The global gas engine market is projected to grow from USD 4.8 billion in 2022 to USD 7.47 billion by 2032, reflecting a CAGR of 4.1% during the forecast period. Increasing demand for clean and efficient power generation technologies is a key factor driving this growth.
Gas engines, which operate on gaseous fuels such as natural gas, biogas, coal gas, and specialty gases, are becoming increasingly popular across sectors like automotive, utilities, oil & gas, and manufacturing. Their appeal stems from benefits like lower operating costs, enhanced efficiency, and reduced environmental impact, positioning them as a sustainable choice for diverse power generation needs.
Increasing concerns for the environment coupled with a gradual shift towards energy production via natural gas and special gas fuels are propelling the market demand for gas engines. A majority of power generation plants are focused on replacing their conventional power generation infrastructure with gas engines to reduce emission levels.
In addition to this, the growing demand for electricity along with an upsurge in the use of natural gas for producing energy owing to its easy availability, clean and economical nature, will likely augment the market growth of gas engines over the forecast period.
Moreover, the implementation of strict carbon emission regulations, rising government initiatives to expand the power generation infrastructure, the increasing popularity of gas engine technologies across emerging economies, and technological advancements in gas engines are some of the prominent factors fueling the growth in the global gas engines market.
Key Takeaways:
- Multiple end-use industry applications like electricity generation, powering mechanical equipment, and vehicles to boost market possibilities.
- Expansion of industrial gas turbine market to generate attractive market opportunities.
- Countries like India, Germany, and the U.K. are increasing investment in gas-powered power plants.
- Sales of gas engines in China are expected to exhibit substantial growth over the forecast period.
- The U.K. gas engine market will present steady growth over the assessment period.
- By fuel type, the natural gas segment is projected to account for the largest market share, with a high CAGR.
- Based on power output, 15 MW gas engines continue to dominate the market.
- By application, the mechanical drive segment is anticipated to lead market growth.
Competitive Landscape
- Westport Fuel Systems Inc, Wärtsilä, IHI Power Systems Co., Ltd. (Subsidiary of IHI Corporation), YANMAR HOLDINGS CO., MAN SE, BERGEN engines AS, LIEBHERR, JFE Engineering Corporation, Siemens, INNIO, MITSUBISHI HEAVY INDUSTRIES, LTD, Kawasaki Heavy Industries, Ltd and Caterpillar, Cummins Inc. among others are some of the major players in the gas engine market that are profiled in the full version of the report.
- Major gas engine market players are focused on employing various organic and inorganic tactics including product expansion and capacity expansion. These businesses are intent on releasing new and innovative products as well as expanding and establishing new manufacturing facilities across appealing regions. They are also participating in mergers and acquisitions, partnerships, and collaborations to achieve a competitive advantage.
Key Segments
By Fuel Type:
- Natural gas
- Special gas
- Others
By End Use:
- Utilities
- Marine
- Oil & gas
- Manufacturing
- Others
By Power Output:
- 1-2 MW
- 2-5 MW
- 5-15 MW
- Above 15 MW
By Application:
- Power Generation
- Mechanical Drive
- Cogenerations
- Others
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- Asia Pacific
Report Preview: https://www.futuremarketinsights.com/reports/gas-engines-market
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