Gas Engines Market to Surpass Valuation of $6.66 Billion by 2028 | Aftermarket Replacement Engine to See Negative Growth

SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest Technology Consulting Pvt. Ltd.

Global gas engines market size was valued at USD 4.54 billion in 2021, and it is expected to reach a value of USD 6.66 billion by 2028, at a CAGR of 5.63% over the forecast period (2022–2028).

Westford, USA, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Tighter emissions regulations, increasing demand from renewable energy sources, and advancements in hybrid and electric vehicle technologies are some of the key factors supporting growth of the global gas engines market. SkyQuest predicts that there will be a total of 26 million gas engines installed by 2022. As the demand for gas engines grows, manufacturers are investing in new technology to improve performance and efficiency. For example, Cummins is developing a new direct injection engine that it believes will offer improved fuel economy and emissions performance over traditional diesel and gasoline engines. Other manufacturers are also working on innovative fuel delivery systems that could reduce the need for regular maintenance. In terms of applications, we expect the largest market share for gas engines to go to power generation, transportation, followed by industrial and commercial.

Gas engines market is slowly evolving, with new engine technologies rapidly entering the market. By 2021, gas engine technology had converted into three major categories: compression ignition (CI), direct injection (DI), and hybrid systems. In 2021, these three engine types accounted for almost 60% of the global market share. Gas engines offer many advantages over traditional diesel and petrol engines, including lower emissions, longer lifespans, and accessibility to larger engines.

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However, the gas engines market faces several challenges. The most significant is addressability--the ability to control emissions and optimize fuel usage in a given engine configuration. This is a critical challenge for powering passenger vehicles, but also affects industrial applications. Additionally, developing standards for vehicle connectivity and software development will be important to ensure these engines can interact with other components in confined spaces.

SkyQuest Sees Global Outlook of Gas Engines Market with Mixed Positive Forecast

The market environment is challenging, with global oil prices remaining high and tighter emissions regulations expected in key markets. The outlook for the gas engines market reflects a range of factors, including:

High oil prices: The high price of oil is a key restrainer on the growth of this market segment. In addition, tough emissions regulations are leading to increased demand for cleaner engines.

Tighter environmental rules: Growing demand for greener combustion engines will lead to stricter environmental regulations in key markets such as Europe and China. These rules will require the use of more advanced gasoline fuels and improve emission performance.

Lack of product innovation: Several major players in the gas engines market are experiencing declining sales due to a lack of new product innovation. This has led to consolidation in the market, as well as rising pricing pressures.

Observations

However, SkyQuest cautions that this growth will not be uniform across all segments of the gas engines market. While the engine manufacturers' market is forecast to grow by 6.5% between 2022 and 2028, the aftermarket replacement engine market is expected to decline by 3.2% over the same period. One reason for this difference may be that decreasing customer interest in large engines - due in part to stricter emissions regulations - has pushed smaller engine manufacturers out of the market.

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In addition, we expect vehicle manufacturers to shift their product mix towards smaller engines over time, further limiting demand for larger engines. This divergence in market growth could lead to a gradual erosion of revenue and profit margins for companies operating within the traditional engine manufacturing segment, while those within the aftermarket replacement engine segment are likely to experience faster growth rates and profitability.

Top Trends Shaping the Gas engines market

Looking to understand the global gas engine industry? Here are five top trends to watch out for.

1. Consolidation Continues: Despite a slowdown in growth seen in 2016, the gas engine industry continued to consolidate. Seven major players now control more than half of the market.

2. Engine Optimization: Some OEMs in the global gas engines market are turning to engine optimization to further reduce emissions and improve fuel efficiency. By making adjustments to the valve timing, injection timing, and compression ratios, they can achieve significant reductions in emissions while still meeting fuel economy specifications.

3. Alternative Fuels: As alternative fuels continue to gain traction, the gas engine industry will be Forced to adopt new technologies and fuels. For instance, proponents of hydrogen fuel cells believe that these engines could one day replace gasoline engines altogether.

4. New Manufacturing Techniques: As technology improves, OEMs in the global gas engines market are developing new manufacturing techniques that allow for increased production rates and lower costs per unit. This is especially important as the market continues to grow increasingly competitive. SkyQuest’s report found that nearly 60% of companies surveyed have implemented or are planning to implement some form of advanced engineering or manufacturing process over the next three years.

5. Electric Vehicles and Propulsion Systems: Electric vehicles represent a considerable opportunity for the gas engine industry as they promise reduced greenhouse gas emissions and improved fuel economy compared to their gasoline-powered counterparts. OEMs are already starting to explore ways to incorporate electric propulsion systems into their products.

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Major Players in Global Gas Engines Market

  • Caterpillar (US)

  • Wärtsilä (Finland)

  • Rolls-Royce Holdings (UK)

  • Volkswagen (MAN Energy Solutions) (Germany)

  • Siemens Energy (Germany)

  • INNIO (Austria)

  • Cummins (US)

  • Mitsubishi Heavy Industries, Ltd. (Japan)

  • Kawasaki Heavy Industries, Ltd. (Japan)

  • Ningbo C.S.I Power & Machinery Group Co., Ltd. (China)

  • IHI Power Systems (Japan)

  • JFE Engineering Corporation (Japan)

  • Liebherr (Germany)

  • Hyundai Heavy Industries Co., Ltd. (South Kore)

  • Jinan Lvneng Power Machinery Equipment Co., Ltd. (China)

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Global E-Bike Charging Station Market

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