The market for gas engines in Asia Pacific is also estimated to have significant growth in market further growth at a CAGR of 4.5% over the forecast period. This could be on the back of growing adoption of gas-fired power plants. Additionally, this region is experiencing high demand for biogas which could be another major factor for its fast growth.
Increasing Energy Demand Worldwide to Drive Growth of the Global Gas Engines Market
The growing energy demand, driven by population growth, urbanization, and industrialization, is a major driver for the gas engine market. Gas engines provide a reliable and efficient solution for power generation in various sectors, including utilities, manufacturing, oil and gas, and commercial buildings.
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As energy demand continues to rise, there is a need to expand power generation capacity. Gas engines provide a reliable and efficient solution for electricity generation in various sectors, including utilities, commercial buildings, and industries. Their flexibility in terms of size and capacity allows for both large-scale power plants and decentralized installations to meet the growing demand.
According to the Energy Information Administration (EIA), a U.S. government agency, electricity generation will reach close to 45 trillion kilowatt-hours (kWh) by 2050, up nearly 20 trillion kilowatt-hours from 2018.
Growth Drivers:
· Renewable Energy Integration
· Energy Transition and Environmental Concerns
Challenges:
Infrastructure limitations are one of the factors that can restrain the growth of gas engines. These limitations refer to the lack of adequate infrastructure required to support the deployment and operation of gas engine systems. Gas engines typically rely on the availability of natural gas or other gaseous fuels. In regions where gas pipelines or storage facilities are inadequate or nonexistent, the availability of gas supply can be limited. Insufficient gas supply infrastructure can restrict the deployment of gas engines, particularly in remote or underserved areas where connecting to gas grids is not economically viable.
By product fuel type, the gas engine market is segmented into natural gas, special gas, and others. Among such fuel types, natural gas is anticipated to garner the largest revenue with a CAGR of 5.0 percent, primarily due to the increasing focus on cleaner and more sustainable energy solutions. However, the special gas segment is also experiencing growth in its revenue and by 2035, it is expected to grow at the highest CAGR of 5.1%. This growth could be owing to the growing popularity of this gas since they are considered to be the most sustainable solution.
This report also provides the existing competitive scenario of some of the key players of the gas engines market which includes company profiling of Caterpillar Energy Solutions GmbH, HHI Engine & Machinery, Cummins Inc., Liebherr Group, International Society of Baudouin Motors, R Schmitt Enertec, Kawasaki Heavy Industries, Ltd., Doosan Corporation, Mitsubishi Heavy Industries, Ltd, DEUTZ AG, INNIO, Guascor Energy, Power Solutions International, Inc., general Holdings Inc.
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