Gas Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Gas Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global gas engine market size reached US$ 5.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.

Gas engines refer to internal combustion engines that operate on various gaseous fuels, such as natural gas, coal gas, producer gas, and biogas. They consist of a fixed cylinder and a moving piston and are widely used as heavy-duty industrial engines capable of running at full load continuously. They can power automobiles, light trucks, medium-to-large motorcycles, and lawn mowers. Gas engines are more efficient, cost-effective, and reliable than their traditional counterparts that utilized an ignition source, such as a spark or small amount of pilot fuel. They also offer high electrical and thermal efficiency, low maintenance and operation costs, and environmental benefits. As a result, gas engines are rapidly gaining traction across numerous industries, including power generation, manufacturing, oil and gas, utilities, and transportation.

Gas Engine Market Trends:

The rising need for clean and efficient power generation technology represents the primary factor driving the market growth. Besides this, the escalating demand for electricity due to rapid industrialization and urbanization, growing population, and infrastructure development has accelerated the adoption of gas engines in electric utilities to handle peak load demand effectively. Additionally, governments of various countries are taking favorable initiatives, such as the implementation of stringent regulations, for minimizing greenhouse gas (GHG) emissions and air pollution. Along with this, the rising environmental concerns and the shifting preferences toward renewable energy sources among the masses are propelling the market growth. Furthermore, the leading manufacturers are making heavy investments in research and development (R&D) activities to launch innovative gas engines to meet the need for higher power outputs and diesel engine standards. Other factors, including the emerging applications in the aerospace industry, easy availability of natural gas, and growing focus toward gas engine-based power plants and distributed power generation, are also anticipated to create a positive market outlook in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global gas engine market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fuel type, power output, application and industry vertical.

Breakup by Fuel Type:

Natural Gas

Special Gas

Others

Breakup by Power Output:

0.5-1 MW

1-2 MW

2-5 MW

5-10 MW

10-20 MW

Breakup by Application:

Mechanical Drive

Power Generation

Cogeneration

Others

Breakup by Industry Vertical:

Utilities

Manufacturing

Oil and Gas

Mining

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles 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.

Key Questions Answered in This Report:

How has the global gas engine market performed so far and how will it perform in the coming years?

What has been the impact of COVID-19 on the global gas engine market?

What are the key regional markets?

What is the breakup of the market based on the fuel type?

What is the breakup of the market based on the power output?

What is the breakup of the market based on the application?

What is the breakup of the market based on the industry vertical?

What are the various stages in the value chain of the industry?

What are the key driving factors and challenges in the industry?

What is the structure of the global gas engine market and who are the key players?

What is the degree of competition in the industry?