Gas Engines Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Gas Engine Market
The global gas engine market size was valued at USD 4.75 billion in 2023 and is projected to grow from USD 5.01 billion in 2024 to USD 8.08 billion by 2032, exhibiting a CAGR of 6.16% during the forecast period of 2024-2032.
The gas engine marketplace has skilled full-size impacts because of the pandemic, with disruptions in supply chains, challenge delays, and reduced investments in new installations. However, the marketplace has additionally witnessed extended calls for emergency energy generation and backup systems, riding a boom in sectors including healthcare and records centers, impeding the rise in gas engine market growth.
The driving elements for the gas engine marketplace encompass growing demand for an efficient strength era, increasing emphasis on purifier electricity sources, rising adoption of mixed heat and energy (CHP) structures, and increasing commercial and business sectors.
The gas engine marketplace is getting a boost from ample natural gas components. This effectively available gasoline, particularly abundant in some areas, makes it a price range-pleasant desire to power fuel engines, expanding the gas engine market share globally. Compared to alternatives, herbal gasoline reduces jogging expenses for gas engine operations. On the side of the rising call for efficient electricity generation, this monetary benefit is fueling an enormous increase within the gas engine marketplace.
Comprehensive Analysis of Gas Engine Market
The gas engine marketplace is segmented based on product type, power output, and alertness. In phrases of product type, natural gasoline dominates due to its accessibility and occasional emissions. Particular fuel engines cater to specialized packages. Among energy output segments, 1-2 MW engines are standard, mainly in the strength generation and cogeneration markets. In applications, cogeneration leads due to cost-effectiveness and power sustainability, selling efficient use of gasoline or warmness that could, in any other case, be wasted. Gas engines find applications in the strength era, mechanical force, cogeneration, and others, with cogeneration being the most prominent phase.
The North American region led the medical devices market by benefitting a size of USD 1.99 billion in 2023 due to a shift towards using renewable gases, which include biogas, synthetic herbal fuel (SNG), and hydrogen, the market is witnessing a transition aligned with sustainable development dreams.
The leading players in the gas engine market significantly shape its growth trajectory and establish industry standards. These key players, including Cummins Inc. (U.S.), Wärtsilä (Finland), INNIO (Austria), Caterpillar Inc. (U.S.), Rolls-Royce PLC (U.K.), MAN Energy Solutions (Germany), Mitsubishi Heavy Industries Ltd. (Japan), Kawasaki Heavy Industries, Ltd. (Tokyo), Siemens Energy (Germany), NINGBO C.S.I. POWER AND MACHINERY GROUP CO., LTD. (China), IHI Power Systems Co., Ltd. (Japan), JFE Engineering Corporation (Japan), Hyundai Heavy Industry Co (South Korea), and Liebherr (Switzerland) contribute to a competitive landscape driving innovation and market advancement.
In November 2022, Mutares SE & Co. KGaA, a global funding organization, efficiently acquired Siemens Energy Engines S.A.U. And related belongings. The acquisition via Mutares includes the takeover of Siemens Energy Engines, a diesel and fuel gas engine manufacturer, to be rebranded as Guascor Energy.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.16% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Product Type
- Natural Gas
- Special Gas
- Other
By Power Output
- 0.5-1 MW
- 1-2 MW
- 2-5 MW
- 5-10 MW
- 10-20 MW
By Application
- Power Generation
- Mechanical Drive
- Cogeneration
- Others
By Region
- North America (By Product Type, Power Output, Application, and Country)
U.S. (By Application)
Canada (By Application)
- Europe (By Product Type, Power Output, Application, and Country)
Germany (By Application)
U.K. (By Application)
