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The global gas engine market size stood at USD 4.75 billion in 2023. The market is predicted to rise from USD 5.01 billion in 2024 to USD 8.08 billion by 2032, recording a CAGR of 6.16% from 2024 to 2032.
Fortune Business Insights™ presents this information in its report titled, “Gas Engine Market Size, Share & Industry Analysis, By Product Type (Natural Gas, Special Gas, & Other), By Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, and 10-20 MW), By Application (Power Generation, Mechanical Drive, Cogeneration, and Others) and Regional Forecast, 2024-2032”.
Gas engines are also known as combustion engines or internal combustion engines. These engines are well suited to distributed energy systems, such as Combined Heat and Power (CHP) applications, where they can offer both electricity and heat to local facilities. Increasing demand for clean and efficient power generation technology is projected to fuel market expansion in the coming years.
The COVID-19 pandemic had a detrimental effect on the gas engine market growth. Delayed production and delivery of these engines and related components during the pandemic hindered market expansion.
Rolls-Royce and EasyJet Finished the Ground Test of Project to Run a Modern Aero Engine on Hydrogen
In November 2022, Rolls-Royce and EasyJet finished the ground test of the project to run a modern aero engine on hydrogen, which is considered a big revolution in the aviation industry. The test was conducted on a converted Rolls-Royce AE 2100, which is a regional aircraft engine. It is a crucial step displaying hydrogen could be the future zero-carbon aviation fuel and is also a major part of the decarbonization strategy of Rolls-Royce and EasyJet.
Increasing Preference for Gas Engines Due to their High Reliability and Efficiency to Fuel Market Growth
The rising adoption of gas engines in the industrial and commercial sectors due to their stable and consistent electrical supply is projected to boost market expansion over the projected period. They operate continuously at maximum capacity in industrial and commercial sectors. Gas engines also have a high utilization rate, a quick startup, and a load efficiency that varies depending on the power demand. Increasing preference for these engines for power generation at both small and large scales, as they decrease dependency on the power grid and reduce greenhouse gas emissions compared to traditional diesel motors, is boosting market expansion.
On the other hand, the high maintenance costs of these engines are hampering market growth.
Increase in Product Offerings by Key Companies to Boost Market Development
Large and medium-sized regional players are focusing on offering a variety of products locally and nationally across the value chain. Several companies are actively operating in various countries to fulfill the specific needs of customers. Caterpillar Inc. is one of the top producers of gas engines, industrial gas turbines, and diesel-electric locomotives. It supports its customers in creating a better, more sustainable world and is engaged in contributing to a reduced carbon future.
Notable Industry Development
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/gas-engines-market-103928
List of the Companies Profiled in the Report:
Further Report Findings:
Table of Segmentation
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
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By Power Output
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By Application
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By Region
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