Press release
Gas Engines Market Size, Share, Growth, Forecast 2024 To 2033
Gas Engines Market
The gas engines market size is expected to see strong growth in the next few years. It will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to transition to renewable energy, increased focus on distributed generation, economic viability, rural electrification, cogeneration in commercial buildings, retrofitting existing infrastructure.. Major trends in the forecast period include digitalization and smart controls, emissions reduction technologies, lng-powered engines, energy storage integration, hydrogen-powered gas engines..
Market Overview -
A gas engine refers to an internal combustion engine that burns gaseous fuels such as natural gas, and blast furnace gas for producing gas. These are also used for renewable energy production, and grid balancing.
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Surging Natural Gas Utilization In Power Generation Fuels Growth Of The Gas Engine Market
The rising usage of natural gas for power generation is expected to propel the growth of the gas engine market going forward. 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. For instance, in September 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the amount of natural gas-fired electricity generated increased by about 3% in 2021 compared to the previous year. Therefore, the rising usage of natural gas for power generation drives the gas engine market.
Competitive Landscape -
Major companies operating in the gas engines market report are Caterpillar Inc., Cummins Inc., Siemens AG, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd., Hyundai Heavy Industries Co. Ltd., Maschinenfabrik Augsburg-Nürnberg AG, General Electric Company, Kawasaki Heavy Industries Ltd., Japan Future Enterprise Engineering Corporation, Liebherr-International AG, Kohler Co., Yanmar Co. Ltd., Perkins Engines Company Limited, Doosan Group, Rolls-Royce plc, INNIO Jenbacher GmbH & Co. OG, Deutz AG, Guascor Power, Dresser-Rand, Motoren- und Turbinen-Union Friedrichshafen GmbH, Fairbanks Morse LLC, Jinan Lvneng Power Machinery Equipment Co. Ltd., Ningbo C.S.I. Power & Machinery Group Co. Ltd., Baudouin, CNPC Jichai Power Complex, Googol Engine Tech Co. Ltd., Liquid Combustion Technology LLC, Lombardini Srl, Chongqing Winyou Power Co Ltd., Briggs & Stratton Corporation, Honda Motor Co Ltd., Yamaha Motor Corporation, KUBOTA Corporation, Koki Holdings Co Ltd., Generac Power Systems Inc., Robert Bosch GmbH .
Technological Advancements Driving Innovation In Gas Engine Market
Technological advancement is the key trend gaining popularity in the gas engine market. 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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Key Segments -
The gas engines market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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