Global Gas Engines Market Projected to Grow at 5.2% CAGR, Reaching $6.58 Billion by 2029

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What Will the Gas Engines Industry Market Size Be by 2025?
In the past few years, there has been a consistent growth in the size of the gas engines market. It is anticipated that this market will see an increase from $5.19 billion in 2024 to $5.38 billion in 2025, with a compound annual growth rate (CAGR) of 3.5%. Factors such as increased energy requirements, plentiful natural gas resources, environmental regulations, decentralized energy production, industrial applications, and fast start-up and flexibility contribute to the growth during the historical period.

What's the Long-Term Growth Forecast for the Gas Engines Market Size Through 2029?
In the coming years, we can expect significant expansion of the gas engines market. It is projected to reach a value of $6.58 billion by 2029, growing at a compound annual growth rate of 5.2%. The anticipated growth for this period is due to factors such as shifting towards renewable energy, heightened focus on distributed generation, cost-effectiveness, rural electrification, the use of cogeneration in commercial buildings, and the retrofitting of existing infrastructure. The forecast period will also see trends such as digitalization and smart controls, the development of technologies to reduce emissions, the use of LNG-powered engines, integration of energy storage, and the advent of hydrogen-powered gas engines.

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What Are the Key Growth Drivers Fueling the Gas Engines Market Expansion?
The escalation in the utilization of natural gas for power creation is predicted to foster the expansion of the gas engine market in the future. Power creation is the electricity generated through different elements such as fossil fuels, nuclear power stations, and hydropower which encompasses electricity produced in facilities that include combined heat and power as well as electricity-only facilities. The modular nature and considerable cost efficiency of gas engines make them an ideal solution for constant power requirements. Consequently, heightened utilization of natural gas for power creation augments the demand in the gas engine market. For example, in December 2023, the International Energy Agency, an energy authority based in France, released data showing that on August 28, 2023, natural gas accounted for over half of the electricity needs of the U.S. for the first time, its contribution to the summertime power mix increased from 40% to 45% over the previous two years. Therefore, the escalating use of natural gas in power creation fuels growth in the gas engine market.

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What Are the Key Trends Driving Gas Engines Market Growth?
The primary trend growing in popularity within the gas engine market is technological advancement. Strategic use of new technologies to boost gas engine performance and meet contemporary energy demands is a focal point for major market players. Illustrating this, in November 2022, The Weichai Group, a company based in China that produces diesel and gas engines, launched the world's first commercial natural gas engine. This engine, with a brake thermal efficiency (BTE) of 54.16% harnessed from Westport high-pressure direct injection (HPDI) technology, marks a technical upgrade with its deliberate use of low friction and high thermal efficiency technology, similar to what's found in diesel engines.

How Is the Gas Engines Market Segmented?
The gas enginesmarket 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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Which Companies Are Leading the Charge in Gas Engines Market Innovation?
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 Regions Are Leading the Global Gas Engines Market in Revenue?
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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