Engines Market Size will Escalate Rapidly in the Near Future

The global Engines Market is anticipated to grow from estimated USD 377.83 billion in 2024 to USD 477.89 billion by 2029, at a CAGR of 4.8% during the forecast period. 

The major factors owing to the growth of Engines Market are rising demand for fuel efficient and low emission engines. Engines are machines used in converting fuels into mechanical energy. This helps in major industries such as automotive, marine, aerospace, and power generation. The Engines Market has grown significantly due to increased demand for efficient energy solutions across industries. Engines are widely used in transportation vehicles, heavy machinery, ships, and backup power systems, providing a reliable source of power. The durability, scalability and the ability of engines to handle high loads make them essential for small as well as large scale applications.

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Gasoline by Fuel type, is expected to be the second largest Engines Market during the forecast period

 

Gasoline is expected to account for the second largest market share by fuel type during the forecast period. According to the U.S. Energy Information Administration (EIA), gasoline consumption in the transportation sector accounted for more than 90 % which fueled more than 270 million vehicles. Continuous advancements in gasoline engine technology, such as turbocharging, direct fuel injection, and variable valve timing, have significantly improved the fuel efficiency of gasoline engines. Gasoline engines are also widely used in light commercial vehicles (LCVs), motorcycles, and recreational vehicles. Gasoline engines account for a substantial portion of the overall engine market and help sustain gasoline’s dominant position.

 

Power Generation segment by end-user, is expected to be the fastest Engines Market during forecast period

 

The market for engines by end user is anticipated to be the fastest growing segment in the market during the forecast period owing to the rising demand for reliable and efficient energy sources worldwide. The provision of such backup power solutions is what drives this growth, and it is primarily in areas that experience frequent outages. Furthermore, during the increasing integration of renewable energy, flexible engine systems are needed to accommodate variable power supply. Investments in power generation engines are supported by government initiatives to create energy independence and sustainability. The performance and efficiency of engines used in this segment become better every day, and adoption follows.

 

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Asia Pacific is expected to be the fastest region in the Engines Market during the forecast period

 

The demand for the Engines Market is expected to increase in the Asia pacific region which is primarily due to the rapid industrialization and urbanization, thus resulting in high demand for the energy as well as transportation solutions. Several emerging economies live in this region, such as China and India, where the infrastructure development and the auto production are booming fast. Government initiatives to clean up the environment are also creating deeper pockets for innovative and investment in advanced engine technologies. Having a rising population and urban centers, increases the demand for efficient power generation systems and transportation systems. Additionally, the strong manufacturing sector of the Asia Pacific region is likely to help its production and adoption of various engine types to provide the market with gains.

 

Key Players

 

The report profiles key players such as Caterpillar (US), Cummins Inc. (US), General Electric Company (US), RTX (US), General Motors (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries, Ltd. (Japan), Honeywell International Inc. (US), AB Volvo (Sweden), Scania (Sweden).

Gas Engines Market: Increase in the use of Distributed Power Generation Systems

According to the new market research report "Gas Engines Market by Fuel Type (Natural Gas, Special Gas), Application (Power Generation, Cogeneration, Mechanical Drive), Power Output (0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, & Above 15 MW), End-User Industry, and Region - Global Forecast to 2027", published by MarketsandMarkets™, the Gas Engines Market size will grow to USD 5.8 billion by 2027 from USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.

Rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations are the driving factors for the Gas Engines Market, globally. Global energy consumption has increased significantly in the past decade. This rise can be attributed to the growing economies of Asia Pacific. Furthermore, natural gas is often seen as a transition fuel to meet energy demands as economies shift to renewables and other clean energy solutions. Natural gas-fired power plants are cheap and easier to build. These power plants emit a negligible amount of carbon monoxide (CO), carbon dioxide (CO2), sulfur oxide (SO), and nitrogen oxide (NO) compared to oil and coal-fired power plants. Gas-fired power plants are economical and emit lesser carbons than coal-fired power plants. Coal-fired power plants’ emissions also cause smog and reduce visibility. Thus, most coal-fired power plants will be replaced by gas-fired power plants which utilize gas engines, leading to the growth of the Gas Engines Market.

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The utilities segment is expected to be the largest in the Gas Engines Market

The largest share of the Gas Engines Market in 2021 was held by the utilities segment. The power produced by utilities can power local facilities or exported to local electricity grids. Utilities deploy gas engines to meet the peak load requirement and provide emergency backup solutions to prevent blackout in case of a malfunction of the main power plant. The application of cogeneration or combined heat and power (CHP) technology also helps increase the overall efficiency of the power plants. The increasing demand for power, thus, is expected to create favourable circumstances for the growth of the Gas Engines Market during the forecast period.

