Natural gas production, which is necessary for the operation of gas engines, is increasing rapidly. According to the International Energy Agency (IEA) Natural Gas Information, natural gas output in 2019 reached a new high of 4,088 billion cubic metres (Bcm), up 3.3% from 2018. In addition, natural gas demand climbed by 1.5% in 2019. Gas engines are less expensive, more ecologically friendly, more reliable, and more efficient than engines powered by other fuels, driving up demand for them. According to Eurostat, natural gas accounts for 36% of EU energy consumption, while it accounts for more than 25% of energy consumption in the United States. Natural gas engines are becoming more popular in heating, energy generating, and vehicle operation applications.
Data Bridge Market Research analyses that the Natural Gas Engine Market is expected to grow at a CAGR of 7.4% in the forecast period of 2020 to 2027 and is expected to reach USD 6,973.57 million by 2027. The market for the natural gas engine is expected to be driven by increasing adoption across commercial sectors and rising demand of natural gas engine owing to the availability of natural gas at lower prices among consumers.
Key Findings of the Study
Surging Demand for Clean and Efficient Power Generation Technology is Expected to Drive the Market's Growth Rate
As economies transition to renewables and other clean energy sources, natural gas is frequently used as a transition fuel. Furthermore, natural gas accounted for around 25% of the world's total primary energy consumption in 2020, which is expected to rise. Natural gas-fired power stations are much less expensive and easier to develop. Natural gas engines burn cleaner, and the crankcase engine oil is not contaminated with soot. Applications such as cogeneration, trigeneration, and quad generation improve the efficiency of gas-fired power plants even more. Cogeneration and trigeneration systems are used in developed countries such as the United States, the United Kingdom, Germany, and Ireland. Developing countries will soon embrace these methods to achieve operational excellence and reduce their carbon footprint. As a result, the market for gas engines is likely to grow over the forecast period due to the rising demand for clean and efficient power generation technology.
Report Scope and Market Segmentation
Report Metric
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Details
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Forecast Period
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2020 to 2027
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Base Year
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2019
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Historic Years
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2018 (Customizable to 2017 - 2012)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Engine Family (Spark Ignited Engines, Dual Fuel Type Engine and High Pressure Direct Injection), Power Output (500 KW – 800 KW, 1000 KW – 2000 KW and 3000 KW – 4500 KW), Application (Natural Gas Gensets, Natural Gas Automotive and Decentralized Energy Generation)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, the rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, rest of Europe, Japan, China, India, South Korea, Australia, New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong, Taiwan, rest of Asia-Pacific, UAE, Saudi Arabia, Egypt, Israel, South Africa, rest of the Middle East and Africa.
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Market Players Covered
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YANMAR HOLDINGS CO., LTD. (Japan), Westport Fuel Systems Inc. (Canada), Wärtsilä (Finland), IHI Power Systems Co.,Ltd. (a subsidiary of IHI Corporation) (Japan), MAN SE (Germany), BERGEN ENGINES AS (a subsidiary of Rolls-Royce plc) (UK), Liebherr-International Deutschland GmbH (Germany), JFE Engineering Corporation (a subsidiary of JFE Holdings, Inc.) (Japan), Siemens (Germany), Caterpillar (US), Cummins Inc. (US), INNIO (Austria), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Kawasaki Heavy Industries, Ltd. (Japan), DEUTZ AG (Germany), Doosan Corporation (South Korea) and Guangdong Honny Power-Tech Co., Ltd. (China)
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Data Pointers Covered in Report
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The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Segment Analysis:
The natural gas engine market is segmented on the basis of engine family, power output and application.
In 2020, the Spark Ignited Engines Segment is Projected to Hold the Largest Share of Distribution Channel Segment in the Natural Gas Engine Market
In 2020, the spark ignited engines segment is anticipated to hold the largest share of global natural gas engine market owing to the rise in the number of applications in automobile sector. The spark ignited engines segment is growing with a CAGR of 7.9% in the forecast period of 2020 to 2027.
In 2020, the Natural Gas Gensets Segment of Application Segment is Anticipated to Dominate the Natural Gas Engine Market
In 2020, this market's natural gas gensets segment will dominate the natural gas engine market due to the upsurge in demand for cleanest fossil fuels in gensets in the market. The natural gas gensets segment is expected to reach the highest CAGR of 7.2% in 2020-2027.
Major Players
Data Bridge Market Research recognizes the following companies as the major natural gas engine market players in natural gas engine market are JFE Engineering Corporation (a subsidiary of JFE Holdings, Inc.) (Japan), Kawasaki Heavy Industries, Ltd. (Japan), YANMAR HOLDINGS CO., LTD. (Japan), BERGEN ENGINES AS (a subsidiary of Rolls-Royce plc) (UK), and IHI Power Systems Co.,Ltd. (a subsidiary of IHI Corporation) (Japan).
Market Development
Regional Analysis
Geographically, the countries covered in the natural gas engine market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Europe is the Dominant Region in Natural Gas Engine Market during the Forecast Period 2020 - 2027
Europe will continue to dominate the natural gas engine market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increasing business expansion and awareness among customers in this region. Europe dominates the natural gas engine industry because consumers in the United Kingdom are more environmentally conscious and seek environmentally friendly products, mostly created using natural gas engines. The United Kingdom is leading the European market in terms of growth, owing to the increasing demand for natural gas engines in power plants, which is driving up demand for natural gas engines.
Asia-Pacific is Estimated to be the Fastest Growing Region in Natural Gas Engine Market the Forecast Period 2020 - 2027
Asia-Pacific is expected to grow during the forecast period due to the rising demand for electricity in this region. The surging focus of various countries involving India, Japan and South Korea, on the adoption of clean and reliable energy sources will propel the growth rate of the natural gas engine market. China dominates the Asia-Pacific market because of the expanding use of automobiles in the region.
COVID-19 Impact Analysis
The global expansion of coronavirus had a number of negative consequences for major producing and manufacturing enterprises all around the world. The primary sectors that were the most affected were hospitality, aviation, manufacturing, oil, and gas. The healthcare and medical sectors, on the other hand, saw a bump. Government rules, support, and assistance were provided in the form of regulations, subsidies, budget allocation for specific regions, and more.
The pandemic also afflicted the global sector that uses renewable energy sources, disrupting supply chains and causing demand to be stifled. The COVID-19 pandemic has had a significant economic impact on a variety of industries, including manufacturing, oil and gas, renewable energy, electricity generation, and nuclear power.
Demand from the residential sector has been strong, but demand from other industry verticals has been weak. The oil and gas and the mining industries are currently closed due to the virus's spread.
For More Detailed Information about the Natural Gas Engine Market Report, Click Here –https://www.databridgemarketresearch.com/reports/global-natural-gas-engine-market
Global Natural Gas Engine Market – Industry Trends and Forecast to 2029
Europe Natural Gas Engine Market – Industry Trends and Forecast to 2027
Asia-Pacific Natural Gas Engine Market – Industry Trends and Forecast to 2028
North America Natural Gas Engine Market – Industry Trends and Forecast to 2027
Middle East and Africa Natural Gas Engine Market – Industry Trends and Forecast to 2027