The global gas engines market is likely to create multiple opportunities due to its use in various applications such as tri-generation, co-generation, and power generation during the forecast period of 2021-2031. The use of gas engines in numerous applications is gaining traction due to their efficiency, low operating costs, and high reliability. These aspects are likely to boost the gas engines market.
At TMR, the research team members have conducted extensive research on various aspects of the gas engines market. The team offers futuristic insights about the overall scenario of the gas engines market, its current trends, opportunities, competitive landscape, and regional prospects. The impact of COVID-19 on the market has also been covered in the report. The holistic information helps the stakeholders to understand the market and plan their further moves accordingly.
The industrial and commercial cogeneration of natural gas in major CHP applications has fueled the growth of the utility segment in the gas engines market. Utilities are one of the major end-users of natural gas-fuelled engines. This aspect has created multiple opportunities for the utility segment in the gas engines market. Further, the co-generation component is also likely to grow faster due to its use in chemical and food processing units, paper and pulp mills, steel mills, and district heating plants. The installation of gas-fuelled CHP plants in cold regions may open new avenues for the growth of the gas engines market.
The huge investments made by prominent players to construct new power plants may provide lucrative growth opportunities for the gas engines market. In addition, the stringent rules regarding gas emissions are likely to propel the growth of the gas engines market.
Natural gas-based engines have better functionality as compared to coal plants so the use of natural gas-based engines has increased. This aspect may accelerate the growth of the gas engines market.
The increase in power consumption in densely populated countries such as India and China has raised the demand for energy consumption. The key players are strengthening the economies by increasing gas energy production. Furthermore, the need for electricity is increasing day by day. Thus, the leading manufacturers are investing in installing new power plants to increase production. The regulations imposed by regulatory bodies regarding emissions have promoted natural gas-based engines. The players are indulging in bringing innovations in energy production technology to meet the rising demand. The new range of highly efficient gas engines is thriving in the gas engines market, namely, Gas engine TCG 3016, Gas Engine TCG 3020, and compact modules such as the container cogeneration plant.
The market players are into strategic collaborations to ensure their market expansion. For instance, INNIO signed an agreement with ExxonMobil to meet the rising demand for gas engine lubricants. All these developments may prove to be game-changers for the gas engines market. The ongoing COVID-19 pandemic has affected the market due to transport disruptions and caused delayed production. However, the economies of developed countries are bouncing back with the same vigor and this can be a growth booster for the gas engines market.
The major market players are Man SE, Cummins, Rolls-Royce Holdings plc, and Caterpillar.
The global gas engines market can be segmented into North America, Europe, Asia Pacific, Latin America the Middle East and Africa, based on the regions. Europe is expected to show an upward growth in the gas engines market due to an upsurge in demand for gas-based applications in household and commercial spaces owing to the cold climate. Furthermore, Europe leads in biogas production which ultimately may cater to the growth of the gas engines market. The new engine series launched for low emissions will likely generate high revenue opportunities for the global gas engines market.