The Latest Gas Engines Industry Statistics Explained
The global gas engines market was valued at USD 4.3 billion in 2020.
The statistic ‘The global gas engines market was valued at USD 4.3 billion in 2020’ refers to the total monetary worth of sales related to gas engines worldwide during the year 2020. This value encompasses the revenues generated from the manufacturing, distribution, and sale of gas engines across various industries and applications. The data indicates the market’s size and economic significance, reflecting the demand for gas engines as a power source for equipment, vehicles, and machinery globally. The figure of USD 4.3 billion provides valuable insights for businesses in the gas engine industry, policymakers, investors, and other stakeholders to understand market trends, forecast future growth prospects, and make informed decisions.
The market is projected to reach a size of USD 5.3 billion by 2027, growing at a CAGR of 3.7%.
This statistic indicates that the market is expected to grow steadily with a Compound Annual Growth Rate (CAGR) of 3.7% over the forecast period, reaching a total value of USD 5.3 billion by the year 2027. This projected growth suggests a positive trend in market expansion, reflecting increasing demand and potential opportunities for businesses operating within this market. The CAGR represents the average annual growth rate over the specified period, indicating a consistent rate of increase. Overall, this statistic paints a picture of a growing and evolving market landscape with promising prospects for investment and future development.
North America held about 28.22% of the global market share for gas engines in 2019.
The statistic indicates that North America accounted for approximately 28.22% of the total market share for gas engines worldwide in the year 2019. This means that out of all gas engines sold globally that year, just over a quarter were purchased in North America. This information can be valuable for companies looking to understand regional market trends and opportunities within the gas engine industry, as it highlights the significant presence of North America in this market segment compared to other regions around the world.
Europe is expected to dominate the global market share at about 34% by 2027.
The statistic stating that Europe is expected to dominate the global market share at about 34% by 2027 implies that European countries are projected to have a considerable portion of the overall market for a particular industry or product. This indicates that Europe is anticipated to have a strong presence and influence in the global market, potentially outperforming other regions. Factors contributing to this dominance may include economic strength, technological advancements, regulatory environment, innovation, and competitive advantage. Businesses and policymakers operating in this industry should take note of this projection as it signals the importance of the European market and the potential opportunities and challenges that may arise from Europe’s expected market dominance.
The Asia Pacific region is expected to witness the fastest growth in the gas engines market, with a CAGR of over 6%.
This statistic indicates that the Asia Pacific region is projected to experience the most rapid expansion in the gas engines market compared to other regions, with a compound annual growth rate (CAGR) exceeding 6%. This strong growth forecast suggests increasing demand for gas engines in various industries within the region, such as power generation, manufacturing, and transportation. Factors contributing to this growth may include rising energy needs, government initiatives promoting clean energy sources, and industrial development. Companies operating in the gas engines market may find opportunities for expansion and investment in the Asia Pacific region due to the favorable market conditions and growth prospects identified by this statistic.
75% of the natural gas used in the industrial sector is for boiler and process heating, space heating, and cooling.
This statistic indicates that a significant majority, specifically 75%, of the natural gas consumed within the industrial sector is allocated towards specific applications such as boiler and process heating, space heating, and cooling. This suggests that these activities are critical energy consumers within industrial operations, highlighting their significance in terms of energy consumption patterns. Understanding this breakdown of natural gas usage can inform decisions related to energy management strategies, efficiency improvements, and potential opportunities for optimization within the industrial sector to reduce energy costs, increase sustainability, and improve overall operational performance.
In 2020, Siemens’ revenue in the Gas and Power segment amounted to around 17.6 billion euros.
The statistic ‘In 2020, Siemens’ revenue in the Gas and Power segment amounted to around 17.6 billion euros’ indicates the total amount of money generated by Siemens specifically from its Gas and Power business division in the year 2020. This figure provides insight into the financial performance and importance of the Gas and Power segment within Siemens’ overall business operations. The revenue of 17.6 billion euros signifies the level of sales and successful commercial activities within this specific sector, reflecting the market demand, competitiveness, and profitability associated with Siemens’ Gas and Power products and services during that period.
