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Key Factor Supporting Gas Engines Market Development in 2025: Surging Natural Gas Utilization In Power Generation Fuels Growth Of The Gas Engine Market
Gas Engines Market
How Large Will the Gas Engines Market Size By 2025?
The size of the gas engines market has seen impressive growth in the past few years. It is expected to increase from $5.19 billion in 2024 to $5.46 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.1%. The historical growth can be attributed to factors such as the rising energy demand, plentiful natural gas resources, environmental regulations, decentralized energy generation, industrial applications, along with flexibility and quick startup.
How Big Is the Gas Engines Market Size Expected to Grow by 2029?
The market size for gas engines is projected to witness considerable expansion in the coming years. The market is set to rise to $6.8 billion in 2029 at a CAGR of 5.6%. Factors contributing to this growth in the projected period include shifts towards renewable energy, increasing emphasis on distributed generation, financial feasibility, rural electrification, integration of cogeneration in commercial structures, and refreshment of the current infrastructure. During the forecast period, digitalization and smart controls, technologies reducing emissions, gas engines powered by LNG, incorporation of energy storage, and gas engines run on hydrogen will emerge as major trends.
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Which Key Market Drivers Powering Gas Engines Market Expansion and Growth?
The growth of the gas engine market is set to be driven by the increased use of natural gas in power generation. When referring to power generation, it encompasses electricity produced by various sources including fossil fuels, nuclear power plants, and hydropower; this includes electricity produced in combined heat and power, and electricity-only facilities. Gas engines are a popular choice due to their modularity and high cost-efficiency, making them an excellent solution for consistent power needs. This boost in the utilization of natural gas for power generation leads to a surge in the demand for the gas engine market. For example, the International Energy Agency, based in France, reported in December 2023 that for the first time on August 28, 2023, natural gas accounted for more than half of the U.S. electricity demand. Over the prior two years, its contribution to the summer power mix had increased from 40% to 45%. Consequently, this increased use of natural gas for power generation propels the growth of the gas engine market.
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Which Fast-Growing Trends Are Poised to Disrupt the Gas Engines Market?
The primary trend gaining traction in the gas engine market is technological innovation. Major market participants are adopting new technologies to enhance the performance of gas engines to meet contemporary power and energy requirements. For instance, in November 2022, The Weichai Group, a company based in China that manufactures diesel and gas engines, introduced a commercial natural gas engine. This engine, the first of its kind globally, boasted a brake thermal efficiency (BTE) of 54.16% utilizing the Westport high-pressure direct injection (HPDI) technology. This distinctive natural gas engine has undergone technical enhancements, incorporating high thermal efficiency and low friction technology, typical features in diesel engines.
What Are the Emerging Segments in the Gas Engines Market?
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
Subsegments:
1) By Natural Gas: Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG)
2) By Special Gas: Biogas, Landfill Gas, Synthesis Gas
3) By Other Fuel Types: Propane, Hydrogen
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Who Are the Global Leaders in the Gas Engines Market?
Major companies operating in the gas engines market include 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., Perkins Engines Company Limited, Doosan Group, 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, Generac Power Systems Inc.
Which are the Top Profitable Regional Markets for the Gas Engines Industry?
North America was the largest region in the gas engines market in 2024. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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