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Allied Market Research

Gas Engine Market: Global Opportunity Analysis and Industry Forecast 2020-2027

A07836
Pages: NA
Nov 2020 | 35 Views
 
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A gas engine is a type of heat engine. It is an internal combustion engine, which functions on fuels such as natural gas, landfill gas, biogas, propane. In addition, it also runs on gasoline and diesel. It provides excellent durability and drivability. This engine is more commonly utilized in automotive vehicles. Gas engines have low operating cost as well as low maintenance cost. They are used for applications such as cogeneration, power generation, and mechanical drive.

Market scope and structure analysis:

                  Report Metric

                                          Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast unit

  Value (USD)

  Segments covered

  Power Output, Fuel Type, Application, Industry Vertical

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

  Companies covered

Cummins Inc., Caterpillar, Mitsubishi Heavy Industries, Ltd., Rolls-Royce plc, Volkswagen AG, Wärtsilä, Kohler Co., Yanmar Co Ltd., Hyundai Heavy Industries Co., Ltd., China Yuchai International Limited, Siemens, Doosan Corporation, Cooper Corp., and INNIO

 

COVID-19 impact:

  • While various industries have been facing the severe impact of the current pandemic situation, the gas engine market is operating at a sluggish rate. 
  • The gas engine has been witnessing demand from the residential sector and negative demand from other industry verticals. This negative demand is due to the oil & gas and mining industries being non-operational to curb the virus spread. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis:

Gas engines are highly efficient and very much reliable. The rapid increase in demand for power generation technology that is effective, efficient, and not negatively impact the environment has been one of the major reasons that drive the gas engine market growth. In addition, stringent regulation regarding emissions, such as low carbon imprint, also acts as a driving factor for the gas engine market growth. On the basis of fuel type, natural gas has been the market leader among all types of gas engine segments. It is used in base load power generation and combined heat & power applications. On the basis of end users, the utilities segment holds the majority of the market share. Based on application, the cogeneration leads the way in terms of market share. The gas engine generates power along with energy for water heating and space heating. Cogeneration is an effective and efficient way of generating power through the usage of gas engines and also provides energy saving. Based on region, North America dominates the market due to huge demand for cogeneration application for commercials as well as residential purposes. 

One of the major factors that drive the market is the shift toward the generation of power through gas-fire and increase in concerns regarding carbon emission or carbon footprint. Gas engines emit relatively lower carbon and have low environmental impact, which adds to the growth of the gas engine market. The demand for natural gas has significantly increased over the past few years. This increased demand and production of natural gas for generating power has been another factor driving the gas engine market. Gas engines used in gas-fired power plants provide power to drive the generator, which produces electricity and supply power to various units. Further, rise in environmental concerns, increase in awareness of environmental concerns, and implementation of stringent regulations, such as the Kyoto Protocol and the Paris Agreement, lead to increase in focus to reduce carbon emissions. 

Moreover, increase in usage of gas engines across the utility sector has significantly increased the demand for gas engines when there is not enough supply from power plants. Increase in urbanization, industrialization, and robust economic growth in developing countries, such as India and China, have led to rapid increase in demand for electricity. This factor is expected to increase the demand for gas engines. The low price of gas in several countries is another factor, which influences the demand for gas engines positively. In addition, increase in cost of diesel fuel drives the market growth for gas engines. In addition, increase in shale gas production is another driver influencing the gas engine market.

Restraints of the market:

The increase in competition in the renewable energy sector is one of the major restraints of the gas engine market. Moreover, the increased usage of electric vehicles is another restraint that is expected to hinder the growth of the market. In addition, a gas engine gets heated up very quickly, which can result in negative market growth of the gas engine market.

Key developments:

In October 2019, Caterpillar launched a generator set, which was powered by natural gas Cat G3516C. It manages to function on Lean Coal Mine Methane (LCMM) and finds application in local mining processes. In November 2019, Rolls-Royce entered into a contract with 2G Energy. According to the contact, Rolls-Royce supplied MTU gas-powered generator sets based on series 4000 engines, which deliver 776-2,535 KW to 2G Energy. 2G Energy uses these generators for the generation of heat and power on-site. 

Key segments covered:

             Segments

                                   Sub-segments

  Power Output

  • 0.5-1 MW
  • 1-2 MW
  • 2-5 MW
  • 5-10 MW
  • 10-20 MW

  Fuel Type

  • Natural Gas
  • Special Gas
  • Others

  Application

  • Mechanical Generation
  • Power Generation
  • Cogeneration
  • Others

  Industry Vertical

  • Utilities
  • Manufacturing
    • Automotive
    • Steel
    • Food & Beverages
    • Others
  • Oil & Gas
  • Mining
  • Others

 

Key benefits of the report:

  • This study presents the analytical depiction of the gas engine market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the gas engine market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the gas engine market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 
 
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