Press release
Global Gas Engines Market: Rising Demand, Significant Growth, and Key Trends through 2029
Gas Engines Market Share
What Is The Projected Market Size Of The Global Gas Engines Market And Its Growth Rate?
• The gas engines market has seen strong growth recently, growing from $5.19 billion in 2024 to $5.46 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%.
• The growth in the coming years is expected to remain robust, with the market anticipated to reach $6.8 billion in 2029 at a CAGR of 5.6%.
What Is Driving The Growth In The Gas Engines Market?
The gas engines market is expected to see substantial growth owing to the rising usage of natural gas for power generation. This increase is credited to the modularity and cost-efficiency of gas engines, which provide an optimal solution for steady power applications. For instance, as per the data from the International Energy Agency, natural gas supplied more than half of U.S. electricity demand for the first time on August 28, 2023, with its share of the summer power mix increasing from 40% to 45% over the past two years. This growth in gas use for power generation is supporting the gas engine market expansion.
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Who Are the Key Players Driving Gas Engines Market Growth?
• Caterpillar Inc.
• Cummins Inc.
• Wartsila Oyj Abp
• Mitsubishi Heavy Industries Ltd.
• Hyundai Heavy Industries Co. Ltd.
• Maschinenfabrik Augsburg-Nürnberg AG
• General Electric Company
• Kawasaki Heavy Industries Ltd.
• Liebherr-International AG
• Kohler Co.
• Yanmar Co. Ltd.
What Are The Key Trends In The Gas Engines Market?
• Increasing digitalization and smart controls.
• Development of emissions reduction technologies.
• Launch of LNG-powered engines.
• Integration of energy storage systems.
• Adoption of hydrogen-powered gas engines.
What Are The Segments Of The Global Gas Engines Market?
• By Fuel Type: Natural Gas, Special Gas, Other Fuel Types
• By Power Output: 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW
• By Application: Power Generation, Mechanical Drive, Cogenerations, Other Applications
• By End User: Utilities, Marine, Oil And Gas, Manufacturing, Other End Users
Which Region Leads The Gas Engines Market?
North America leads the gas engines market as of 2024. The regions analyzed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Gas Engines Market Global Market Report?
- Market Size Analysis: Analyze the Gas Engines Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Gas Engines Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Gas Engines Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Gas Engines Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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