The Gas Engines by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Engines , 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.
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.
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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
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.
The gas engines market report table of contents includes:
1. Executive Summary
2. Gas Engines Market Characteristics
3. Gas Engines Market Trends And Strategies
4. Gas Engines Market – Macro Economic Scenario
5. Global Gas Engines Market Size and Growth
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26. South America Gas Engines Market
27. Brazil Gas Engines Market
28. Middle East Gas Engines Market
29. Africa Gas Engines Market
30. Gas Engines Market Competitive Landscape And Company Profiles
Top Major Players:
- Caterpillar Inc
- Cummins Inc
- Siemens AG
- Wartsila Oyj Abp
- Mitsubishi Heavy Industries Ltd.
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