The Worldwide Gas Engine Industry is Expected to Reach $6.3+ Billion by 2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Gas Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fuel Type, Power Output, and End-User" report has been added to ResearchAndMarkets.com's offering.

The 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 6.19% from 2020 to 2028.

The gas engine manufacturing industry is continuously evolving with innovations in natural gas engines offerings to support emission targets. Rising demand for low-emission, fuel-efficient engines to reduce air pollution, and the advent of special gas engines in the manufacturing, utilities, and remote generation application sectors are the key factors propelling the gas engine market growth. Also, biogas-powered engines with improved electric efficiency and low emissions are creating substantial growth opportunities for the market players.

The gas engine manufacturers are focusing on offering advanced products to address the rising demand for high power outputs, meeting diesel engine standards. Major heavy industries, remote power plants, and manufacturing companies are selecting high-power gas engines due to enhanced electric efficiency and reduced fuel costs. The use of natural gas in gas engines combustion technology can resolve the emission problems, along with assisting customers in meeting new regulatory norms. There is an increase in adoption of gas engines in South America, Africa, and Asia, while North America and Europe are focusing on adopting solar and wind energy.

With the outbreak of the COVID-19 worldwide, several business organizations have been pushed to reduce their operations owing to lockdowns announced by several governments across the globe. The lockdowns have drastically affected businesses. The lockdowns announced by various governments across the globe resulted in temporary shutdown of offices, schools, cinema halls, manufacturing plants, and venues. This had negatively impacted the market for gas engines. For instance, according to the International Energy Agency (IEA), the global demand for electricity has been decreased by 2.5% in first quarter of 2020. However, in the second half of 2020, with the relaxation of lockdown, the demand has again spiked due to the implementation of advanced technologies by the power generation plants to maintain power supply.

Market Dynamics

Drivers

• Increasing Focus on Development of Efficient Fuel Engines
• Rise in Production of Natural Gas

Restraints

• Escalating Popularity of Renewable Energy Alternatives and Technological Drawbacks in Several Countries

Opportunities

• Surging Adoption of Gas Engines in Developing Countries

Future Trends

• Distributed Gas Generation

Companies Mentioned

• NNIO Jenbacher GmbH & Co OG
• Caterpillar Inc.
• Cummins Inc
• Fairbanks Morse, LLC
• Kawasaki Heavy Industries, Ltd.
• Liebherr
• MAN SE
• Mitsubishi Heavy Industries, Ltd.
• R Schmitt Enertec GmbH
• Wartsila Corporation
• MTU (Rolls-Royce Power Systems AG)
• 2G ENERGY AG

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