Press release
Gas Engines Market Research Report 2024-2033: Demand, Growth, and Overview
Gas Engines Market Research
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Gas Engines Market 2024 Key Insights:
• The gas engines market will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Surging Natural Gas Utilization In Power Generation Fuels Growth Of The Gas Engine Market
• Technological Advancements Driving Innovation In Gas Engine Market
• North America was the largest region in the gas engines market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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