France (By Application)
Italy (By Application)
Spain (By Application)
Russia & CIS (By Application)
Rest of Europe (By Application)
- Asia Pacific (By Product Type, Power Output, Application, and Country)
China (By Application)
India (By Application)
Japan (By Application)
ASEAN (By Application)
South Korea (By Application)
Rest of Asia Pacific (By Application)
- Latin America (By Product Type, Power Output, Application, and Country)
Brazil (By Application)
Mexico (By Application)
Rest of Latin America (By Application)
- Middle East & Africa (By Product Type, Power Output, Application, and Country)
GCC (By Application)
South Africa (By Application)
Rest of MEA (By Application)
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions & Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Latest Technological Advancement
- 4.3. Insight on Regulatory Landscape
- 4.4. Porters Five Forces Analysis
- 4.5. Impact of COVID-19 on the Gas Engine Market
- 5. Global Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. Market Analysis, Insights, and Forecast – By Product Type
- 5.2.1. Natural Gas
- 5.2.2. Special Gas
- 5.2.3. Others
- 5.3. Market Analysis, Insights, and Forecast – By Power Output
- 5.3.1. 0.5-1 MW
- 5.3.2. 1-2 MW
- 5.3.3. 2-5 MW
- 5.3.4. 5-10 MW
- 5.3.5. 10-20 MW
- 5.4. Market Analysis, Insights, and Forecast – By Application
- 5.4.1. Power Generation
- 5.4.2. Mechanical Drive
- 5.4.3. Cogeneration
- 5.4.4. Others
- 5.5. Market Analysis, Insights, and Forecast – By Region
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. Market Analysis, Insights, and Forecast – By Product Type
- 6.2.1. Natural Gas
- 6.2.2. Special Gas
- 6.2.3. Others
- 6.3. Market Analysis, Insights, and Forecast – By Power Output
- 6.3.1. 0.5-1 MW
- 6.3.2. 1-2 MW
- 6.3.3. 2-5 MW
- 6.3.4. 5-10 MW
- 6.3.5. 10-20 MW
- 6.4. Market Analysis, Insights, and Forecast – By Application
- 6.4.1. Power Generation
- 6.4.2. Mechanical Drive
- 6.4.3. Cogeneration
- 6.4.4. Others
- 6.5. Market Analysis, Insights, and Forecast – By Country
- 6.5.1. U.S. Market Analysis, Insights, and Forecast – By Application
- 6.5.1.1. Power Generation
- 6.5.1.2. Mechanical Drive
- 6.5.1.3. Cogeneration
- 6.5.1.4. Others
- 6.5.2. Canada Market Analysis, Insights, and Forecast – By Application
- 6.5.2.1. Power Generation
- 6.5.2.2. Mechanical Drive
- 6.5.2.3. Cogeneration
- 6.5.2.4. Others
- 7. Europe Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. Market Analysis, Insights, and Forecast – By Product Type
- 7.2.1. Natural Gas
- 7.2.2. Special Gas
- 7.2.3. Others
- 7.3. Market Analysis, Insights, and Forecast – By Power Output
- 7.3.1. 0.5-1 MW
- 7.3.2. 1-2 MW
- 7.3.3. 2-5 MW
- 7.3.4. 5-10 MW
- 7.3.5. 10-20 MW
- 7.4. Market Analysis, Insights, and Forecast – By Application
- 7.4.1. Power Generation
- 7.4.2. Mechanical Drive
- 7.4.3. Cogeneration
- 7.4.4. Others
- 7.5. Market Analysis, Insights, and Forecast – By Country
- 7.5.1. U.K. Market Analysis, Insights, and Forecast – By Application
- 7.5.1.1. Power Generation
- 7.5.1.2. Mechanical Drive
- 7.5.1.3. Cogeneration
- 7.5.1.4. Others
- 7.5.2. Germany Market Analysis, Insights, and Forecast – By Application
- 7.5.2.1. Power Generation
- 7.5.2.2. Mechanical Drive
- 7.5.2.3. Cogeneration
- 7.5.2.4. Others
- 7.5.3. France Market Analysis, Insights, and Forecast – By Application
- 7.5.3.1. Power Generation
- 7.5.3.2. Mechanical Drive
- 7.5.3.3. Cogeneration
- 7.5.3.4. Others
- 7.5.4. Spain Market Analysis, Insights, and Forecast – By Application
- 7.5.4.1. Power Generation
- 7.5.4.2. Mechanical Drive
- 7.5.4.3. Cogeneration
- 7.5.4.4. Others
- 7.5.5. Italy Market Analysis, Insights, and Forecast – By Application
- 7.5.5.1. Power Generation
- 7.5.5.2. Mechanical Drive
- 7.5.5.3. Cogeneration
- 7.5.5.4. Others
- 7.5.6. Russia & CIS Market Analysis, Insights, and Forecast – By Application
- 7.5.6.1. Power Generation
- 7.5.6.2. Mechanical Drive
- 7.5.6.3. Cogeneration
- 7.5.6.4. Others
- 7.5.7. Rest of Europe Market Analysis, Insights, and Forecast – By Application
- 7.5.7.1. Power Generation
