According to the new research report published by The Insight Partners, titled “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% from 2021 to 2028.
The gas engines market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Germany, the UK, France, and Italy are at the forefront of the Europe gas engine market. Strong adoption of the gas engines for utilities, remote sector, and industrial equipment is likely to drive the Europe gas engine market. Also, strong presence of prominent engine manufacturers in the European region such as INNIO, Liebherr, and MAN SE is bolstering the market growth. Stringent pollution norms and rise in diesel engine pollution is promoting the industrial and utility sectors to use natural gases for engines. Further, companies are developing advanced gas engines, majorly for power generation. For instance, in December 2020, Rolls-Royce, a UK-based company, introduced a new MTU gas engine Series 500. This new engine-based gas-power delivers up to 42.6% efficiency with a power single-cylinder range of 250 to 550 kilowatts. These new gas engines are specifically developed for power generation applications for industrial and utility sectors. Similarly, MAN SE company introduced a 20.7 MW gas engine at the POWER-GEN Europe event, which is enhancing the power output ratio for the power generation market. The market is expected to witness a slight decline in growth over the next few years, due to the negative impact of COVID-19. However, it is expected to rise again at a healthy pace after the COVID-19 pandemic is over.
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In 2020, APAC stood second in the gas engine market with a decent market share, and it is anticipated to witness a decent CAGR from 2021 to 2028. The gas engine market in Asia Pacific is further segmented into India, Japan, Australia, China, South Korea, and the Rest of Asia Pacific. China is one of the leading gas engine manufacturing countries in Asia Pacific. Rising population in developing countries, especially in India and China, is leading to an increased demand for electricity. Hence, end users such as power generating plants, manufacturing industries, and remote plants are using natural gas engines for power generation. China is a leading manufacturing hub for gas engines, while India and Japan are also considered significant contributors to regional growth. Various APAC countries are characterized by mass production of gas engines required for manufacturing, power generation, and other industrial machinery. Rising number of manufacturing companies in India and China, owing to the substantial availability of skilled human resources, is driving the gas engine market. Further, owing to increasing population in the region and comparatively low economic capabilities, various countries have promoted the adoption of gas engines rather than electric energy. High cost of electric energy plants and the lack of supporting infrastructure have supplemented the market growth. Governments of various countries in the region are majorly promoting natural gas use in engines for low emissions. Thus, utilization of natural gases as a prominent source in engines in order to meet regulatory standards is likely to favor the market growth. Further, increasing demand for electricity, owing to growing population, is creating enormous opportunities for the market. For instance, according to the IEA World Energy outlook, ~168 million people have no access to electricity, while in Asia, excluding China and India, ~183 million people lack access to reliable power. Thus, to meet this emerging demand for electricity, there is an increase in need for natural gas engines for power generation.
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