The natural gas-fueled engines are expected to account for the highest market share of over 60% by 2027.
The statistic indicates that natural gas-fueled engines are projected to dominate the market and capture a significant share of over 60% by the year 2027. This suggests that there is a strong trend towards the adoption and use of natural gas as a fuel source for engines, potentially driven by factors such as cost-effectiveness, environmental concerns, and regulatory mandates. The high market share expectation implies that natural gas-fueled engines are likely to be preferred over other types of engines in various industries and applications, reaffirming the increasing importance and popularity of this technology in the coming years.
The electric power sector is the largest consumer of natural gas in the U.S., accounting for 36% of total U.S. natural gas consumption.
The statistic indicates that the electric power sector in the U.S. is the single largest consumer of natural gas, utilizing 36% of the total natural gas consumed in the country. This highlights the significant reliance of the power generation industry on natural gas as a primary energy source for producing electricity. The substantial consumption by the electric power sector underscores the importance of natural gas in meeting the energy needs of the nation, and reflects the trend towards cleaner and more efficient fuel sources in electricity generation. Efficient utilization of natural gas in the power sector is crucial for ensuring a reliable and sustainable energy supply while also minimizing environmental impacts associated with energy production.
The global gas engine market for electric power application is projected to reach USD 7.32 billion by 2022.
The statistic “The global gas engine market for electric power application is projected to reach USD 7.32 billion by 2022” indicates the estimated value of the market specifically for gas engines utilized in electric power generation worldwide by the year 2022. This projection suggests a substantial growth trend in the demand and adoption of gas engines for power generation applications, potentially driven by factors such as increasing energy needs, advancements in technology, and a focus on cleaner energy sources. The number provides valuable insights for industry stakeholders, investors, and policymakers to understand the market size and potential opportunities in the gas engine sector within the electric power industry.
The market for 1 MW–2 MW capacity gas engines is likely to grow at the highest CAGR of 5.9% during the forecast period.
This statistic indicates the expected growth rate of the market for gas engines with a capacity range of 1 MW–2 MW over a specified forecast period. The Compound Annual Growth Rate (CAGR) of 5.9% suggests that this particular segment of the gas engine market is projected to experience the highest rate of expansion compared to other capacity ranges. This growth rate signifies a strong demand for gas engines within the 1 MW–2 MW range, potentially driven by factors such as increasing industrialization, the need for reliable power generation solutions, and the shift towards cleaner energy sources. Overall, this statistic highlights a positive outlook for vendors and stakeholders operating in the 1 MW–2 MW gas engine market, signaling opportunities for growth and investment in this particular segment.
Gas engines are estimated to reduce CO2 emissions by up to 15% compared to diesel engines.
The statistic asserts that gas engines have the potential to decrease carbon dioxide (CO2) emissions by as much as 15% when compared to diesel engines. This suggests that using gas engines as an alternative to diesel engines in various applications such as vehicles or power generators could result in a significant reduction in the amount of CO2 released into the atmosphere. This information is important in the context of addressing climate change and promoting sustainability, as reducing CO2 emissions is crucial for mitigating the negative impacts of greenhouse gases on the environment. However, the actual reduction in emissions may vary based on specific factors like the efficiency of the engines, the source of fuel, and the operating conditions.
In 2020, large-scale natural gas engines with up to 20 MW capacity dominated nearly 50% of the global market.
In 2020, the market for large-scale natural gas engines reached a significant milestone as engines with a capacity of up to 20 MW accounted for almost half of the global market share. This statistic indicates a notable increase in the adoption and demand for natural gas engines with higher power capacity, reflecting potential shifts in energy consumption patterns and industrial needs towards more efficient and sustainable solutions. The dominance of these engines suggests a growing preference for large-scale applications that require substantial energy output, such as power generation and industrial processes, highlighting the importance of natural gas as a key player in the global energy landscape.