- 7.5.7.2. Mechanical Drive
- 7.5.7.3. Cogeneration
- 7.5.7.4. Others
- 8. Asia Pacific Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. Market Analysis, Insights, and Forecast – By Product Type
- 8.2.1. Natural Gas
- 8.2.2. Special Gas
- 8.2.3. Others
- 8.3. Market Analysis, Insights, and Forecast – By Power Output
- 8.3.1. 0.5-1 MW
- 8.3.2. 1-2 MW
- 8.3.3. 2-5 MW
- 8.3.4. 5-10 MW
- 8.3.5. 10-20 MW
- 8.4. Market Analysis, Insights, and Forecast – By Application
- 8.4.1. Power Generation
- 8.4.2. Mechanical Drive
- 8.4.3. Cogeneration
- 8.4.4. Others
- 8.5. Market Analysis, Insights, and Forecast – By Country
- 8.5.1. China Market Analysis, Insights, and Forecast – By Application
- 8.5.1.1. Power Generation
- 8.5.1.2. Mechanical Drive
- 8.5.1.3. Cogeneration
- 8.5.1.4. Others
- 8.5.2. India Market Analysis, Insights, and Forecast – By Application
- 8.5.2.1. Power Generation
- 8.5.2.2. Mechanical Drive
- 8.5.2.3. Cogeneration
- 8.5.2.4. Others
- 8.5.3. Japan Market Analysis, Insights, and Forecast – By Application
- 8.5.3.1. Power Generation
- 8.5.3.2. Mechanical Drive
- 8.5.3.3. Cogeneration
- 8.5.3.4. Others
- 8.5.4. ASEAN Market Analysis, Insights, and Forecast – By Application
- 8.5.4.1. Power Generation
- 8.5.4.2. Mechanical Drive
- 8.5.4.3. Cogeneration
- 8.5.4.4. Others
- 8.5.5. South Korea Market Analysis, Insights, and Forecast – By Application
- 8.5.5.1. Power Generation
- 8.5.5.2. Mechanical Drive
- 8.5.5.3. Cogeneration
- 8.5.5.4. Others
- 8.5.6. Rest of Asia Pacific Market Analysis, Insights, and Forecast – By Application
- 8.5.6.1. Power Generation
- 8.5.6.2. Mechanical Drive
- 8.5.6.3. Cogeneration
- 8.5.6.4. Others
- 9. Latin America Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. Market Analysis, Insights, and Forecast – By Product Type
- 9.2.1. Natural Gas
- 9.2.2. Special Gas
- 9.2.3. Others
- 9.3. Market Analysis, Insights, and Forecast – By Power Output
- 9.3.1. 0.5-1 MW
- 9.3.2. 1-2 MW
- 9.3.3. 2-5 MW
- 9.3.4. 5-10 MW
- 9.3.5. 10-20 MW
- 9.4. Market Analysis, Insights, and Forecast – By Application
- 9.4.1. Power Generation
- 9.4.2. Mechanical Drive
- 9.4.3. Cogeneration
- 9.4.4. Others
- 9.5. Market Analysis, Insights, and Forecast – By Country
- 9.5.1. Brazil Application Market Analysis, Insights, and Forecast – By Application
- 9.5.1.1. Power Generation
- 9.5.1.2. Mechanical Drive
- 9.5.1.3. Cogeneration
- 9.5.1.4. Others
- 9.5.2. Mexico Market Analysis, Insights, and Forecast – By Application
- 9.5.2.1. Power Generation
- 9.5.2.2. Mechanical Drive
- 9.5.2.3. Cogeneration
- 9.5.2.4. Others
- 9.5.3. Rest of Latin America Market Analysis, Insights, and Forecast – By Application
- 9.5.3.1. Power Generation
- 9.5.3.2. Mechanical Drive
- 9.5.3.3. Cogeneration
- 9.5.3.4. Others
- 10. Middle East & Africa Gas Engine Market (USD Billion) Analysis, Insights, and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. Market Analysis, Insights, and Forecast – By Product Type
- 10.2.1. Natural Gas
- 10.2.2. Special Gas
- 10.2.3. Others
- 10.3. Market Analysis, Insights, and Forecast – By Power Output
- 10.3.1. 0.5-1 MW
- 10.3.2. 1-2 MW
- 10.3.3. 2-5 MW
- 10.3.4. 5-10 MW
- 10.3.5. 10-20 MW
- 10.4. Market Analysis, Insights, and Forecast – By Application
- 10.4.1. Power Generation
- 10.4.2. Mechanical Drive
- 10.4.3. Cogeneration
- 10.4.4. Others
- 10.5. Market Analysis, Insights, and Forecast – By Country
- 10.5.1. GCC Market Analysis, Insights, and Forecast – By Application
- 10.5.1.1. Power Generation
- 10.5.1.2. Mechanical Drive
- 10.5.1.3. Cogeneration
- 10.5.1.4. Others
- 10.5.2. South Africa Market Analysis, Insights, and Forecast – By Application
- 10.5.2.1. Power Generation
- 10.5.2.2. Mechanical Drive
- 10.5.2.3. Cogeneration
- 10.5.2.4. Others
- 10.5.3. Rest of Middle East & Africa Market Analysis, Insights, and Forecast – By Application
- 10.5.3.1. Power Generation
- 10.5.3.2. Mechanical Drive
- 10.5.3.3. Cogeneration
- 10.5.3.4. Others
- 11. Competitive Analysis
- 11.1. Company Market Share Analysis, 2023
- 11.2. Company Profile
- 11.2.1. Cummins Inc.
