Gas Engines Market Estimated to Exhibit 4.0% CAGR through 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
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