Gas Engine Market Size, Industry Analysis Report By Type (Natural Gas), By Power Output (Power Generation, Mechanical Driver, Cogeneration) & Region – Forecast By 2030
- PUBLISHED ON
- 1970-01-01
- NO OF PAGES
- 270
- CATEGORY
- Energy & Power
Gas Engine Market is valued at around USD 4.8 billion in 2022 and is expected to reach USD 7.47 billion by 2030, registering a CAGR of 4.1% over the forecast period. Internal combustion engines known as ""gas engines"" use a variety of gaseous fuels, including natural gas, coal gas, producer gas, and biogas.
Market Growth Factor
The market for gas engines will be driven by factors such as the growing emphasis on lowering carbon emissions, the existence of stringent government regulations, and the rising use of natural gas for mechanical drive applications.
Market Trends
• Gas engines are preferred by electric utilities to power base electrical loads. Gas engine generators are also thought to be very helpful for managing peak load demand.
• Many utilities around the world have experienced a sharp increase in peak load demand, particularly in the morning and evening hours.
• After coal, natural gas-based power generation is the second-largest source of electricity produced globally.
• In 2020, the output was measured at 6268.1 TWh, or 23.4% of the world's electricity production.
• The decarbonization of the power sector was the primary justification for the extensive use of gas-powered engines. There are still a lot of gas-to-power projects in the works that will be included in the global portfolio of power generation.
Market Segmentation
The Gas Engine Market fragrance concentrates market has been sub-classified into fuel type, power output, application.
On The Basis Of Fuel Type, The Gas Engine Market is Bifurcated Into:
• Others
On The Basis Of Application, The Market Segmented Into:
• 0.5-1 MW
• 1-2 MW
• 2-5 MW
• 5-10 MW
• 10-2 MW
• Others
On The Basis Of Power Output, The Market Is Segmented Into:
• Power generation
• Mechanical driver
• Cogeneration
• Others
Market Regional Analysis
North America dominated the global Gas Engine Market, due to numerous technological advancements and ongoing investments by numerous companies, the gas engines market in North America generates a sizeable portion of the world's revenue. Furthermore, as the number of gas-powered power plants rises, there will be a significant increase in demand for gas engines.
Key Market players
Global key players of Gas Engine Market include
Global key players of Virtual Pipeline Systems Market include General Electric, Honeywell International Inc., Galileo Technologies S.A., Hexagon Composites ASA, Siemens AG, Pentagon Energy LLC, LightSail Energy, Broadwind Energy, Inc., Global Partners LP, and Luxfer Gas Cylinders, and others.
Quality Assurance Process
- We Market Research’s Quality Assurance program strives to deliver superior value to our clients.
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
- Conduct frequent client communications
- Form project steering committee
- Assign a senior SR executive as QA Executive
- Conduct internal editorial & quality reviews of project deliverables
- Certify project staff in SR methodologies & standards
- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
The Gas Engine Market is valued at around USD 4.8 billion in 2022 and is expected to reach USD 7.47 billion by 2030, registering a CAGR of 4.1% over the forecast period.
What are the drivers shaping various markets?
The market for gas engines will be driven by factors such as the growing emphasis on lowering carbon emissions, the existence of stringent government regulations, and the rising use of natural gas for mechanical drive applications.
Who are the key competitors of market Players?
Some of the major players operating within the market are General Electric, Honeywell International Inc., Galileo Technologies S.A., Hexagon Composites ASA, Siemens AG, Pentagon Energy LLC, LightSail Energy, Broadwind Energy, Inc., Global Partners LP, and Luxfer Gas Cylinders, and others.
What are the top performing segments, and countries / regions of each of the markets?
North America dominated the global Gas Engine Market.
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