Gas Engines Market Future Trends, Industry Size and Forecast to 2032
According to a recent analysis issued by FMI, the gas engines market share is likely to reach US$ 7 billion by 2032, up from US$ 4.6 billion in 2021, expanding at a steady CAGR of 4%. The analysis concludes that the increasing demand for gas engine generators is proportional to the increase in gas engine use.
Consumption
of energy on a global scale has risen dramatically during the last decade. This
increase is due to the Asia Pacific region's rising economy. As
a result, natural gas is frequently used as a bridge fuel
to help economies move to renewables and other sustainable energy
sources.
Natural
gas accounted for around 25% of total primary energy
consumption worldwide in 2020 and is expected to grow. In addition, natural gas-fired
power plant stations are more affordable and
straightforward to construct than coal-fired power plants.
When gas motor for bicycle is
utilized instead of coal, air quality generally improves. As a result, demand
for all sorts of gasoline engine fuels
increased. Cogeneration, trigeneration, and quad generation technologies
further improve the efficiency of gas-fired power plants.
In industrialized nations such as the United States, the United Kingdom,
Germany, and Ireland, cogeneration and trigeneration systems are used.
The efficiency of combined heat and power plants ranges from 60%
to 80%. As a result, developing countries will soon adopt gas
engines to attain operational excellence and significantly
cut their carbon footprint. On the other hand, COVID-19 has severely damaged
the world economy and energy industry, disrupting supply chains and suffocating
demand.
"Throughout the projected period,
the increased need for environmentally friendly and efficient power generation
technology is expected to drive the gas engines market. As a result,
COVID-19 has impacted the global healthcare business and has also had a
detrimental effect on the worldwide economy. It has had a significant economic
impact on a wide range of industrial sectors, including manufacturing, power
generation, renewable energy, nuclear energy, and oil and gas."
Key Takeaways:
·
Rising energy consumption and worries about energy security will
drive demand for natural gas and mini
gasoline engine in the coming years. In addition, the
inexpensive cost of gas and its ease of transportation and handling have
sparked considerable interest in the desire for gas-powered engines.
·
The global gas engines market may
be divided into 10–20 M.W., 5–10 M.W., 2–5 M.W., 1–2 M.W., and 0.5–1 M.W.
segments based on power output. Therefore, the 10-20 M.W. and 5-10 M.W.
categories are predicted to have the largest market share, followed by the 2-5
M.W. categories.
·
Engine
manufacturers have responded by offering new, purpose-built natural
gas engines ranging in size from tiny light-duty engines
rated at a few kW to low-speed two-stroke fuel marine
engines rated at more than 60 M.W.
·
Rapid urbanization and rising worldwide population are two
significant factors driving power demand, particularly the
honda gx270 generator in emerging nations, boosting the
global gas engines market growth.
Competitive Landscape
The global gas engines market is
dominated by Rolls-Royce Holdings (U.K.), Volkswagen (M.A.N. Energy Solutions)
(Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (U.S.),
Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd.
(Japan), Ningbo C.S.I. Power & Machinery Group Co., Ltd. (China), I.H.I.
Power Systems (Japan), J.F.E. Engineering Corporation (Japan)
·
Rolls-Royce Holdings will introduce engine running periods of up
to 96,000 hours between overhauls (T.B.O.) for the newest MTU Series 4000
engines for commercial maritime applications in December 2021. In general,
depending on the duration and intensity of operation, all marine engines of the
newest MTU Series 4000 may now run for up to 25 years before requiring
significant maintenance.
·
Caterpillar (U.S.) bought Carbon Point Solutions (U.S.) in
September 2021 to concentrate and trap CO2 for use. Carbon capture systems
based on patented technologies can be used in engines and gas
turbo at oil and gas sites, distributed power plants,
industrial plants, and waste-to-energy sites. This collaboration will aid in
the reduction of greenhouse gas emissions.
·
Siemens Energy (Germany) inked a deal in April 2021 with Spanish
E.P.C. contractor TSK to offer highly efficient energy technologies and
services to Atinkou (previously known as Ciprel V), a new combined-cycle gas
power station to be built in Jacqueville, Côte d'Ivoire.
For more information:
https://www.futuremarketinsights.com/reports/gas-engines-market
Comments
Post a Comment