The gas engines market revenue stood at a high valuation until the beginning of 2020, although sluggish growth in the global automotive sector a year prior somewhat stunted demand. This downswing prevailed through most of 2020, thanks to COVID-19.
Fact.MR- a market research and competitive intelligence provider- thus projects a moderate growth path for 2021, eventually becoming stronger across the decade. Continued reliance on conventional energy resources for various industries, including power generation and automotive, will propel expansion.
How are Acquisitions and Partnerships Aiding Growth of Gas Engines Demand?
In February 2021, TMH International announced plans to acquire the Bergen Engines medium-speed gas and diesel engines business from Rolls-Royce, located in Bergen, Norway.
The transaction is worth EUR 150 million, and it includes the sale of a factory, workshop, and foundry in Norway, as well as engine and power plant design capabilities and a global service network across seven countries.
Likewise, in May 2021, Clarke and Innio Jenbacher installed a gas engine to power a pasta factory in Douala, Cameroon. Fuelled by natural gas, the J320 engine provides reliable, onsite power to the facility.
A combined heat and power project (CHP) will be developed in two phases. A containerized module that has a nominal output of 1067 kW was installed and commissioned as part of the first phase.
Clarke Energy reported that this project was a major milestone, following the successful completion of two similar projects in Cameroon.
In addition, the firm is looking forward to two more installations which will be completed by the third quarter of next year. Furthermore, these acquisitions contributed to the company's market share growth over the last three years.
Gas Engines Overview
A gas engine is an internal combustion engine that runs on a gaseous fuels such as coal gas, producer gas, biogas, landfill gas, and natural gas.
The application of gas engines is becoming more extensive with the increasing development of natural gas technologies. Growing awareness about environmental sustainability and the rising demand for natural gas is bolstering the need for gas engines in the global market.
Renewable energy is the fastest-growing source of energy, offering nearly half of the growth in global energy supplies. In forthcoming years, alternative fuels are anticipated to substitute conventional fuels concerning environmental issues and energy demand.
Attributed to significantly high energy density and lower emission, the natural gas engine technologies are foreseen to auger well in the global gas engine market. Moreover, gas engines are suitable for grid support, baseload, and distribution power generation applications.
Gas engines have significant advantages over traditional fossil fuel ones, in that it helps mitigate the emission of pollutants and reducing costs.
Prominent manufacturers continue to make efforts to comply with increasingly stringent emission regulations; engineers ought to design the gas engines that would reach a lower level of pollutants that are released.
Based on the aforementioned trends, the global market for gas engines is foreseen to auger well over the forecast period.
Extensive applications across combined heat and power plants, automotive industry, marine industry, and the manufacturing sector are all opening avenues for future growth of the gas engines market.
Demand for Liquefied Natural Gas engines for marine vessels is witnessing significant growth, attributed to surging maritime activities, including trade, fishing and hydrocarbon exploration.
Owing to the stringent emission government norms, the need for alternative fuels based gas engine is also gaining traction. Amongst alternative fuels, natural gas has become the most favored energy source, capable of addressing energy density and combustion-related issues in the engine.
As a result of which high demand for the natural gas engine is foreseen over the forecast period.
Demand for electricity grows relatively rapidly because of its versatility and efficiency in end-use and the fact that, for some purposes, electricity is the only usable energy source. According to IEA, the demand for electricity rose by 4% in 2018, nearly twice as fast as overall energy demand.
Such an increasing need for electricity is foreseen to propel the demand for electric generators fueled by gas engines. However, price differences among different regions and inconsistent availability and supply of gaseous fuel are some of the prominent factors that could hamper the overall market growth over the forecast period.
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As demand for renewable sources of energy in developed regions is more in Europe and North America, sales prospects for gas engines appear bright across these regions.
Both continents are transforming their power generation units’ form coal-fired plants to renewable sources of energy.
However, owing to the growing penetration of CNG-powered vehicles, developing nations such as India and China in the Asia Pacific region are also foreseen to create significant growth prospects over the forecast period.
The global market appears to be a bit fragmented in nature, as many manufacturers are involved in the production of gas engines.
In many of the developed economies the prominent market players are actively engaged for the launching energy efficient gas engines some of them are-
- Caterpillar Inc.
- Cummins Inc.
- Doosan Infracore General Electric Company.
- Kawasaki Heavy Industries
- Hyundai Heavy Industries Co. Ltd.
- Mitsubishi Heavy Industries
- Wartsila Corporation
- Perkins Engines
- Cummins Corporation
- Liebherr Group
- Waukesha Engine
- Deutz AG.
The research report presents a comprehensive assessment of the market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated gas engine market data.
It also contains projections using a suitable set of assumptions and methodologies.
The market report provides analysis and information according to market segments such as fuel type, power output, end user, and by application.
An Adaptive Approach to Modern-day Research Needs
The Market Report Covers Exhaustive Analysis On:
- Market Segments in the Gas Engine Market
- Gas Engine Market Dynamics
- Gas Engine Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Value Chain
Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Rest of LatAm)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Eastern Europe)
- East Asia (Japan, China, South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia, Philippines, Rest of South Asia)
- Oceania (Australia, New Zealand)
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.
Interested to Procure The Data
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
The global market can be segmented on the basis of fuel type, power output, end-user, and by application.
According to fuel type, the market can be segmented as:
- Natural Gas
- Special Gas
According to power output, the market can be segmented as
- < 5 MW
- 5 – 10 MW
- >10 MW
According to end-user, the market can be segmented as
- Oil & Gas Applications
According to application, the market can be segmented as
- Power generation
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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