Gas Engines Market Size, Share, Growth Analysis, By Fuel Type(Natural Gas, Special Gas, Others), By Power Output(0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW), By Application(Power Generation, Mechanical Drive, Cogeneration, Others), By End-User(Utilities, Marine, Oil & Gas, Manufacturing), By Region - Industry Forecast 2024-2031

Gas Engines Market size was valued at USD 4.71 billion in 2019 and is poised to grow from USD 4.91 billion in 2023 to USD 6.37 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

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.