Asia Pacific likely to emerge as the largest Gas Engines Market

The Asia Pacific region, as a whole, is experiencing rapid development and growth fueled by the growth of major economies such as China, India, Indonesia, Thailand, Vietnam, and other economies. The major end users for gas engines in the APAC include utilities, oil & gas, manufacturing, marine, and sewage treatment industries. The demand for power generation is witnessing an upward trend with the rising population and economic growth in China and India. The region is moving toward clean energy on a large scale to efficiently meet the growing energy needs. The continued growth in Asia Pacific in almost all the major industrial sectors and the resulting demand for efficient and clean power generation technologies, and the replacement of aging power generation infrastructure and conversion of coal-based power plants to gas based ones will drive the growth for gas engines in the region.

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The Gas Engines Market is dominated by a few major players that have a wide regional presence. The leading players in the Gas Engines Market are Caterpillar (US), Wärtsilä (Finland), Rolls-Royce Holdings (UK), Volkswagen (MAN Energy Solutions) (Germany), Siemens Energy (Germany), INNIO (Austria), Cummins (US), Mitsubishi Heavy Industries, Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Ningbo C.S.I Power & Machinery Group Co., Ltd. (China), IHI Power Systems (Japan), JFE Engineering Corporation (Japan), Liebherr (Germany), Hyundai Heavy Industries Co., Ltd. (South Kore), Jinan Lvneng Power Machinery Equipment Co., Ltd. (China), R Schmitt Enertec (Germany), CNPC Jichai Power Complex (China), Fairbanks Morse (US), Googol Engine Tech (US), Baudouin (France), and others.

Gas Engines Market is Booming Worldwide with Caterpillar, Wärtsilä, Cummins, Man SE, and Rolls-Royce Holdings.

 The global Gas Engines Market size is expected to grow from an estimated USD 4.0 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 5.7%, from 2019 to 2024. Europe is estimated to be the largest consumer of gas engines, followed by North America. This trend is expected to continue during the forecast period. The growth of the gas engines industry is driven by the increasing demand for clean and efficient power generation technology and implementation of stricter emission regulations globally.

The power generation application segment is expected to be the largest segment of the gas engines industry.

The power generation segment is expected to be the largest application segment of the market in 2018. Gas engines are used mainly for power generation, by manufacturing plants, commercial buildings, public buildings, and utilities for on-site power generation. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed economies are investing in their aging gas-fired power plants. The demand for new gas-fired power plants due to the increasing energy needs is expected to drive the power generation application segment of the Gas Engines Market during the forecast period.

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The cogeneration segment is expected to grow at the fastest rate.

In cogeneration applications, gas engines produce power along with energy for space heating and water heating. It is an efficient method of power generation using gas engines and enables energy savings of up to 60%.

Cogeneration is used mainly in steel mills, chemical & food processing plants, paper & pulp mills, and district heating plants. Apart from industrial end-users, public buildings, such as schools, colleges, administrative buildings, and hospitals, also utilize gas engine-based power plants for producing electricity and heat. The growth of cogeneration application is attributed mainly to the increasing installed capacity of gas-fueled CHP power plants in cold climate countries.

Europe is expected to be the largest gas engines market

In this report, the gas engines industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is expected to lead the Gas Engines Market during the forecast period. The growth of the market in the European region can be attributed to EU's policies to curb CO2 emission, establish gas distribution networks, and increase production of biogas.

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Some of the top players in the Gas Engines Market including Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany). 

Attractive Opportunities in the Gas Engines Market by 2022

The Gas Engine Market is expected to grow from an estimated USD 3.54 Billion in 2017 to USD 4.76 Billion by 2022, at a CAGR of 6.12%, during the forecast period. This growth can be attributed to the increased demand for new gas-fired power plants in developing regions and the replacement and refurbishment of existing power plants in developed countries. The growth will be mainly driven by an increase in the demand for clean power generation across globe.

Power generation is leading the global gas engine market and trend is expected to continue during the forecast period. Manufacturing plants, commercial buildings, public buildings, and utilities are mainly deploys gas engine for power generation application. The gas engines are suitable for base load, grid support, combined cycle, peak shaving, and distributed power generation applications. The market for gas engine for power generation is mainly driven by the growing demand for global power requirement, especially in regions such as Europe, the Americas and Asia Pacific. Co-generation application segment is expected to grow at high CAGR during the forecast period. The growth of co-generation application is mainly attributed to the increasing installed capacity of gas fueled CHP power plants in cold climate countries.

Gas Engine Market segmented by end user into Utilities, manufacturing, oil & gas, and others which include commercial complex, hospitals, wastewater treatment plants and greenhouse. The utilities segment is leading the gas engine market. Utilities mainly deploy the gas engines for the base load and peak load power generation. Falling natural gas prices and improved natural gas distribution network are driving the growth of the utilities segment.

“Europe: The largest market for gas engine”

The European market is currently the largest gas engine market, followed by the markets in North America, Asia Pacific, and the Middle East & Africa. The European market is projected to grow at a higher rate due to stringent environmental norms which led to the use of renewable resources such biogas, landfill gas, and sewer gas for power generation. The second key factor that would drive the European market is attractive policy offerings by the European Union for the development of gas-fired power plants, especially special gas power plants.

The gas engine market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the Gas Engine Market include General Electric Company (US), Caterpillar, Inc. (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), and Cummins Inc. (US).