- 11.2.1.1. Business Overview
- 11.2.1.2. Product and Service Offerings
- 11.2.1.3. Recent Developments
- 11.2.1.4. Financials (Based on Availability)
- 11.2.2. Wärtsilä
- 11.2.2.1. Business Overview
- 11.2.2.2. Product and Service Offerings
- 11.2.2.3. Recent Developments
- 11.2.2.4. Financials (Based on Availability)
- 11.2.3. INNIO
- 11.2.3.1. Business Overview
- 11.2.3.2. Product and Service Offerings
- 11.2.3.3. Recent Developments
- 11.2.3.4. Financials (Based on Availability)
- 11.2.4. Caterpillar Inc.
- 11.2.4.1. Business Overview
- 11.2.4.2. Product and Service Offerings
- 11.2.4.3. Recent Developments
- 11.2.4.4. Financials (Based on Availability)
- 11.2.5. Rolls-Royce PLC
- 11.2.5.1. Business Overview
- 11.2.5.2. Product and Service Offerings
- 11.2.5.3. Recent Developments
- 11.2.5.4. Financials (Based on Availability)
- 11.2.6. MAN Energy Solutions
- 11.2.6.1. Business Overview
- 11.2.6.2. Product and Service Offerings
- 11.2.6.3. Recent Developments
- 11.2.6.4. Financials (Based on Availability)
- 11.2.7. Siemens Energy
- 11.2.7.1. Business Overview
- 11.2.7.2. Product and Service Offerings
- 11.2.7.3. Recent Developments
- 11.2.7.4. Financials (Based on Availability)
- 11.2.8. Mitsubishi Heavy Industries Ltd
- 11.2.8.1. Business Overview
- 11.2.8.2. Product and Service Offerings
- 11.2.8.3. Recent Developments
- 11.2.8.4. Financials (Based on Availability)
- 11.2.9. Kawasaki Heavy Industries, Ltd
- 11.2.9.1. Business Overview
- 11.2.9.2. Product and Service Offerings
- 11.2.9.3. Recent Developments
- 11.2.9.4. Financials (Based on Availability)
- 11.2.10. NINGBO C.S.I. POWER AND MACHINERY GROUP CO., LTD.
- 11.2.10.1. Business Overview
- 11.2.10.2. Product and Service Offerings
- 11.2.10.3. Recent Developments
- 11.2.10.4. Financials (Based on Availability)
- 11.2.11. IHI Power Systems Co., Ltd
- 11.2.11.1. Business Overview
- 11.2.11.2. Product and Service Offerings
- 11.2.11.3. Recent Developments
- 11.2.11.4. Financials (Based on Availability)
- 11.2.12. JFE Engineering Corporation
- 11.2.12.1. Business Overview
- 11.2.12.2. Product and Service Offerings
- 11.2.12.3. Recent Developments
- 11.2.12.4. Financials (Based on Availability)
- 11.2.13. Hyundai Heavy Industry Co
- 11.2.13.1. Business Overview
- 11.2.13.2. Product and Service Offerings
- 11.2.13.3. Recent Developments
- 11.2.13.4. Financials (Based on Availability)
- 11.2.14. Liebherr
- 11.2.14.1. Business Overview
- 11.2.14.2. Product and Service Offerings
- 11.2.14.3. Recent Developments
- 11.2.14.4. Financials (Based on Availability)
- 11.2.15. R Schimtt Enertec GmbH
- 11.2.15.1. Business Overview
- 11.2.15.2. Product and Service Offerings
- 11.2.15.3. Recent Developments
- 11.2.15.4. Financials (Based on Availability)
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