Press release
Competitive Landscape of Gas Engine Market
Gas Engine Market
Gas Engine Market is forecasted to reach USD 7.74 Bn by 2032. This growth is primarily driven by rising electricity demand, the global transition to cleaner energy sources, and increased adoption of gas engines in combined heat and power (CHP) systems across industries.
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Market to Hit USD 7.74 Bn by 2032
Gas Engine Market was USD 4.81 Bn in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 6.12% from 2025 to 2032, reaching USD 7.74 Bn by 2032. European gas engine market, which made up 28.5% of global sales, was valued at USD 1.37 billion. An important change in the sector is being driven by stricter pollution laws and environmental efforts. As North America, Europe, and developing countries switch from coal-based to gas-based energy infrastructure, adoption is quickening. In 2024, gas engines were responsible for over 20% of global distributed power generation; by 2030, that percentage is expected to rise to over 30%. Innovation is occurring at a rapid pace. The latest G3500 series from Caterpillar offers 8% fuel savings over traditional models, while INNIO unveiled hydrogen-ready engines with electrical efficiency of over 50% in Q1 2025.
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Market Segmentation
By Fuel Type: Because of its plentiful worldwide supply and cleaner combustion, natural gas is expected to have a 62.4% market share in 2024. 41% of the 4,037 billion cubic meters of natural gas consumed worldwide in 2023 came from the electricity industry.
By End-User: With 39.8% of market revenue in 2024, power generation continues to be the largest end-user sector. The flexibility and quicker ramp-up times of gas engines over steam turbines are responsible for this supremacy.
Market Regional Analysis
North America, represented 36.2% of the revenue generated by the worldwide gas engine market in 2024, with the United States dominating the field thanks to its strong shale gas infrastructure and supportive policies. The area has more than 500 GW of installed natural gas-fired capacity, and gas engines are essential to dispersed power systems.
Europe, accounted for 28.5% of the 2024 gas engine market. The use of gas engines in flexible generation and biogas applications is being led by Germany, the United Kingdom, and the Netherlands. More than 5,800 CHP units, many of which are driven by high-efficiency gas engines, are in service in Germany alone.
Asia-Pacific, is the regional market with the quickest rate of growth, expected to expand at a compound annual growth rate (CAGR) of 7.8% over the projection period. The number of gas-based captive power projects in India has increased by 15% annually as a result of industrialization and urbanization.
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Market Competitive Landscapes
Caterpillar Inc. (Revenue: USD 67.1 Billion, 2023), in Jan 2025: Expanded its natural gas engine offerings to include AI-based predictive maintenance systems for improved uptime.
Wartsila Corporation (Revenue: USD 6.1 Billion, 2023), in Feb 2025: Partnered with Siemens to develop hybrid engine + battery power plants in Germany.
Rolls-Royce Holdings plc. (Power Systems Segment Revenue: USD 4.9 Billion, 2024), in Dec 2024: Launch of mtu gas engines optimized for hybrid operations with renewables.
Cummins Inc. (Revenue: USD 34 Billion, 2023), in Nov 2024: Investment in RNG engine development for Southeast Asia; secured a government contract in the Philippines.
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Market Recent Trends and Developments
Digital twin and AI integration improving engine lifecycle by 20-30%.
Hydrogen blending tested successfully at 20% mix in multiple European plants.
Biogas utilization up by 11% globally in 2024, mainly from waste-to-energy initiatives.
Governments offering carbon credits and tax rebates for switching from diesel to gas.
Conclusion
To increase innovation and revenue share, industry leaders like Caterpillar, INNIO, and Wartsila are investing in smart grid integration and hydrogen-ready engines.
Regional and international demand is being fueled by government incentives like the US $1 billion infrastructure initiative and the EU decarbonization objectives.
Three major trends that are anticipated to influence the market starting in 2025 are technological developments in biogas, RNG, and hybrid engines.
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