NEW YORK, Jan. 16, 2024 /PRNewswire/ — The gas engine market is estimated to grow by USD 2.17 billion from 2022 to 2027, growing at a CAGR of 6.32%. The gas engine market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer gas engine market are Caterpillar Inc., Cummins Inc., DEUTZ AG, Guangxi Yuchai Machinery Group Co. Ltd., Hyundai Heavy Industries Co. Ltd., INNIO Jenbacher GmbH and Co. OG, JFE Engineering Corp., Kawasaki Heavy Industries Ltd., Kohler Co., Liebherr International AG, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd., NGV Global Group, Rolls Royce Holdings Plc, Siemens Energy AG, Sinotruk Hong Kong Ltd., Volkswagen AG, WeiChai Holding Group Co. Ltd., Yanmar Holdings Co. Ltd., and Wartsila Corp. For additional data on Market Size (2017) Historic Year, Market Size – Forecasted Year, Historic Opportunity (2017-2021), Historic CAGR, Forecasted Opportunity (2023-2027), Market Opportunity Transformation Growth, and Market Opportunity Capitalization. Download a Free Sample before buying
Technavio has announced its latest market research report titled Global Gas Engine Market 2023-2027
Company Offering:
Caterpillar Inc. – The company offers gas engines such as G3520J, G3304B, G3306B, and G3406.
Cummins Inc. – The company offers gas engines such as 15L X15N, and ISX12N.
Guangxi Yuchai Machinery Group Co. Ltd. – The company offers gas engines such as the YC4G Series, YC6J Series, YC6G Series, and YC6MK Series.
For details on companies and their offerings – Buy the report!
By Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. Europe will have the largest share of the market. The region will contribute 42% to the growth of the global market during the forecast period. The European market holds immense potential for extensive deployment of high-efficiency gas engines across diverse applications. As hydrogen and natural-gas-based technologies align with emission reduction goals, government support for cleaner energy initiatives accelerates industry expansion. Companies, like Cummins, spearhead hydrogen-based combustion engine development, backed by government funding, marking a pivotal step towards decarbonizing transportation and propelling regional market growth. Download a free sample report to get more insights on the market share of various regions and the contribution of the segments.
Impactful driver- Expanding gas generator market
Key Trend – Emergence of dual-fuel engines
Major Challenges – Efficiency problems
Market Segmentation
The power generation segment will contribute the largest share of the market. This segment encompasses gas engine utilization in power generation among diverse end-users like power plant operators, and industrial, commercial, and residential sectors. Technological advancements have enabled highly reliable products, offering efficiencies from 25% to 90%. Lean-burn technology in gas engines reduces carbon emissions during power generation. Increased efficiency translates to reduced fuel consumption, emissions, and operational costs per unit of energy generated. The emergence of high-efficiency engines, capable of up to 20 MW output, has bolstered gas engine adoption in power generation. Growing investments in gas-fired power plants and completed expansion projects are expected to drive natural gas engine demand from power plants, fostering segment growth.
Technavio Research experts have provided more insights on the market share of segments – View a Free Sample Report
The gas engine market, encompassing Natural Gas, Diesel, Biogas, CNG, LNG, and Renewable Natural Gas (RNG) engines, is evolving rapidly, driven by advancements in technology and environmental regulations. These engines, ranging from stationary and portable to automotive and industrial types, are increasingly used in power generation, including Combined Heat and Power (CHP) systems, and in applications like microgrid solutions and remote power generation. Dual Fuel and Dual Fuel engines, along with advances in engine control and fuel injection systems, turbocharging, and exhaust gas treatment, are enhancing energy efficiency and emissions reduction. The integration of these engines with smart grids, distributed energy resources (DER), and energy storage solutions, along with the adoption of gas turbines and generator sets, is shaping the market. Gas engine maintenance, emission monitoring, and waste heat recovery are also key aspects. The market is poised for growth, influenced by trends in energy efficiency, renewable integration, and the need for reliable power solutions in diverse sectors.
Related Reports:
The automotive engine market is estimated to decline at a CAGR of 3.43% between 2022 and 2027. The size of the market is forecast to increase by 14.23 million units.
The two-wheeler engine market is estimated to grow at a CAGR of 6.82% between 2022 and 2027. The size of the market is forecast to increase by 24.64 million units.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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