Gas Engine Market to Grow at a CAGR of 6.6% to reach US$ 6,354.4 Million from 2021 to 2028

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Gas Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fuel Type (Natural Gas and Special Gas), Power Output (100

Publication Month: Mar 2021 | Report Code: TIPRE00015324 | No. of Pages: 150 | Category: Energy and Power | Status: Published

The gas engine market was valued at US$ 3,930.0 million in 2020 and is projected to reach US$ 6,354.4 million by 2028; it is expected to grow at a CAGR of 6.6% during 2021–2028.

The increasing focus on development of efficient fuel engines is the key factor driving the gas engine market. Governments of various countries are imposing certain regulations to control the emissions of diesel and petrol engines, thus compelling engine manufacturers to opt for alternative fuel solutions such as natural gases. Gas engine market release less emissions to generate enough power with high efficiency. The emission monitoring and regulatory bodies from various countries are imposing stringent regulations on the use of diesel engines and generators. To meet these regulatory standards, various industries are deploying gas engines and generators for power generation.

In December 2020, Rolls-Royce launched MTU Series 500, a new series of gas engines, with a power range of 250–550 kilowatt. The engines are specially designed to meet the emission goals by using hydrogen as a power source, which is offering low fuel costs and low fuel consumption for industrial and utility sectors. Similarly, in June 2020, Kawasaki Heavy Industries, Ltd., a heavy equipment manufacturer, launched a new model of KG-18-T gas engine. The company introduced a two-stage turbocharging system with 51% electrical efficiency for power generation. Thus, the rise in research and development activities, owing to stringent regulations related to gas engines, is propelling the market growth.

Impact of COVID-19 Pandemic on Gas Engine Market

With the outbreak of the COVID-19 worldwide, several business organizations have been pushed to reduce their operations owing to lockdowns announced by several governments across the globe. The lockdowns have drastically affected businesses. The lockdowns announced by various governments across the globe resulted in temporary shutdown of offices, schools, cinema halls, manufacturing plants, and venues. This had negatively impacted the market for gas engines. For instance, according to the International Energy Agency (IEA), the global demand for electricity has been decreased by 2.5% in first quarter of 2020. However, in the second half of 2020, with the relaxation of lockdown, the demand has again spiked due to the implementation of advanced technologies by the power generation plants to maintain power supply.

Though the complete impact of COVID-19 is still unidentified, the impact across the engines value chain will probably be far-reaching—and strongly affecting parties involved with engine manufacturing. COVID-19 outbreak is underlining the possible risks and vulnerability of present engine value chain model as well as challenging the industry to consider altering its global supply chain model.

Lucrative Regions in Gas Engine Market

Lucrative Regions in Gas Engine Market

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Market Insights–Gas Engine Market

Rise in Production of Natural Gas

With the new emission control regulations, the demand for gas engines in the power generation industry is rising. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for gas engines. The production of natural gas, which is required for the functioning of gas engines, is growing at a significant rate. For instance, in 2019, according to the IEA Natural Gas Information, natural gas production hit a new high of 4,088 billion cubic meters (Bcm), at a rate of +3.3% over the production in 2018. Also, the demand for natural gas increased by 1.5% in 2019. Gas engines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand. According to Eurostat, natural gas accounts for ~36% of the EU energy consumption; in the US, it accounts for more than 25% of energy consumption. Increasing use in applications such as heating, electricity generation, and vehicle functioning is bolstering the demand for natural gas engines. Due to the COVID-19 situation, a large number of population is either working from home, virtually attending school from home, or enjoying entertainment at home. Hence, to provide a solution for unexpected power outages, the utility service providers are using gas generators to handle peak loads. Thus, continuous surge in demand from developing and developed countries is one of the key factors driving gas engine market.

Fuel Type-Based Insights

Based on fuel type, the gas engine market is segmented into natural gas and special gas. The natural gas segment held a larger market share in 2020.

Power Output-Based Insights

Based on power output, the gas engine market is segmented into 100–300 kW, 300–500 kW, 0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. The 0.5–1 MW segment is projected to register the highest CAGR during the forecast period.

