Gas Engine Market Report 2023: Industry Overview, Size, Share, Growth & Forecast till 2028

Global Gas Engine Market Overview 2023-2028

The global gas engine market size reached US$ 5.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

A gas engine, also known as an internal combustion engine, operates by converting the energy stored in fuel into mechanical energy through the process of combustion. This occurs when a mixture of air and fuel is ignited within a combustion chamber, producing power. Gas engines are renowned for their reliability, efficiency, and versatility in meeting diverse power needs. They find widespread use in automobiles, light trucks, medium-to-large motorcycles, and lawnmowers. Moreover, their exceptional dependability, cost-effectiveness, and efficiency compared to traditional alternatives have led to extensive utilization in various industrial sectors. These engines are employed for power generation, transportation, and operating machinery due to their superior performance.

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Global Gas Engine Market Trends and Drivers

Rapid global population growth has resulted in an increased demand for cleaner and more reliable energy solutions. Consequently, gas engines have gained widespread acceptance. Industries are striving to minimize their environmental impact and comply with stringent emissions regulations, leading them to favor gas engines over traditional fossil fuel-based engines. Moreover, the growing focus on energy efficiency and sustainability has fueled the demand for gas engines in combined heat and power (CHP) systems.

The integration of gas engines into CHP systems offers significant advantages, including reduced energy waste, lower operational costs, and decreased reliance on grid electricity. As a result, the manufacturing industry, in its pursuit of improved energy efficiency and enhanced sustainability credentials, is widely adopting CHP systems with gas engines, thus driving market growth.

Global Gas Engine Market 2023-2028 Analysis and Segmentation:

Top Key Players covered in this report are: Caterpillar Inc., China Yuchai International Limited, Cummins Inc., Doosan Corporation, General Electric Company, Hyundai Heavy Industries Co. Ltd., JFE Holdings Inc., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Volkswagen AG and Wärtsilä Oyj Abp

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The report segmented the market on the basis of region, fuel type, power output, application and industry vertical.

Breakup by Fuel Type:

Natural Gas
Special Gas
Others

Breakup by Power Output:

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

Breakup by Application:

Mechanical Drive
Power Generation
Cogeneration
Others

Breakup by Industry Vertical:

Utilities
Manufacturing
Oil and Gas
Mining
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

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If you want the latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.