BOULDER, Colo.–(BUSINESS WIRE)–A new report from Navigant Research examines the market for dual-fuel engines in oil & gas exploration and production, with global market data for U.S. conversions and revenue, through 2024.
Dual-fuel engines, which use diesel fuel to ignite natural gas, are becoming increasingly popular in the United States, where they are often used to power drilling rigs and hydraulic fracturing spreads. The technology reduces the amount of diesel fuel used in these applications and allows for the use of field gas that would otherwise be flared off. Click to tweet: According to a new report from Navigant Research, annual dual-fuel engine revenue in the United States is expected to grow to more than $58.1 million by 2024.
“Dual-fuel engines can make refueling easier and can also utilize a variety of fuel blends, thus increasing flexibility,” says Anne Wrobetz, research associate with Navigant Research. “In the United States, the market for this technology is expected to continue to grow, driven mostly by the perceived price security of using domestic fuels and from operating cost reductions for onsite field gas.”
Because a traditional drill rig can require upward of $2.5 million a year in diesel fuel, using natural gas, whether liquefied natural gas (LNG), compressed natural gas (CNG), or field gas, yields significant savings. According to the report, dual-fuel engines can reduce the total amount of diesel fuel used by up to 70%.
The report, Dual-Fuel Engine Market for Oil & Gas Applications, analyzes the dual-fuel engines market in two key areas of oil & gas exploration and production: drilling rigs and hydraulic fracturing spreads. The study delves into the market drivers related to dual-fuel engines, including reduced costs, lowered emissions, and increased safety for operators. Global market data for the total number of conversions and revenue in the United States extend through 2024. The report also covers the challenges associated with using different forms of natural gas to power dual-fuel engines. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
About Navigant
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Dual-Fuel Engine Market for Oil & Gas Applications, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.