales growing at a moderate CAGR of 4.1% during the forecast period of 2022-2032.
Accelerated demand for clean and efficient power production technologies is expected to propel market possibilities for gas engines.
Gas engines are internal combustion engines that run on gaseous fuels like biogas, natural gas, coal gas, and special gas.
These engines are slowly gaining popularity across various end-use verticals like automotive, utilities, oil & gas, manufacturing, and others owing to the beneficial properties associated with gas engines.
Low operating costs, higher efficiency, and eco-friendly nature are some of the benefits that accompany the use of gas engines.
Increasing concerns for the environment coupled with a gradual shift towards energy production via natural gas and special gas fuels are propelling the market demand for gas engines.
A majority of power generation plants are focused on replacing their conventional power generation infrastructure with gas engines to reduce emission levels.
In addition to this, the growing demand for electricity along with an upsurge in the use of natural gas for producing energy owing to its easy availability, clean and economical nature, will likely augment the market growth of gas engines over the forecast period.
Moreover, the implementation of strict carbon emission regulations, rising government initiatives to expand the power generation infrastructure, the increasing popularity of gas engine technologies across emerging economies, and technological advancements in gas engines are some of the prominent factors fuelling the growth in the global gas engines market.
“Advances in gas engine technologies along with rising environmental concerns are expected to boost the sales of gas engines in the global market for the forecast period,” says an FMI analyst.
Key takeaways include:
- Multiple end-use industry applications like electricity generation, powering mechanical equipment, and vehicles to boost market possibilities.
- Expansion of industrial gas turbine market to generate attractive market opportunities.
- Countries like India, Germany, and the U.K. are increasing investment in gas-powered power plants.
- Sales of gas engines in China are expected to exhibit substantial growth over the forecast period.
- The U.K. gas engine market will present steady growth over the assessment period.
- By fuel type, the natural gas segment is projected to account for the largest market share, with a high CAGR.
- Based on power output, 15 MW gas engines continue to dominate the market.
- By application, the mechanical drive segment is anticipated to lead market growth.
