Gas Engine Market: Current Analysis and Forecast (2021-2027)

Gas Engine Market: Current Analysis and Forecast (2021-2027)

The Global Gas engine market is expected to grow at a CAGR of more than 4.5% during the forecast period (2021-2027). The gas engine market is growing at a flourishing rate and is expected to witness significant growth during the forecasted period. Factors that are supporting its growth such as increasing demand for efficient and low carbon engines along with technological advancements, companies are investing and adopting advanced small gas engines that require low maintenance and reduced product costs catering to the market demand. Cummins Inc., Mitsubishi Heavy Industries, Ltd., Rolls-Royce plc, Volkswagen AG, Wärtsilä, Kohler Co., Yanmar Co Ltd., Hyundai Heavy Industries Co., Ltd., China Yuchai International Limited, Siemens. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst fuel type, natural gas segment holds the major share”

Based on fuel type, the gas engine market is classified into natural gas, special gas, and others. The natural gas segment caters to extensive market share in the gas engine market and is predicted to be the fastest-growing segment in the forecasted period. It is mainly owing to the cleanest burning fossil fuel and produces less carbon emission compared to other fuels. Hence, escalating its market demand in the gas engine market.
"Amongst power output, 1-2 MW segment holds the major share”

Based on power output, the gas engine market is categorized into 0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, and Above 15 MW. The 1-2 MW segment caters to a significant market share in the gas engine market. As these generators are mainly used in cogeneration systems and power generation. In cogeneration, engines produce power along with energy for space heating and water heating, which enables energy savings of up to 60%.
"Amongst end-user, utility segment holds the major share”

Based on end-user, the gas engine market is classified into utilities, marine, oil & gas, manufacturing, and others. The utility segment caters to a considerable share of the gas engine market. The power produced by utilities can power local facilities or be exported to local electricity grids. Factors such as the increasing shift towards gas-fired power plants from coal-fired power plants to reduce the emission of greenhouse gases to comply with government-imposed carbon and emission regulations are accentuating the market size of a gas engine.
"Asia Pacific represents one of the extensive market shares of global Gas Engine Market”

For a better understanding of the market dynamics of the global gas engine. The Asia Pacific is anticipated to witness the highest growth rate during the forecast period, owing to the soaring electricity demand for electricity coupled with many countries constantly focusing on adopting clean and reliable energy sources are escalating the market size of the gas engine.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.