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LNG Engine Market Estimated to Cross US$ 2.5 Bn by 2030

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The global LNG Engine market size is expected to reach USD 2.5 billion by 2030, registering a CAGR of   6.1% over the forecast period 2021 – 2030.

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The implementation of stringent government regulations and policies to lower carbon emissions is the key factor expected to boost the global LNG engine market during the forecast period. LNG engine is extensively used in a wide range of applications such as marine, power generation, and transportation.

Based on end use, marine is anticipated to be a highly lucrative segment of the global LNG engine market during the forecast period. The IMO 2020 regulation has established guidelines to reduce pollution and the amount of sulfur oxide emission from ships. The usage of LNG engine is estimated to reduce sulfur oxide (SOx) emissions by 90%-95%. This is projected to boost the demand for LNG engine in the marine sector.

Dynamics

Ships run on bunker fuel, which causes high level of pollution. Greenhouse gases are also a major concern across the globe. Every year, air pollutants such as carbon monoxide, nitrogen oxide, sulfur oxide, and particulate matter are released in large amounts into the environment. Governments of various countries across the world are implementing rules and regulations to reduce pollution. This is anticipated to propel the global LNG engine market.

In 2017, the U.S. Government and the Government of Canada passed bills to formulate fuel-sulfur limits and NOx emissions in emission control areas in North America. These areas include coastal waters of up to 200 nautical miles from coasts of Alaska and Hawaii.

Vessels entering these areas must meet the requirement that fuel-sulfur concentrations should not exceed 0.10 weight%. Engines above 130 kW installed on vessels built, since 2000 must be certified to meet appropriate emission standards corresponding to the building date of vessels. Engines installed on new and modified vessels are subject to the Annex VI Tier III NOx standards.

From January 1, 2020, member countries of the European Union have been mandated to ensure that ships in all European Union waters, except SOx, use fuels with sulfur content of no more than 0.5%. Furthermore, all ships passing through these NOx emission control areas must use defined mandatory engine standards or equivalent NOx emission reduction technologies to comply with the stringent NOx emission levels.

LNG engines can play a major role in reducing pollution, as these vessels run on liquefied natural gas. LNG engines help lower greenhouse gas emissions and provide a cost competitive fuel choice versus conventional fuels. Thus, implementation of stringent government regulations to lower emissions is estimated to drive the global LNG engine market during the forecast period.

Rise in Usage of LNG Engine in Power Generation and Marine Sectors

  • Demand for LNG engine has been increasing in power generation and marine sectors, owing to rise in implementation of stringent government regulations to reduce carbon emissions. Marine vessels run on bunker fuel, which causes high level of pollution. Furthermore, greenhouse gases are a major concern across the globe. Every year, air pollutants such as carbon monoxide, nitrogen oxide, sulfur oxide, and particulate matter are released in large amounts into the environment.
  • LNG is used as fuel in LNG engines. It is the cleanest-burning fossil fuel. Therefore, vehicles running on LNG produce lower levels of toxic emissions and air pollution.
  • Thus, LNG engines can play a major role in lowering pollution and carbon emission in power generation and marine sectors

Regional Scope

The LNG engine market in Asia Pacific is projected to expand significantly during the forecast period. Asia Pacific is witnessing significant investment in LNG facilities. China, Japan, South Korea, and India are also investing substantially in LNG power generation. This is likely to propel the LNG engine market during the forecast period.

Europe held major share of the global LNG engine market in 2020. The marine industry is well-established in the region. Europe is focusing on lowering the use of fossil fuels to meet the emission targets set by governments of countries in the region. Companies and government bodies in Europe are investing significantly in renewable energy and green fuels to be emission free by 2050. This can be ascribed to propel the demand for LNG engines in the near future, thereby augmenting the LNG engine market in the region.

Key Players

Major players operating in the global LNG engine market are Cummins Inc., Fairbanks Morse, Caterpillar, Wärtsilä Corporation, Rolls-Royce plc, MAN Energy Solutions, Anglo Belgian Corporation nv, MITSUBISHI HEAVY INDUSTRIES, LTD., HHI Engine & Machinery, DAIHATSU DIESEL MFG. CO., LTD., and Scania.