Global marine gas engine market is expected to reach USD 5.3 Billion by 2026 at a CAGR of 11.83%.
The statistic indicates that the global marine gas engine market is forecasted to grow and reach a value of USD 5.3 billion by the year 2026. This growth is projected to occur at a Compound Annual Growth Rate (CAGR) of 11.83%. The CAGR reflects the average annual growth rate of the market over the specified time period, in this case, from the current year to 2026. A higher CAGR suggests a faster rate of expansion for the market, indicating strong potential for increased demand and adoption of gas engines in the marine industry.
The power output segment greater than 20.0 MW accounted for a share of 62.4% in 2019 for the marine gas engines market.
The statistic indicates that in 2019, within the marine gas engines market, the segment that produced power output greater than 20.0 MW held a significant share of 62.4%. This suggests that a considerable portion of the total power output in the market came from engines with high power capacity, emphasizing the importance and prevalence of these high-power engines within the industry. The high share of power output above 20.0 MW reflects the demand and usage of such engines in maritime applications, highlighting their role in driving the marine gas engines market and meeting the power requirements of various marine vessels and operations.
The top five players in the global gas engines market are Caterpillar, Wärtsilä, Cummins, Rolls-Royce, and MAN accounted for a share of approximately 75% in 2020.
The statistic indicates that in 2020, the top five players in the global gas engines market, which are Caterpillar, Wärtsilä, Cummins, Rolls-Royce, and MAN, collectively held a significant market share of approximately 75%. This means that these companies were the major players in the industry and had a considerable impact on market dynamics such as pricing, innovation, and competition. Their dominance suggests that they have strong market presence, brand recognition, and likely offer a wide range of products and services to meet the diverse needs of customers in the global gas engines market.
Global marine gas engine market size stood at USD 1.05 billion in 2018.
The statistic “Global marine gas engine market size stood at USD 1.05 billion in 2018” indicates the total value of sales generated by marine gas engines in the global market during the year 2018. This figure includes all revenue generated from the sale of marine gas engines for various marine applications such as ships, boats, and other marine vessels. The market size reflects the demand for marine gas engines worldwide and serves as a key indicator of the industry’s economic significance. Understanding the market size helps stakeholders in the marine industry, including manufacturers, suppliers, and investors, to assess market trends, make informed decisions, and identify opportunities for growth and development.
The biogas-fueled engines are projected to grow at the highest CAGR of approximately 10% during 2020-2027.
The statistic “The biogas-fueled engines are projected to grow at the highest CAGR of approximately 10% during 2020-2027” indicates that the use and demand for biogas-fueled engines are expected to increase significantly over the specified time period. The Compound Annual Growth Rate (CAGR) of 10% implies that the market for biogas-fueled engines is anticipated to expand rapidly and consistently each year from 2020 to 2027. This projection suggests a strong trend towards the adoption of biogas as a renewable energy source for powering engines, likely driven by factors such as environmental concerns, government incentives, and technological advancements in the field of bioenergy.
The gas engine market in Latin America is expected to grow at a CAGR of 4.2% from 2017 to 2025.
The statistic indicates that the gas engine market in Latin America is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.2% between the years 2017 and 2025. This suggests that the market for gas engines in Latin America is anticipated to expand steadily at an average annual rate of 4.2% over this period. The CAGR metric provides insight into the growth trend of the market, indicating a positive outlook for the industry as it is expected to increase in size and importance through to 2025. This information can be valuable for industry stakeholders, investors, and policymakers to make informed decisions and strategic planning related to the gas engine market in Latin America.
Conclusion
Based on the statistics presented, it is evident that the gas engines industry is thriving and experiencing steady growth. The increasing demand for more efficient and environmentally friendly solutions is driving innovation in this sector. By staying informed and adapting to industry trends, businesses in the gas engines industry can position themselves for continued success in the future.
References
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