Press release
Renewable Energy Transition and Distributed Generation to Drive Gas Engines Market to $6.44 Billion by 2028
Gas Engines Market Report
Gas Engines Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $6.44 billion In 2028 At A CAGR Of 5.3%.
The gas engines market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to growing energy demand, natural gas abundance, environmental regulations, decentralized energy generation, industrial applications, flexibility and fast start-up.
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.
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Gas Engines Market Major 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 Driver - 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.
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Prominent Trend - 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.
Gas Engines Market Players
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 .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the gas engines market in 2023. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Gas Engines Market Report Structure
3. Gas Engines Market Trends And Strategies
4. Gas Engines Market - Macro Economic Scenario
5. Gas Engines Market Size And Growth
…..
27. Gas Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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