LNG Engine Market Size, Share, Trends, Growth and Forecast 2032
LNG Engine Market by Type (Diesel-ignited, Direct Gas Injection, Spark-ignited) by End-User (Marine Industry, Power Generation Industry, Transport Industry): Global Industry Perspective, Comprehensive Analysis and Forecast, 2024 to 2032
| Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
|---|---|---|---|
| USD 5.81 Billion | USD 10.76 Billion | 7.1% | 2023 |
Table Of Content
- Chapter 1. Preface
- 1.1. Report Description
- 1.2. Research Scope
- Chapter 2. Research Methodology
- 2.1.1. Research Methodology
- 2.1.2. Primary Research
- 2.1.3. Secondary Research
- 2.1.4. Models
- 2.1.4.1. Company Share Analysis Model
- 2.1.4.2. Revenue Based Modeling
- 2.1.4.3. Research Limitations
- Chapter 3. Executive Summary
- 3.1. Global LNG Engine Market, 2016-2026, (USD Billion)
- 3.2. Global LNG Engine Market: Snapshot
- Chapter 4. Global LNG Engine Market – Industry Analysis
- 4.1. Introduction
- 4.2. Market Drivers
- 4.3. Market Restraints
- 4.4. Market Opportunities
- 4.5. Porter’s Five Forces Analysis
- 4.6. COVID 19 Impact Analysis
- Chapter 5. Investment Proposition Analysis
- 5.1. Global LNG Engine Market Attractiveness, By Type
- 5.2. Global LNG Engine Market Attractiveness, By End-User
- 5.3. Global LNG Engine Market Attractiveness, By Region
- Chapter 6. Competitive Landscape
- 6.1. Company Market Share Analysis – 2019
- 6.1.1. Global LNG Engine Market: Company Market Share, 2019
- 6.2. Strategic Developments
- 6.1. Company Market Share Analysis – 2019
- Chapter 7. LNG Engine Market – Type Segment Analysis
- 7.1. Global LNG Engine Market Overview: by Type
- 7.1.1. Global LNG Engine Market Revenue Share, by Type, 2019 & 2026
- 7.2. Global LNG Engine Market Analysis/Overview – By Type
- 7.2.1. Diesel-ignited – Overview/Analysis
- 7.2.2. Direct Gas Injection– Overview/Analysis
- 7.2.3. Spark-ignited– Overview/Analysis
- 7.3. Diesel-ignited
- 7.3.1. Global LNG Engine Market for Diesel-ignited, Revenue (USD Billion) 2016 – 2026
- 7.4. Direct Gas Injection
- 7.4.1. Global LNG Engine Market for Direct Gas Injection, Revenue (USD Billion) 2016 – 2026
- 7.5. Spark-ignited
- 7.5.1. Global LNG Engine Market for Spark-ignited, Revenue (USD Billion) 2016 – 2026
- 7.1. Global LNG Engine Market Overview: by Type
- Chapter 8. LNG Engine Market – End-User Segment Analysis
- 8.1. Global LNG Engine Market Overview: by End-User
- 8.1.1. Global LNG Engine Market Revenue Share, by End-User, 2019 & 2026
- 8.2. Global LNG Engine Market Analysis/Overview – By End-User
- 8.2.1. Marine Industry – Overview/Analysis
- 8.2.2. Power Generation Industry – Overview/Analysis
- 8.2.3. Transport Industry – Overview/Analysis
- 8.3. Marine Industry
- 8.3.1. Global LNG Engine Market for Marine Industry, Revenue (USD Billion) 2016 – 2026
- 8.4. Power Generation Industry
- 8.4.1. Global LNG Engine Market for Power Generation Industry, Revenue (USD Billion) 2016 – 2026
- 8.5. Transport Industry
- 8.5.1. Global LNG Engine Market for Transport Industry, Revenue (USD Billion) 2016 - 2026
- 8.1. Global LNG Engine Market Overview: by End-User
- Chapter 9. LNG Engine Market - Regional Analysis
- 9.1. Global LNG Engine Market: Regional Overview
- 9.1.1. Global LNG Engine Market Revenue Share, By Region, 2019 & 2026 (USD Billion)
- 9.1.2. Global LNG Engine Market Revenue, By Region, 2016 – 2026 (USD Billion)
- 9.2. North America
- 9.2.1. North America LNG Engine Market Revenue 2016 – 2026 (USD Billion)
- 9.2.2. North America LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
- 9.2.3. North America LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
- 9.2.4. North America LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
- 9.2.5. U.S.