Report Highlights Details
Market Size US$ 2.5 billion by 2030
Growth Rate CAGR of 6.1% From 2021 to 2030
Base year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Type, End Use
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned Cummins Inc., Fairbanks Morse, Caterpillar, Wärtsilä Corporation, Rolls-Royce plc, MAN Energy Solutions, Anglo Belgian Corporation nv, MITSUBISHI HEAVY INDUSTRIES, LTD., HHI Engine & Machinery, DAIHATSU DIESEL MFG. CO., LTD., and Scania

Market Segmentation

LNG Engine Market, by Type

  • Spark-ignited
  • Diesel-ignited
  • Direct Gas Injection

LNG Engine Market, by End Use

  • Marine
  • Power Generation

LNG Engine Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

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Research Methodology

The research methodology adopted by analysts for compiling the global LNG engine market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global LNG engine market.

Table of Contents

Chapter 1.   Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.   Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.   Executive Summary

3.1.  Market Snapshot

Chapter 4.   Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.     Raw Material Procurement Analysis

4.3.2.     Sales and Distribution Channel Analysis

4.3.3.     Downstream Buyer Analysis

Chapter 5.   Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.     Market Drivers

5.1.2.     Market Restraints

5.1.3.     Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.     Bargaining power of suppliers

5.2.2.     Bargaining power of buyers

5.2.3.     Threat of substitute

5.2.4.     Threat of new entrants

5.2.5.     Degree of competition

Chapter 6.   Competitive Landscape

6.1.1.     Company Market Share/Positioning Analysis

6.1.2.     Key Strategies Adopted by Players

6.1.3.     Vendor Landscape

6.1.3.1.          List of Suppliers

6.1.3.2.          List of Buyers

Chapter 7.   Global LNG Engine Market, By Type

7.1.  LNG Engine Market, by Type, 2021-2027

7.1.1.     Spark-ignited

7.1.1.1.          Market Revenue and Forecast (2016-2027)

7.1.2.     Diesel-ignited

7.1.2.1.          Market Revenue and Forecast (2016-2027)

7.1.3.     Direct Gas Injection

7.1.3.1.          Market Revenue and Forecast (2016-2027)

Chapter 8.   Global LNG Engine Market, By End Use

8.1.  LNG Engine Market, by End Use, 2021-2027

8.1.1.     Marine

8.1.1.1.          Market Revenue and Forecast (2016-2027)

8.1.2.     Power Generation

8.1.2.1.          Market Revenue and Forecast (2016-2027)

Chapter 9.   Global LNG Engine Market, Regional Estimates and Trend Forecast

9.1.  North America

9.1.1.     Market Revenue and Forecast, by Type (2016-2027)

9.1.2.     Market Revenue and Forecast, by End Use (2016-2027)

9.1.3.     U.S.

9.1.3.1.          Market Revenue and Forecast, by Type (2016-2027)

9.1.3.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.1.4.     Rest of North America

9.1.4.1.          Market Revenue and Forecast, by Type (2016-2027)

9.1.4.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.2.  Europe

9.2.1.     Market Revenue and Forecast, by Type (2016-2027)

9.2.2.     Market Revenue and Forecast, by End Use (2016-2027)

9.2.3.     UK

9.2.3.1.          Market Revenue and Forecast, by Type (2016-2027)

9.2.3.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.2.4.     Germany

9.2.4.1.          Market Revenue and Forecast, by Type (2016-2027)

9.2.4.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.2.5.     France

9.2.5.1.          Market Revenue and Forecast, by Type (2016-2027)

9.2.5.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.2.6.     Rest of Europe

