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Global Gas Engines Market to Grow at a CAGR of 5.8% During 2022-2027, Aided by the Rising Demand for Clean and Efficient Technologies for Power Generation

According to a new report by EMR titled, ‘Global Gas Engines Market Report and Forecast 2022-2027’, the global market for engines market reached an approximate value of USD 4.5 billion in 2021. The global market is expected to grow at a CAGR of 5.8% in the forecast period of 2022-2027, reaching a value of USD 6.3 billion by 2027.

The market is driven by the rising demand for clean and efficient technologies for power generation in order to meet the demand for energy. Over the forecast period, the growing demand for electricity in order to sustain industrial operations, is likely to provide impetus to the market. The market growth is anticipated to be aided by the rising application of gas engines in the public buildings such as hospitals, schools, colleges and administrative buildings.

 

In September 2021, Caterpillar Inc. (NYSE: CAT) announced the beginning of Cat generator, which will be capable of operating on 100% nitrogen, along with fully renewable green hydrogen. The company is also likely to launch commercially available power generation solutions, which will operate on natural gas blended with up to 25% hydrogen.

 

In terms of region, Europe is likely to account for a significant share of the market, owing to the stringent government regulations aimed towards conserving energy in order to meet the sustainable development goals in the forecast period. The growing residential and commercial construction in the countries like Spain, France, Italy and United Kingdom, is likely to generate  significant demand for electricity. This factor will propel the gas engines market in the region.

 

Market Breakup by Fuel Type, Power Output, Applications, End-Users, and Region:

  • The market is segmented on the basis of fuel type into natural gas and special gas, among others.
  • The market segmentation, on the basis of power output, includes 0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, and 10-20 MW.
  • These engines find extensive applications in power generation, cogeneration, and mechanical drive, among others.
  • By end-users, the market can be divided into utilities, manufacturing, oil and gas, among others.
  • Region-wise, the global market for gas engines can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

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Key Findings of the Report:

  • The global market for gas engines is driven by the growing adoption of the product in the cogeneration systems.
  • The rising application of gas engines in the public buildings is likely to propel the market growth.
  • The market is anticipated to be augmented by the growing investments towards the development of power generation solutions by the major market players.
  • The growth will further be aided by the growing expansion of oil and gas and manufacturing industry, which will generate significant demand for electricity.
  • The stringent government regulations aimed towards conserving electricity is likely to bolster the global market.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for the periods (2016-2020) and (2022-2027).
  • The report also offers historical (2016-2020) and forecast (2022-2027) market information for the      fuel type, power output, applications, end users, and regions of gas engines.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are Caterpillar Inc., Rolls-Royce Holdings plc, Cummins Corporation, Siemens AG, and Hyundai Heavy Industries Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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