End-User-Based Insights

Based on end-user, the gas engine market is segmented into remote, mid-stream oil and gas, heavy industries, light manufacturing, utilities, biogas, datacenters, MUSH, and commercial. The datacenters segment is projected to register the highest CAGR during the forecast period.

Strategic Insights

Report Coverage - Gas Engine Market
Report CoverageDetails
Market Size Value inUS$ 3,930.0 Million in 2020
Market Size Value byUS$ 6,354.4 Million by 2028
Growth rateCAGR of 6.6% from 2021-2028
Forecast Period2021-2028
Base Year2021
No. of Pages150
No. of Tables168
No. of Charts & Figures101
Historical data availableYes
Segments coveredFuel Type , Power Output (100
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available

Players operating in the gas engine market are mainly focused on the development of advanced and efficient products.

  • In March 2021, Cummins Inc. launched a new heavy-duty powertrain for natural gas customers. The combination of the ISX12N near-zero natural gas engine and the endurant HD N 12-speed automated transmission from Eaton Cummins Automated Transmission Technologies is well suited for heavy-duty regional haul fleets looking to lower emissions and improve their sustainability profile.
  • In 2020, Caterpillar Inc. launched new natural gas fueled G3412 generator set with US EPA stationary emergency certification rated at 500 kW for 60 Hz markets. The G3412 is engineered to meet a full suite of critical market requirements, including quick starting and loading capability.

The gas engine market has been segmented as follows:

Gas Engine Market– by Fuel Type

  • Natural Gas
  • Special Gas

Gas Engine Market – by Power Output

  • 100–300 kW
  • 300–500 kW
  • 0.5–1 MW
  • 1–2 MW
  • 2–5 MW
  • 5–10 MW
  • 10–20 MW

Gas Engine Market – by End-User

  • Remote
    • Mining
    • Drilling
    • Others
  • Mid-Stream Oil and Gas
  • Heavy Industries
    • Chemicals
    • Paper
    • Metals
    • Food and Beverages
    • Others
  • Light Manufacturing
  • Utilities
    • Grid
    • IPP
    • Others
  • Biogas
  • Datacenters
  • MUSH
  • Commercial

Gas Engine Market – by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • Germany
    • France
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)

    • Australia
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Middle East & Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Argentina
    • Rest of SAM

Gas Engine Market – Company Profiles

  • INNIO Jenbacher GmbH & Co OG
  • Caterpillar Inc
  • Cummins Inc
  • Fairbanks Morse, LLC
  • Kawasaki Heavy Industries, Ltd
  • Liebherr
  • MAN SE
  • Mitsubishi Heavy Industries, Ltd
  • R Schmitt Enertec GmbH
  • Wärtsilä Corporation
  • MTU (Rolls-Royce Power Systems AG)

Frequently Asked Questions

A home use medical device or home medical device is intended for patients (care recipient) in any environment. This includes devices intended for use in both professional healthcare facilities and homes. Additionally, changes in healthcare have encouraged care from the hospital environment to the home environment. Home medical device may include glucose meter, heating pad, hospital bed, walker, ventilator, wheelchair and others.
The global home medical devices market growth is mainly attributed to factors such growing demand for homecare medical devices due to increasing geriatric population, increasing homecare settings, and rising market consolidation. However, stringent regulations, challenges, and risks for homecare medical devices are key factors restraining the market growth.
The home medical devices market majorly consists of the players such as F. Hoffmann-La Roche Ltd., General Electric Company, Abbott, Koninklijke Philips N.V., B. Braun Melsungen AG, Johnson and Johnson Services, Inc., Medtronic, Medline Industries, Inc., Baxter International Inc., and Invacare Corporation. among others.

The List of Companies - Gas Engine Market

  1. NNIO Jenbacher GmbH & Co OG
  2. Caterpillar Inc.
  3. Cummins Inc
  4. Fairbanks Morse, LLC
  5. Kawasaki Heavy Industries, Ltd.
  6. Liebherr
  7. MAN SE
  8. Mitsubishi Heavy Industries, Ltd.
  9. R Schmitt Enertec GmbH
  10. Wärtsilä Corporation
  11. MTU (Rolls-Royce Power Systems AG)
  12. 2G ENERGY AG
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