Global Gas Engine Market to Reach US$ 8.0 Billion by 2032, Fueled by Rising Demand for Clean and Sustainable Energy Solutions

August 24, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled “Gas Engine Market Report by Fuel Type (Natural Gas, Special Gas, and Others), Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, 10-20 MW), Application (Mechanical Drive, Power Generation, Cogeneration, and Others), Industry Vertical (Utilities, Manufacturing, Oil and Gas, Mining, and Others), and Region 2024-2032,” the global gas engine market size reached US$ 5.6 Billion in 2023. A gas engine refers to a type of internal combustion engine that utilizes natural gas, biogas, or other gaseous fuels as its primary source of energy. These engines operate on the principle of converting the energy discharged from the combustion of fuel into mechanical energy, which can be used to power various applications. Gas engines find widespread usage across different industries and applications, including power generation, cogeneration, and transportation. In the power generation sector, gas engines are employed in stationary power plants to produce electricity efficiently. Cogeneration facilities utilize gas engines to generate electricity while capturing and utilizing waste heat for industrial processes or district heating, maximizing energy efficiency. In transportation, gas engines power buses and other vehicles, providing an alternative to conventional gasoline or diesel engines and contributing to reduced emissions and environmental impact.

Global Gas Engine Market Trends:

The global gas engine market is experiencing rapid expansion, driven by the increasing demand for cleaner and more sustainable energy sources. As businesses and industries seek to reduce their carbon footprint and comply with stringent environmental regulations, gas engines emerge as an attractive option for power generation and transportation. Moreover, natural gas and biogas, the primary fuels for gas engines, produce lower emissions of greenhouse gases and air pollutants compared to conventional fossil fuels, making them a viable choice for environmentally conscious entities. In addition to this, the growing need for efficient and decentralized power generation solutions is boosting the demand for gas engines. In remote or off-grid areas, gas engines offer a reliable and cost-effective means of producing electricity. Their ability to provide electricity independently or in combination with renewable energy sources, including solar or wind power, enhances energy security and resilience in such locations. Furthermore, the growing emphasis on distributed energy generation and combined heat and power (CHP) systems is impelling the adoption of gas engines. Besides this, significant advancements in gas engine technology and innovations in fuel utilization and performance are propelling the market growth. Looking forward, the market value is projected to reach US$ 8.0 Billion by 2032, expanding at a CAGR of 4% during 2024-2032.

Market Summary:

  • On the basis of the fuel type, the market has been divided into natural, special, and other gas.
  • Based on the power output, the market is classified into 0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, and 10-20 MW.
  • On the basis of the application, the market has been segregated into mechanical drive, power generation, cogeneration, and others.
  • Based on the industry vertical, the market is categorized into utilities, manufacturing, oil and gas, mining, and others.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Caterpillar Inc., China Yuchai International Limited, Cummins Inc., Doosan Corporation, General Electric Company, Hyundai Heavy Industries Co. Ltd., JFE Holdings Inc., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Volkswagen AG and Wärtsilä Oyj Abp.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Fuel Type, Power Output, Application, Industry Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Caterpillar Inc., China Yuchai International Limited, Cummins Inc., Doosan Corporation, General Electric Company, Hyundai Heavy Industries Co. Ltd., JFE Holdings Inc., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Volkswagen AG and Wärtsilä Oyj Abp
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Global Gas Engine Market to Reach US$ 8.0 Billion by 2032, Fueled by Rising Demand for Clean and Sustainable Energy Solutions
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