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Gas Engines Market Size, Share, Trends Analysis, Key Drivers And Forecast To 2032
Gas Engines Market Analysis
The Business Research Company's Gas Engines Global Market Report 2023 identifies rising usage of natural gas for power generation as the major driver for the gas engines market's growth in the forecast period. Power generation refers to electricity produced by various factors such as fossil fuels, nuclear power plants, and hydropower that comprises electricity generated in combined heat and power and electricity-only facilities. The modularity and high cost-efficiency of gas engines provide an optimal solution for steady power requirements, as a result, the rising usage of natural gas for power generation increases the demand for the gas engine market.
The global gas engines market size is expected to grow from $4.74 billion in 2022 to $5.00 billion in 2023 at a compound annual growth rate (CAGR) of 5.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global gas engines market size is expected to reach $6.06 billion in 2027 at a CAGR of 4.9%.
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Major competitors in the gas engines market are Caterpillar Inc., Cummins Inc., Siemens AG, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd., Hyundai Heavy Industries Co. Ltd.
A key trend in the gas engines market includes technological advancement. Major players operating in the gas engine market are focusing on using new technologies to increase the performance of gas engines to meet modern energy and power needs. For instance, in November 2022, The Weichai Group, a China-based manufacturer of diesel and gas engines launched a commercial natural gas engine, which was the first in the world with brake thermal efficiency (BTE) of 54.16% based on Westport high-pressure direct injection (HPDI) technology. This unique natural gas engine has been upgraded technically, using low friction and high thermal efficiency technology that is also utilized in diesel engines.
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The gas engines market is segmented -
1) By Fuel Type: Natural Gas, Special Gas, Other Fuel Type
2) By Power Output: 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW
3) By Application: Power Generation, Mechanical Drive, Cogenerations, Other Applications
4) By End User: Utilities, Marine, Oil And Gas, Manufacturing, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the gas engines market.
The Business Research Company's "Global Gas Engines Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Gas Engines Market Include:
1. Executive Summary
2. Gas Engines Market Characteristics
3. Gas Engines Market Trends And Strategies
4. Gas Engines Market - Macro Economic Scenario
5. Gas Engines Market Size And Growth
……….
26. Africa Gas Engines Market
27. Gas Engines Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Gas Engines Market
29. Gas Engines Market Future Outlook and Potential Analysis
30. Appendix
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