Global Gas Engines Market Segments 2024, Forecast To 2033
5 Mar, 2024
The gas engines market has demonstrated strong growth, progressing from $4.97 billion in 2023 to $5.24 billion in 2024, with a 5.4% CAGR. Growth drivers include growing energy demand, natural gas abundance, environmental regulations, decentralized energy generation, industrial applications, and flexibility and fast start-up. Looking ahead, the market is expected to see strong growth, reaching $6.44 billion in 2028 with a 5.3% CAGR. Factors contributing to this growth include the transition to renewable energy, increased focus on distributed generation, economic viability, rural electrification, cogeneration in commercial buildings, and retrofitting existing infrastructure. Major trends include digitalization and smart controls, emissions reduction technologies, LNG-powered engines, energy storage integration, and hydrogen-powered gas engines.
Global Gas Engines Market Key Driver
The gas engine market is set to grow with the rising usage of natural gas for power generation. Natural gas-fired electricity generation increased by about 3% in 2021. The modularity and cost-efficiency of gas engines make them optimal for steady power requirements, contributing to the growth of the gas engine market.
Get A Free Sample Of The Global Gas Engines Market ReportGlobal Gas Engines Market Segments
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
By Geography: The regions covered in the anti inflammatory therapeutics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions.
North America was the largest region in the gas engines market in 2023. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Gas Engines Industry Players
Caterpillar Inc.; Cummins Inc.; Siemens AG; Wartsila Oyj Abp; Mitsubishi Heavy Industries Ltd.; Hyundai Heavy Industries Co. Ltd.; Maschinenfabrik Augsburg-Nürnberg AG; General Electric Company; Kawasaki Heavy Industries Ltd.; Japan Future Enterprise Engineering Corporation; Liebherr-International AG; Kohler Co.; Yanmar Co. Ltd.; Perkins Engines Company Limited; Doosan Group; Rolls-Royce plc; 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; Koki Holdings Co Ltd.; Generac Power Systems Inc.; Robert Bosch GmbH
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AIOps Gas Engines Market Overview
A gas engine refers to an internal combustion engine that burns gaseous fuels such as natural gas, and blast furnace gas for producing gas. These are also used for renewable energy production, and grid balancing.
Gas Engines Global Market Report 2023 provides data on the global gas engines market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gas engines market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.