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According to a latest research report titled “Gas Engine Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the gas engine market was valued at US$ 3,930.0 million in 2020, and it is expected to grow at a CAGR of 6.6% during 2021–2028 to reach US$ 6,354.4 million by 2028.
APAC Gas Engine Market to Grow at Highest CAGR During Forecast Period
The gas engine market in Asia Pacific is further segmented into India, Japan, Australia, China, South Korea, and the Rest of Asia Pacific. China is one of the leading gas engine manufacturing countries in Asia Pacific. Rising population in developing countries, especially in India and China, is leading to an increased demand for electricity. Hence, end users such as power generating plants, manufacturing industries, and remote plants are using natural gas engines for power generation. China is a leading manufacturing hub for gas engines, while India and Japan are also considered significant contributors to regional growth. Various APAC countries are characterized by mass production of gas engines required for manufacturing, power generation, and other industrial machinery. Rising number of manufacturing companies in India and China, owing to the substantial availability of skilled human resources, is driving the gas engine market. Further, owing to increasing population in the region and comparatively low economic capabilities, various countries have promoted the adoption of gas engines rather than electric energy. High cost of electric energy plants and the lack of supporting infrastructure have supplemented the market growth. Governments of various countries in the region are majorly promoting natural gas use in engines for low emissions. Thus, utilization of natural gases as a prominent source in engines in order to meet regulatory standards is likely to favor the market growth.
The governments of APAC countries took all possible steps to reduce the effects of the coronavirus pandemic by announcing lockdowns. The lockdown has created a negative impact on the gas engines market. Moreover, Asia is a house of many manufacturing plants, which also got affected due to lockdown. It disrupted the production and supply of components overseas. Factory activity contracted sharply across most of the region in April 2020 as the coronavirus pandemic paralyzed economic activity globally, with sharp falls in export from countries such as Japan and South Korea overshadowing a moderate enhancement in China. While factories in China slowly resumed operations after extended shutdowns and a reduction in virus cases enabled the country to enhance natural gas production as normal level, activity in South Korea contracted at its fastest pace in 11 years as several of the country’s trading partners imposed dramatic actions to control the spread of the virus. Also, the power generation sector has been impacted significantly across the region. Such factors have negatively impacted the gas engines market in APAC.
Key Findings of the Study
Governments of various countries are imposing certain regulations to control the emissions of diesel and petrol engines, which is compelling engine manufacturers to opt for alternative fuel solutions such as natural gases. Gas engines release less emissions to generate enough power with high efficiency. The emission monitoring and regulatory bodies from various countries are imposing stringent regulations on the use of diesel engines and generators. To meet these regulatory standards, various industries are deploying gas engines and generators for power generation.
In December 2020, Rolls-Royce launched MTU Series 500, a new series of gas engines, with a power range of 250–550 kilowatt. The engines are specially designed to meet the emission goals by using hydrogen as a power source, which is offering low fuel costs and low fuel consumption for industrial and utility sectors. Similarly, in June 2020, Kawasaki Heavy Industries, Ltd., a heavy equipment manufacturer, launched a new model of KG-18-T gas engine. The company introduced a two-stage turbocharging system with 51% electrical efficiency for power generation. Thus, the rise in research and development activities, owing to stringent regulations related to gas engines, is propelling the market growth.
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