High usage in applications such as heating, power generation, and vehicle operation in chemical, metal, and manufacturing industries is driving the growth of the global gas engine market.
PORTLAND, Oregon., August 16, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Gas Engine Market by Fuel Type (Natural Gas, Specialty Gas, Others), By Power Output (0.5-1MW, 1-2MW, 2-5MW, 5-15MW, Above of 15 MW), By Application (Power Generation, Mechanical Drive, Cogeneration, Others), By End Use (Marine, Utilities, Oil & Gas, Manufacturing, Others): Global Opportunities Analysis and Industry Forecast, 2021- 2031 ». According to the report, the global gas engine industry generated $4.2 billion in 2021, and should generate $6.0 billion by 2031, with a CAGR of 3.8% from 2022 to 2031.
Main determinants of growth
High usage in applications such as heating, power generation, and vehicle operation in chemical, metal, and manufacturing industries is driving the growth of the global gas engine market. Additionally, increasing population and lack of supporting infrastructure for electric technologies are the major factors supporting the growth of the gas engine market. Electric motors, electrical appliances, solar power plants and wind projects are more expensive than gasoline engines. This factor is leading various countries to prefer gas engines as an environment-friendly solution, thus providing new opportunities for market growth.
Download sample PDF (335 page PDF with Insights): https://www.alliedmarketresearch.com/request-sample/8201
Covid-19 scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global gas engine market, due to a significant decrease in energy usage in industrial facilities across the globe.
- The implementation of the global lockdown has caused a range of end-use industries to temporarily shut down, which has resulted in lower demand for gas engines in most countries around the world.
- The gasoline engine project was delayed, resulting in a huge backlog in order fulfillment. This factor has hampered the growth of the market.
- After the global vaccinations, governments in various countries have taken initiatives to increase investment in industries related to renewable energy, especially gas-fired power systems. The increase in investments has led to a steady recovery in the market during the post-pandemic period.
The natural gas segment will maintain its leadership throughout the forecast period
Based on fuel type, the natural gas segment held the highest market share in 2021, accounting for more than three-quarters of the global gas engine market, and is expected to maintain its leading status throughout the period. forecast, due to the increase in demand for power and investments by key players towards low-emission and low-cost power generation. However, the specialty gases segment should show up highest CAGR by 4.7% from 2022 to 2031. Rising environmental awareness, increasing supply issues related to the use of fossil fuels, and increasing demand for renewable and environmentally friendly fuel the environment created by the conversion of various forms of organic waste into gases boosted the segment.
Get a detailed analysis of the impact of COVID-19 on the Gas Engines Market: https://www.alliedmarketresearch.com/request-for-customization/8201?reqfor=covid
The power generation segment to maintain its leading position during the forecast period
Based on applications, power generation segment accounted for the largest share in 2021, contributing more than half of the global gas engine market, and is expected to maintain its leading position during the forecast period. . The increase in population across the world, followed by rapid urbanization in emerging regions and the growing number of consumers has led to a steady increase in the demand for electricity. 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.
Utilities segment to maintain its leading status throughout the forecast period
Based on end-use, the utility segment held the highest market share in 2021, accounting for more than one-third of the global gas engine market, and is expected to maintain its leading status throughout. the forecast period, due to the increasing population in the world. , followed by the rapid urbanization of emerging regions and the increase in the number of consumers. However, the oil and gas segment is expected to show highest CAGR by 4.7% from 2022 to 2031. The products of the oil and gas industry form the backbone of various industries such as the chemical industry and the energy industry. The products and by-products of this industry are used as raw materials in the chemical industry to make various end products that are used in daily life. In addition, the European Union and the United States have taken initiatives to convert coal-fired power plants to gas-fired power plants to generate electricity. These factors boosted the segment.
If you have any questions, please do not hesitate to contact our analyst at:
https://www.alliedmarketresearch.com/connect-to-analyst/8201
North America maintain dominance by 2031
Based on the region, North America held the highest market share by revenue in 2021, accounting for more than two-fifths of the global gas engine market, attributed to the increasing use of gas engines in power plants. Moreover, the Asia Pacific The region is expected to experience the fastest CAGR of 4.8% from 2022 to 2031. Gasoline engines are cheaper, environmentally friendly, reliable and efficient than engines based on other fuel sources, which propel their request.
Major Market Players:-
- Cummins inc.
- caterpillar
- Mitsubishi Heavy Industries, Ltd.
- Rolls Royce plc
- Volkswagen AG
- Wärtsila
- Kohler Co.
- Yanmar Co Ltd.
- Hyundai Heavy Industries Co., Ltd.
- China Yuchai International Limited
- Siemens AG
- Doosan Corporation
- Cooper Corp.
- INNIO
- Kawasaki Heavy Industries, Ltd.
- JFE Engineering Company
- SE MAN
>> LIMITED TIME OFFER << Buy now and get an exclusive discount on this Premium Report
License Type: Single User + Covid Impact
License type: five-user license
License Type: Enterprise User License
Access the AVENUE– A subscription library (Premium on demand, subscription pricing model) at: https://www.alliedmarketresearch.com/library-access
street is a user-based library of global market reports database, provides comprehensive reports regarding the largest emerging markets in the world. It further offers electronic access to all available industry reports at a glance. By offering basic business information on various industries, economies, and end users worldwide, Avenue ensures that registered members get a simple, one-stop gateway to their all-inclusive needs. Avenue Library Subscription | Request a 14-day free trial before purchasing:
https://www.alliedmarketresearch.com/avenueTrial
Similar reports we have:
small gas engine market should reach $4.0 billion by 2030.
Electric Home Market (E-House) should reach $2.3 billion by 2030
portable power station market should reach $5.8 billion by 2030.
Electricity rental market should reach $17.8 billion by 2030.
Turbogenerator Market should reach $12.6 billion by 2027.
Captive power generation market should reach $823.1 billion by 2030.
Cogeneration equipment market should reach $51.9 billion by 2030.
Thermoelectric Generator Market should reach $1443.3 million by 2030.
Pre-book now with 10% discount:
Diesel Engine Market: Global Opportunity Analysis and Industry Forecast, 2020-2030
Piston Engines Market: Global Market Trends and Opportunities, 2021-2030
Generators Market – Global Opportunity Analysis and Industry Forecast, 2020-2030
About Us:
Allied Market Research (AMR) is a full-service market research and business advisory wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
hong kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow us on: LinkedIn Twitter
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
SOURCE Allied Market Research
