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[Report Ocean Press Release] Survey Results: Latest Trends, Demand, Major Players, and Global Overview of the Global Gas Engine Market
High usage in applications such as heating, power generation, and vehicle functions in the chemical, metals, and manufacturing industries is driving the growth of the global gas engine market. Survey period: January 2nd to March 31st, 2023
Research agency: Research contractor: Report Ocean Co., Ltd. STUDY SUBJECT: We surveyed 890 leaders from organizations of all sizes around the world.
Number of valid responses: (890 people)
Survey method: Telephone survey of 300 people, Internet survey of 590 people Survey Respondents: The survey was conducted across companies based on revenue.
[Image 1: https://prtimes.jp/i/67400/6078/resize/d67400-6078-a377118cf8b1e34b6883-0.jpg&s3=67400-6078-d1b59a63b5f2a332c769561e259db15b-720×405.jpg] Investigation result :
Q: What is the size of the global market for gas engines?
The global gas engine market is worth $4.2 billion in 2022, and the gas engine industry is expected to grow at a compound annual growth rate of 3.8% from 2023 to 2031, reaching $6 billion in 2031. A gas engine is a reciprocating internal combustion engine mainly fueled by special gases such as natural gas, shale gas, mining gas, biogas, landfill gas, sewage gas, and synthetic gas. Due to their high electrical and thermal efficiency, low operating and service costs, and high reliability, they generally achieve efficiencies of 90% or more. It is used in various applications such as power generation, cogeneration, mechanical drive, district heating, trigeneration in hospitals, universities, industrial plants, etc.
Q: What are the key factors driving the growth of the global market for gas engines?
Demand for gas engines is increasing in the power generation industry where new emissions regulations have been introduced. Industrial sectors such as chemicals, metals and manufacturing are contributing significantly to the increased demand for gas engines. The production of natural gas, which is required for the functioning of gas engines, is growing at a remarkable rate.
Gas engines are cheaper, greener, more reliable and more efficient than engines using other fuels.
Q: How is the gas engine market segmented?
The gas engine market is segmented as follows:
By fuel type
15MW or more
for power generation
By end user
oil and gas
Q: Which segment dominates the market by fuel type?
By fuel type, the natural gas segment will account for the highest market share, accounting for more than three-quarters of the global gas engine market in 2023. The investment is expected to maintain its leading position during the forecast period. However, the specialty gas sector is projected to exhibit the highest CAGR of 4.7% from 2022 to 2031. Growing environmental awareness, rising supply concerns related to the use of fossil fuels, and surging demand for renewable, environmentally friendly fuels made by converting various forms of organic waste to gas are driving this segment. I’m here.
[Image 2: https://prtimes.jp/i/67400/6078/resize/d67400-6078-e0e23229b5070adbfcb4-1.jpg&s3=67400-6078-8422804c2122f81dbdd987b34ac3ebfc-720×405.jpg] Q: Which segment dominates the market by application?
By application, the power generation segment will account for the largest share in 2023, contributing to more than half of the global gas engine market, and is expected to maintain its leading position during the forecast period. A growing global population, rapid urbanization in emerging regions, and an increasing number of consumers are steadily increasing the demand for electricity. This has become a key factor driving the growth of power generation in the gas engine market. It also analyzes the cogeneration and mechanical drive fields.
[Image 3: https://prtimes.jp/i/67400/6078/resize/d67400-6078-703fb2c3f993588185dd-2.jpg&s3=67400-6078-3bcf6993f926f13a9c700c15f3c6c41b-720×405.jpg] Q: Which segment dominates the market by end-use?
By end-use, the utility sector will account for the highest market share in 2023, accounting for more than one-third of the global gas engine market, driven by global population growth, rapid urbanization in emerging regions, consumption It is expected to maintain its leading position during the forecast period as the number of users increases. However, the oil & gas sector is projected to manifest the highest CAGR of 4.7% from 2022 to 2031. Oil and gas industry products serve as the backbone of various industries such as the chemical and power industries. The products and by-products produced in this industry are used as raw materials for the chemical industry to manufacture various end products used in our daily lives. In the European Union and the United States, efforts are being made to convert coal-fired power plants to gas-fired power plants to generate electricity. These factors are driving the field.
[Image 4: https://prtimes.jp/i/67400/6078/resize/d67400-6078-eb111c19a1777c44f898-3.jpg&s3=67400-6078-d15bad85f16ef6daeab3b76985f3cdce-720×405.jpg] Q: Who are the major players in the gas engine market?
The Gas Engine Market covers in-depth information of key industry participants in a segmented analysis. Major players in the market are: Cummins Inc.
Mitsubishi Heavy Industries, Ltd.
Yanmar Co Ltd.
Hyundai Heavy Industries Co., Ltd.
China Yuchai International Limited
Kawasaki Heavy Industries, Ltd.
JFE Engineering Corporation
Q: By region, which segment dominates the market?
By region, North America will account for the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the global gas engine market (due to increased use of gas engines in power plants). Moreover, Asia Pacific is expected to register the fastest CAGR of 4.8% from 2023 to 2031. Gas engines are cheaper, greener, more reliable, and more efficient than engines using other fuels, driving demand.
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