USD 4.2 billion
Report ID:
SQSG25A2002 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|Tables:
122
|Figures:
77
Gas Engines Market size was valued at USD 4.91 Billion in 2023 and is poised to grow from USD 5.12 Billion in 2024 to USD 6.64 Billion by 2032, growing at a CAGR of 4.2% during the forecast period (2025-2032).
A gas engine is a form of heat engine. It is an internal combustion engine that runs on fuels such as natural gas, landfill gas, biogas, and propane. It also runs on gasoline and diesel. It has exceptional durability and drivability. This engine is more typically used in automobiles. Gas engines have cheap operating and maintenance costs. They are utilized in applications such as cogeneration, power generation, and mechanical drive.
Gas engines are extremely efficient and dependable. One of the primary factors driving the growth of the gas engine market is the rapid increase in demand for power production technology that is effective, efficient, and does not have a detrimental impact on the environment. Furthermore, rigorous emission regulations, such as minimal carbon footprint, are a driving force in the growth of the gas engine market. Natural gas has been the market leader in all types of gas engine categories in terms of fuel type. It is employed in base load power generation as well as combined heat and power applications. The utilities category accounts for the lion's share of the market in terms of end users.
The COVID-19 pandemic wreaked havoc on the global economy. Its impact on various business sectors, including manufacturing, oil and gas, aviation, and hospitality, has been obvious and unparalleled. Following the epidemic, measures such as lockdowns and limitations have caused economies all across the world to stutter. They have further disrupted supply lines, pushed back projects, and caused a labor shortage. The renewable sector in numerous countries is heavily reliant on imports from other regions, notably China. Around 60% of engines and generator sets are manufactured in the United States and sent all over the world. Project developers of gas-powered engines around the world are concerned about project delays due to a slowdown in production in the United States. Major suppliers are also experiencing production delays as a result of COVID-19, resulting in a massive backlog for completing orders. These obstacles are projected to stifle gas engines market growth during the forecast period.
US Gas Engines Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.2 billion
Largest Segment
Natural Gas
Fastest Growth
Natural Gas
Growth Rate
3.8% CAGR
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Global Gas Engines Market is segmented by fuel type, power output, application, end use and region. Based on fuel type, the market is segmented into natural gas and special gas. Based on power output, the market is segmented into 500-999 KW, 1000-4999 KW, 5000-9999 KW, 10000-19999 KW, 20000 KW & Above. Based on application, the market is segmented into power generation, mechanical drive, cogeneration and others. Based on end use, the market is segmented into utilities, oil & gas, manufacturing, commercial complexes, wastewater treatment plants, hospitals and greenhouse operators. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Gas Engines Market Analysis by Fuel Type
In 2021, the natural gas segment dominated the gas engines market and a similar trend is expected to continue in the near future. Natural gas is mostly used in gas engines for electricity generation since it burns cleaner and emits less carbon than other forms of fuel. It also emits minor levels of nitrogen oxide, sulfur dioxide, and particulate matter. Utilities are the major end-users of natural gas-powered engines. Natural gas engines are widely used in industrial and commercial cogeneration. The United States, Russia, the United Kingdom, France, Germany, China, and Canada are strengthening their natural gas distribution networks, which is likely to increase the demand for gas engines. Many gas distribution companies offer natural gas capsules for remote installations where gas distribution networks are inaccessible. During the forecast period, the natural gas segment of the gas engine market is likely to be driven by falling natural gas prices and improved gas distribution networks.
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North America accounted for the majority of the gas engines market in 2021, and this is likely to continue during the forecast period since natural gas-fired power is widely distributed across the country. According to the 2018 Annual Energy Outlook for the United States, natural gas-powered engines are expected to account for more than 35% of total electricity generation by 2050. Europe is also a significant region in the global market for gas engines. The bulk of European countries has consistently frigid weather. As a result, they require heat for both home and commercial spaces, resulting in high demand for cogeneration applications.
The Asia Pacific region is expected to be the fastest-growing region in the worldwide gas engine market. The rising demand for electricity in the region is likely to drive the region's growth. Many countries, like India, Japan, and South Korea, are continually focused on the adoption of clean and dependable energy sources. During the projected period, these factors are expected to fuel market expansion across the region. Latin America has the potential for growth as a result of new investment initiatives and innovations. At the same time, governments and a slew of other businesses are intending to invest in the building, expansion, and modernization of power plants.
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Gas Engines Market Driver
Gas Engines Market Restraint
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The market for gas engines is moderately fragmented. General Electric Company, Rolls-Royce Holdings PLC, Wartsila Oyj Abp, Caterpillar Inc., and Cummins Inc. are among the prominent competitors in this industry.
Gas Engines Market Top Player’s Company Profiles
Gas Engines Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the above 15 MW segment held the largest share of the gas engines market in terms of power output in 2021 and is expected to maintain its dominance in the coming years. The segment above 15 MW serves the power utilities and propulsion industries. These engines play a critical role in assisting major global economies in developing a more sustainable energy system by providing a dependable and relatively cleaner alternative. When used in island-type configurations, these engines can supplement major power plants and help avoid blackouts. Furthermore, these engines are becoming more useful in the marine industry for propulsion. Strict maritime regulations restricting the emission of sulfur and other pollutants are driving the use of gas engines with capacities greater than 15 MW to power the world's shipping fleet.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 4.91 Billion |
Market size value in 2032 | USD 6.64 Billion |
Growth Rate | 4.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Gas Engines Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Gas Engines Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Gas Engines Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Gas Engines Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQSG25A2002
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