- 9.2.6. Canada
- 9.3. Europe
- 9.3.1. Europe LNG Engine Market Revenue 2016 – 2026 (USD Billion)
- 9.3.2. Europe LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
- 9.3.3. Europe LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
- 9.3.4. Europe LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
- 9.3.5. France
- 9.3.6. Germany
- 9.3.7. France
- 9.3.8. U.K.
- 9.3.9. Rest of Europe
- 9.4. Asia Pacific
- 9.4.1. Asia Pacific LNG Engine Market Revenue 2016 – 2026 (USD Billion)
- 9.4.2. Asia Pacific LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
- 9.4.3. Asia Pacific LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
- 9.4.4. Asia Pacific LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
- 9.4.5. China
- 9.4.6. Japan
- 9.4.7. India
- 9.4.8. Rest of Asia Pacific
- 9.5. Latin America
- 9.5.1. Latin America LNG Engine Market Revenue 2016 – 2026 (USD Billion)
- 9.5.2. Latin America LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
- 9.5.3. Latin America LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
- 9.5.4. Latin America LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
- 9.5.5. Brazil
- 9.5.6. Mexico
- 9.5.7. Rest of Latin America
- 9.6. Middle East & Africa
- 9.6.1. Middle East & Africa LNG Engine Market Revenue 2016 – 2026 (USD Billion)
- 9.6.2. Middle East & Africa LNG Engine Market Revenue, by Country, 2016 – 2026 (USD Billion)
- 9.6.3. Middle East & Africa LNG Engine Market Revenue, by Type, 2016 – 2026 (USD Billion)
- 9.6.4. Middle East & Africa LNG Engine Market Revenue, by End-User, 2016 – 2026 (USD Billion)
- 9.1. Global LNG Engine Market: Regional Overview
- Chapter 10. Company Profiles
- 10.1. Anglo Belgian Corporation
- 10.2. Caterpillar
- 10.3. Cummins Inc.
- 10.4. DAIHATSU DIESEL MFG. CO., LTD.
- 10.5. Fairbanks Morse
- 10.6. HHI Engine & Machinery
- 10.7. MAN Energy Sulutions
- 10.8. MITSUBISHI HEAVY INDUSTRIES, LTD.
- 10.9. Rulls-Royce plc
- 10.10. Scania
- 10.11. Wärtsilä Corporation
Table Of Figures
List of Figures
1. Research Methodology
2. Research Methodology – Basic Overview
3. Research Methodology – Detailed View
4. Global LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
5. Porter’s Five Forces Analysis for Global LNG Engine Market
6. Global LNG Engine Market Attractiveness, By Type
7. Global LNG Engine Market Attractiveness, By End-User
8. Global LNG Engine Market Attractiveness, By Region
9. Company Share Analysis, 2019
10. Global LNG Engine Market Revenue Share, by Type, 2019 & 2026
11. Global LNG Engine Market for Diesel-ignited, Revenue (USD Billion) 2016 - 2026
12. Global LNG Engine Market for Direct Gas Injection, Revenue (USD Billion) 2016 – 2026
13. Global LNG Engine Market for Spark-ignited, Revenue (USD Billion) 2016 – 2026
14. Global LNG Engine Market Revenue Share, by End-User, 2019 & 2026
15. Global LNG Engine Market for Marine Industry, Revenue (USD Billion) 2016 - 2026
16. Global LNG Engine Market for Power Generation Industry, Revenue (USD Billion) 2016 – 2026
17. Global LNG Engine Market for Transport Industry, Revenue (USD Billion) 2016 - 2026
18. Global LNG Engine Market Revenue Share, by Region, 2019 & 2026
19. North America LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
20. Europe LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
21. Asia Pacific LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
22. Latin America LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
23. The Middle-East and Africa LNG Engine Market Revenue, 2016 - 2026 (USD Billion)
Table Of Tables
List of Tables
1. Global LNG Engine Market Snapshot
2. Drivers for LNG Engine market: Impact analysis
3. Restraints of LNG Engine market: Impact analysis
4. North America LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
5. North America LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
6. North America LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
7. Europe LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
8. Europe LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
9. Europe LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
10. Asia Pacific LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
11. Asia Pacific LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
