Gas Engines Market is Expected to Reach from USD 4.5 billion to USD 6.3 billion in 2029, and increase at a 4.3% CAGR till 2029 | Size, Growth & Industry Analysis

Gas Engines Market

The Gas Engines Market was valued USD 4.5 billion in 2021, and Projected to Reach USD 6.3 billion in 2029, and estimated to expand at a 4.3% CAGR from 2022-2029.

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The factors driving the growth of Gas Engines Market includes increasing demand for clean and efficient power generation technology, rising power consumption around the world and growing focus by Governments on enhancing the power generation capacities. According to the report published by Press Information Bureau (PIB), during the COP21 event, the Government of India has committed to achieve 40% of its installed electricity capacity from non-fossil energy sources by the end of 2030, which will push the demand for gas engines in India in the coming years. Moreover, growing emphasis by on installing gas fired power plants, emerging need to replace the ageing power generation infrastructure and strict regulation imposed by governing bodies to reduce carbon emissions, are some of the additional factors supplementing the Gas Engines Market size. In addition, the increasing investments by leading players on research and development, strategic mergers and partnerships between key industry leaders, rapid urbanization and rising disposable incomes, are further contributing towards the market growth.

However, growth of the Gas Engines Market is hindered attributed to disruptions in the global supply chain.

The major players operating in the market are General Electric Company, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Caterpillar Inc, Wartsila Corporation, Rolls-Royce Holdings Plc, Liebherr Group, Cummins Inc, Man SE, and JFE Engineering Corporation among others.

Based on Fuel Type, the Natural Gas segment is predicted to grow at a robust CAGR during the forecast period

Natural gas is available in abundance and its increasing application in base load power generation, are some of the factors responsible for the segment's growth.

Based on End-User, the Utilities segment is projected to expand at a faster CAGR over the forecast period

Rising shift towards gas-fired power plants from coal-fired power plants and growing application of combined heat and power (CHP) technology to enhance the efficiency of power plants, are propelling growth of the segment.

Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period

Rising focus on using clean sources of energy, Government initiatives to reduce carbon emissions in Europe, growing concerns related to climate change, availability of low-priced natural gas, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth.

Key Development

In 2019, Rolls-Royce Holdings PLC and 2G Energy AG entered into an agreement, in which FTSE 100 listed Rolls-Royce was supplied with combined heat and power gas generators in 250-550-kilowatt power range.

Market Segmentation

Segmentation by Fuel Type

Natural Gas
Special Gas
Others (producer gas, coal gas, and propane gas)

Segmentation by Power Output

5-1 MW
1-2 MW
2-5 MW
5-10 MW
10-20 MW

Segmentation by Application

Power Generation
Cogeneration
Mechanical Drive
Others (trigeneration, quad generation, greenhouse operations, and renewable energy)

Segmentation by End-User

Utilities
Oil & Gas
Manufacturing
Others (commercial complex, hospitals, and greenhouse operators)

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.