The market is expected to generate an incremental $ opportunity of US$ 3,544.67Mn between 2022 and 2032
Category: Clean Energy & Power Published Date : October 2022 ID: CVC-00444 Format: PDF Pages: 310
Gas Engines Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Gas Engines Market grew at a CAGR of 5.1% between 2017-2021 and is estimated to be US$ 4,123.7Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 6.4% and is expected to reach a valuation of US$ 7,668.4Mn by 2032 end.
A gas engine is a reciprocating internal combustion engine that burns natural gas and other uncommon gases, including syngas, biogas, landfill gas, landfill gas, and shale gas. Due to their great electrical and thermal efficiency, low operating and service costs, and high dependability, these engines typically attain more than 90% efficiency.
They are employed in several applications, such as power generation, cogeneration, mechanical drive, and trigeneration applications, including district heating programs, healthcare facilities, academic institutions, and industrial facilities.
RISING DEMAND FOR CLEAN AND EFFICIENT POWER GENERATION TECHNOLOGY
There has been a considerable rise in global energy use in the last ten years. The Asia Pacific region’s expanding economies are to blame for this increase. As economies transition to renewables and other clean energy sources, natural gas is frequently used as a transition fuel to meet energy demands. In addition, natural gas usage, which makes up about 25% of the world’s total primary energy consumption, is expected to rise. Building biological gas-fired power stations are less expensive and simpler.
Natural gas-powered engines burn more efficiently and don’t cause crankcase engine oil pollution. In comparison to oil and coal-fired power plants, these power plants emit very little carbon monoxide (CO), carbon dioxide (CO2), sulfur oxide (SO), and nitrogen oxide (NO).
GEOPOLITICAL INSTABILITY AFFECTING THE SUPPLY AND PRICING OF NATURAL GAS
The biggest natural gas exporters on the planet are Australia, Russia, Qatar, Norway, and the United States. Fears of supply disruptions from Russia have been stoked by the ongoing political hostilities between Russia and the European Union (EU) regarding the Ukraine issue. The project contributes significantly to Russia’s exports by supplying gas to the EU annually.
The project is now at risk of facing EU sanctions due to the ongoing impasse between Russia and Ukraine. Russia is starving the EU of natural gas in response by providing about 25.0% less gas despite increasing demand.
INCLINATION TOWARD GAS-FIRED POWER PLANTS
Coal-fired power plants produce one of the largest portions of the world’s overall energy production. Even though many nations intend to limit their use in electricity generation, rising APAC economies still rely heavily on coal as their main energy source. Coal power plants take longer to start up and frequently produce more energy when demand is at its highest. Compared to coal, oil, or nuclear power plants, gas-fired power plants have the quickest startup times.
Since the fuel needed for nuclear power plants is relatively cheaper and emission-free, they provide a competitive alternative to coal-fired power plants, but their construction is capital-intensive. The handling and storage of radioactive waste are both expensive and dangerous.
Market Segments Covered in Report
By Fuel Type:
By Power Output:
By Region and Country:
Which fuel type segment contributes most to gas engine market growth?
The natural gas segment currently accounts for the biggest share of the global market for gas engines. It is anticipated to expand at a higher CAGR over the forecast period. The increased use of natural gas in gas engines across all electricity-generating plants is blamed for the segment’s growth.
Because it emits less carbon than other fuels and burns cleaner, natural gas is more environmentally friendly. Major end-use industries, including utilities, manufacturing, automotive, and oil & gas, are being prompted to use natural gas as fuel for their engines.
Additionally, it is anticipated that rising consumer knowledge of the advantages of using natural gas will positively impact natural gas engines when combined with supportive government measures.
Which gas engine scores high in the gas engine market?
Due to their expanding use in power generation and cogeneration applications, the segment of gas engines with a capacity of 15 MW or more accounted for the biggest revenue share. Most of the time, these engines are arranged in island-style arrangements to support large power plants and prevent blackouts.
During the projection period, this segment’s growth will be further fueled by the worldwide expansion of power generation infrastructure and the rising need for military power generators.
Which is the most lucrative application for gas engines?
The automatic driver market category outpaces the rest on a global scale. Gas engines power various mechanical devices, including pumps, blowers, compressors, and other instruments used in manufacturing and the oil and gas industries. Thus, the market for industrial gas turbines will experience rapid growth during the anticipated period.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
To gain a competitive edge in the global gas engine market, top gas engine manufacturers have used various organic and inorganic strategies, including new product launches, the construction of new facilities in desirable locations, partnerships, acquisitions, collaborations, etc.
The key developments in the Global Gas Engines Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Fuel Type, End-Use, Power Output, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|