12. Asia Pacific LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
13. Latin America LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
14. Latin America LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
15. Latin America LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
16. Middle East & Africa LNG Engine Market Revenue, By Country, 2016 – 2026 (USD Billion)
17. Middle East & Africa LNG Engine Market Revenue, By Type, 2016 – 2026 (USD Billion)
18. Middle East & Africa LNG Engine Market Revenue, By End-User, 2016 – 2026 (USD Billion)
Methodology
FrequentlyAsked Questions
The primary factor expected to improve the global LNG engine demand during the forecast period is the introduction of stringent government regulations and policies to lower carbon emissions. LNG engines are commonly used in a wide variety of applications, such as marine, transportation, and power generation.
Trade activities related to LNG have increased considerably across the world. The amount of global trade in LNG rose from 334 billion cubic meters in 2014 to 485 billion cubic meters in 2019. Growth in LNG trade can be due to increasing demand for natural gas in end-use industries such as marine, steel and power plants.
As thermal coal is increasingly competing against LNG and renewables on a cost basis during the COVID-19 crisis, companies in the market for LNG engines can take advantage of this opportunity to enable customers to move to low-carbon fuels. Advancements in dual-fuel engines are ongoing as a result of the demonstration of a reduction in GHG emissions. However, due to the problem of capacitated vehicle routing in the marine sector, the problem of LNG delivery is emerging as an obstacle for stakeholders. As a result, companies in the LNG engine industry should concentrate on the optimum allocation of small-scale delivery of LNG and make progress in developing the LNG transport infrastructure.
In addition to developments in new fuels such as bio-and synthetic methane, hydrogen and ammonia, manufacturers are companies are focusing on LPG, LNG, and biodiesel. Wärtsilä Oyj Abp, a Finnish company that produces and supplies energy sources and other equipment, is developing products in bio-and synthetic LNG to implement cost-efficiency in maritime transport and heavy-duty trucks. LNG has been found to deliver a substantial reduction in GHG emissions relative to heavy fuel oil used in marine transport.
the global LNG Engine Market was worth USD 5.81 Billion in 2023. The market is forecast to reach USD 10.76 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period 2024-2032
On the basis of region, the market is segregated into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
As fuel costs increased in Asia and Europe during the COVID-19 pandemic, the exports of LNG in United states have also seen a spike, businesses are capitalizing on this opportunity to boost their super-cooled fuel supply chains. While consumption lagged during the months of March to August, companies are seen to compensate for their losses by rising consumption as factories become fully functional and consumer spending is on the rise.
South Korea has been successful in handling the current pandemic and has experienced steady LNG imports, thus companies in the LNG engine industry are tapping into incremental opportunities in the country. They promote a change from coal to LNG in countries like Japan that are aware of renewable fossil fuels.
Asia Pacific is the leading LNG exporting region, owing to increased demand for natural gas due to high industrial growth and adoption of clean energy sources. The spike in LNG trade has boosted the region's demand for liquefied natural gas. It is estimated that the increase in global demand for LNG to align with the emission standards set by the governing bodies will drive demand for LNG engines in the near future.
Key players operating in the global LNG Engine market include Anglo Belgian Corporation, Caterpillar, Cummins Inc., DAIHATSU DIESEL MFG. CO., LTD., Fairbanks Morse, HHI Engine & Machinery, MAN Energy Solutions, MITSUBISHI HEAVY INDUSTRIES, LTD., Rolls-Royce plc, Scania, and Wärtsilä Corporation among others.
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