South and Central America Gas Engine Market is expected to reach US$ 239.6 million by 2028

PRESS RELEASE BY The Insight Partners 04 Mar 2022

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Natural Gas Segment has the Largest Share of Fuel Type in the South & Central America Gas Engine Market during 2021–2028

According to our latest study on “South & Central America Gas Engine Market Forecast to 2028 – COVID-19 Impact and Analysis – by Fuel Type, Power Output, and End-User,” the market is projected to reach US$ 239.6 million by 2028 from US$ 181.1 million in 2021; it is expected to grow at a CAGR of 4.1% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as increasing focus on development of efficient fuel engines and rise in production of natural gas. However, escalating popularity of renewable energy alternatives and technological drawbacks in several countries critically impacts the growth of the market.

Brazil has the highest number of COVID-19 cases, followed by Peru, Chile, Colombia, Ecuador, and Argentina, among others. SAM governments have taken an array of actions to protect its citizens and contain COVID-19’s spread and therefore imposed lockdowns to restrict social distancing. The lockdown has resulted in the closure of organizations temporarily in the region to control the spread of the virus. It is anticipated that SAM will require lesser electricity. Containment measures in several countries of South America will reduce economic activity in the manufacturing and service sectors for at least the next quarter and is expected to rebound once the pandemic is contained.

Based on fuel type, the natural gas segment is expected to register the largest market share during the forecast period. Moreover, the same segment is estimated to register the highest CAGR during the forecast period. In 2021, fossil fuel combustion is the largest contributor to the South & Central America air pollution, which is creating negative effects on the natural environment. To reduce the consumption of fossil fuels and pollution, rapid R&D activities are being carried out, owing to which the importance of natural gases has increased. Natural gases are emerging as a promising solution to reduce diesel and petrol consumption. Stringent emission standards, South & Central America warming, and increasing CO2 legislation are the prominent factors increasing the adoption of natural gas engines. The rich mixture of hydrocarbons in natural gases and easy availability in almost every nation due to strong penetration is augmenting the segment growth. The benefits of the natural gas are low emission, clean burning, and lower cost than fossil fuels.

Caterpillar Inc.; Cummins Inc.; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; Wärtsilä Corporation; MTU (Rolls-Royce Power Systems AG); and 2G ENERGY AG are among the leading companies in the South & Central America gas engine market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The market for gas engine market is segmented into fuel type, power output, and end-user. Based on fuel type, the South & Central America gas engine market is segmented into natural gas and special gas. Based on power output, the gas engine market is segmented into100–300 kW, 300–500kW, 0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. Based on end-user, the gas engine market is segmented into remote power generation, midstream oil and gas, heavy industries, light manufacturing, utilities, biogas, datacenters, MUSH, and commercial. The gas engine market for the remote power generation segment is further segmented into drilling, mining, and others. Similarly, the market for the heavy industries segment is sub segmented into chemicals, paper, metals, food and beverages, and others. The gas engine market for the utilities segment is further segmented into a grid, IPP, and others. Geographically, the gas engine market is segmented into South & Central America (Brazil, Argentina, Rest of South & Central America).

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