9.2.6.1.          Market Revenue and Forecast, by Type (2016-2027)

9.2.6.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.3.  APAC

9.3.1.     Market Revenue and Forecast, by Type (2016-2027)

9.3.2.     Market Revenue and Forecast, by End Use (2016-2027)

9.3.3.     India

9.3.3.1.          Market Revenue and Forecast, by Type (2016-2027)

9.3.3.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.3.4.     China

9.3.4.1.          Market Revenue and Forecast, by Type (2016-2027)

9.3.4.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.3.5.     Japan

9.3.5.1.          Market Revenue and Forecast, by Type (2016-2027)

9.3.5.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.3.6.     Rest of APAC

9.3.6.1.          Market Revenue and Forecast, by Type (2016-2027)

9.3.6.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.4.  MEA

9.4.1.     Market Revenue and Forecast, by Type (2016-2027)

9.4.2.     Market Revenue and Forecast, by End Use (2016-2027)

9.4.3.     GCC

9.4.3.1.          Market Revenue and Forecast, by Type (2016-2027)

9.4.3.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.4.4.     North Africa

9.4.4.1.          Market Revenue and Forecast, by Type (2016-2027)

9.4.4.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.4.5.     South Africa

9.4.5.1.          Market Revenue and Forecast, by Type (2016-2027)

9.4.5.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.4.6.     Rest of MEA

9.4.6.1.          Market Revenue and Forecast, by Type (2016-2027)

9.4.6.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.5.  Latin America

9.5.1.     Market Revenue and Forecast, by Type (2016-2027)

9.5.2.     Market Revenue and Forecast, by End Use (2016-2027)

9.5.3.     Brazil

9.5.3.1.          Market Revenue and Forecast, by Type (2016-2027)

9.5.3.2.          Market Revenue and Forecast, by End Use (2016-2027)

9.5.4.     Rest of LATAM

9.5.4.1.          Market Revenue and Forecast, by Type (2016-2027)

9.5.4.2.          Market Revenue and Forecast, by End Use (2016-2027)

Chapter 10.  Company Profiles

10.1.                 Cummins Inc

10.1.1.  Company Overview

10.1.2.  Product Offerings

10.1.3.  Financial Performance

10.1.4.  Recent Initiatives

10.2.                 Fairbanks Morse

10.2.1.  Company Overview

10.2.2.  Product Offerings

10.2.3.  Financial Performance

10.2.4.  Recent Initiatives

10.3.                 Caterpillar

10.3.1.  Company Overview

10.3.2.  Product Offerings

10.3.3.  Financial Performance

10.3.4.  Recent Initiatives

10.4.                 Wärtsilä Corporation

10.4.1.  Company Overview

10.4.2.  Product Offerings

10.4.3.  Financial Performance

10.4.4.  Recent Initiatives

10.5.                 Rolls-Royce plc

10.5.1.  Company Overview

10.5.2.  Product Offerings

10.5.3.  Financial Performance

10.5.4.  Recent Initiatives

10.6.                 MAN Energy Solutions

10.6.1.  Company Overview

10.6.2.  Product Offerings

10.6.3.  Financial Performance

10.6.4.  Recent Initiatives

10.7.                 Anglo Belgian Corporation nv

10.7.1.  Company Overview

10.7.2.  Product Offerings

10.7.3.  Financial Performance

10.7.4.  Recent Initiatives

10.8.                 MITSUBISHI HEAVY INDUSTRIES, LTD

10.8.1.  Company Overview

10.8.2.  Product Offerings

10.8.3.  Financial Performance

10.8.4.  Recent Initiatives

10.9.                 HHI Engine & Machinery

10.9.1.  Company Overview

10.9.2.  Product Offerings

10.9.3.  Financial Performance

10.9.4.  Recent Initiatives

10.10.             DAIHATSU DIESEL MFG. CO

10.10.1.                  Company Overview

10.10.2.                  Product Offerings

10.10.3.                  Financial Performance

10.10.4.                  Recent Initiatives

Chapter 11.  Research Methodology

11.1.                 Primary Research

11.2.                 Secondary Research

11.3.                 Assumptions

Chapter 12.  Appendix

12.1.                 About Us

12.2.                 Glossary of Terms

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