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High use in applications such as heating, electricity generation, and vehicle functioning across chemicals, metals, and manufacturing industries drive the growth of the global gas engines market.
PORTLAND, Ore. , Aug. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Gas Engine Market by Fuel Type (Natural Gas, Special Gas, Others), by Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW), by Application (Power Generation, Mechanical Drive, Cogeneration, Others), by End Use (Marine, Utilities, Oil and Gas, Manufacturing, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global gas engine industry generated $4.2 billion in 2021, and is anticipated to generate $6.0 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031.
High use in applications such as heating, electricity generation, and vehicle functioning across chemicals, metals, and manufacturing industries drive the growth of the global gas engine market. Also, rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the gas engine market growth. Electric motors, electric devices, solar plants, and wind projects are more expensive than gas engines. This factor is leading various countries to prefer gas engines as an environment-friendly solution, thereby presenting new opportunities for the market growth.
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The natural gas segment to maintain its leadership status throughout the forecast period
Based on fuel type, the natural gas segment held the highest market share in 2021, accounting for more than three-fourths of the global gas engine market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in demand for power and investments of the key players toward the low-emission and low-cost power generation. However, the special gas segment is projected to manifest the highest CAGR of 4.7% from 2022 to 2031. Rise in environmental awareness, increase in supply concerns connected with the usage of fossil fuels, and surge in demand for renewable & environment-friendly fuel created by converting various forms of organic waste to gas have driven the segment.
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The power generation segment to maintain its lead position during the forecast period
Based on application, the power generation segment accounted for the largest share in 2021, contributing to more than half of the global gas engine market, and is projected to maintain its lead position during the forecast period. Rise in population across the globe, followed by the rapid urbanization in emerging regions and rising number of consumers has resulted in a steady rise in the electricity demand. This is a crucial factor driving the growth of power generation in the gas engine market. The report also analyzes the cogeneration and mechanical drive segments.
The utilities segment to maintain its leadership status throughout the forecast period
Based on end use, the utilities segment held the highest market share in 2021, accounting for more than one-third of the global gas engine market, and is estimated to maintain its leadership status throughout the forecast period, owing to rising population across the globe, followed by the rapid urbanization in emerging regions and rising number of consumers. However, the oil & gas segment is projected to manifest the highest CAGR of 4.7% from 2022 to 2031. Oil & Gas industry products act as a backbone for various industries such as chemical and power industry. The products and by-products in this industry are used as raw material in the chemical industry to manufacture various end products that are used in the daily life. In addition, European Union and the U.S have taken initiatives to convert coal-based thermal plants to gas fired power plants to generate power. These factors have driven the segment.
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North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global gas engine market, attributed to Increase in usage of gas engine in power plants. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 4.8% from 2022 to 2031. Gas engines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand.
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