Press release
Small Gas Engine Market Increasing Demand and Dynamic Growth with Forecast 2030
Increase in demand for outdoor power equipment with low-emission power and advent of special gas engines and remote generation applications in several sectors drive the growth of the global small gas engine market. On the other hand, uncertainties in international fossil fuel prices impede the growth to some extent. However, innovations in efficient gas engines are expected to create lucrative opportunities in the industry.The global small gas engines market size was valued at $2.7 billion in 2020, and is projected to reach $4.0 billion by 2030, with global small gas engines market forecast expected at a CAGR of 4.2% from 2021 to 2030.
Rapid surge in industrialization and shift of individuals from rural areas to urban cities lead to increase in the construction of residential and commercial buildings. In the U.S. according to the commerce department, construction spending increased by 1.3% in public projects. Rapid urbanization in Asia-Pacific boosts the growth of the construction sector in developing countries such as China, India, and other South Asia countries. This has a positive impact on the small gas engine market.
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Rapid innovation and investment of new entrants to develop alternative power sources for small gas engines and uncertainties in the international fossil fuel prices have a negative impact on the development of the market. The stringent regulation of the government to the manufacturer to follow the guidelines has led to the additional investment of the manufacturer to manufacture the products. The increase in awareness among the people regarding the environmental impact of the application of natural gas-related products is anticipated to hamper the development of the small gas engine market. The small gas engine market is segmented on the basis of engine displacement, equipment, application, and region.
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On the basis of engine displacement, the global small gas engine market is segmented into 20-100cc, 101-450cc, and 451-650cc. On the basis of equipment, the market is classified into lawnmower, chainsaw, portable Generator, pressure washer, trimmer, edger, and others. On the basis of application, the market is categorized into gardening, industrial, construction, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest share of the market.
The major companies profiled in this report include Briggs and Stratton Corporation, Champion Power Equipment, Kohler Co., Liquid Combustion Technology, Kipor Power, Kawasaki Heavy Industries, Honda Motor Co., Ltd, Fuji Heavy Industries, Yamaha Motor Corporation, and Kubota Corporatio.
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Covid-19 Scenario-
• The pandemic affected the strength prices for products starting from crude oil to numerous refined petroleum products such as heating oil, jet gas, diesel gas, retail fuel, and gasoline on the pump. This, in turn, created a negative impact on the growth of the small gas engine market.
• Also, the steep decline in demand for power across the globe has a remarkable effect on the demand for new gas engines. However, the market is projected to get back on track soon.
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