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Gas Engine Market to Grow at Reach USD 8.08 Billion by 2032; Increasing Demand for Clean and Efficient Power Generation Technology to Propel Market Growth

March 26, 2024 | Energy & Power

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



  • July 2023: Cummins Darlington Engine Plant celebrated the production of its first L9N engine, the first natural gas engine produced at the U.K. plant in its 58-year history. Manufactured alongside 72,000 diesel engines a year in Darlington, the 8.9 liter L9N (280 – 320hp) combines an ultra-low emissions profile for CO₂, NOx, and particulate matter with diesel-like performance and reliability. The L9N can operate on compressed or liquified natural gas as well as renewable natural gas, which significantly reduces well-to-wheel carbon emissions.


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:



  • 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)

  • Liebherr (Switzerland)

  • R Schmitt Enertec GmbH (Germany)


Further Report Findings:



  • The market in North America was valued at USD 1.99 billion in 2023. The increasing demand for cleaner fuels is driving market growth in the region.

  • Asia Pacific’s growth is attributed to the surge in energy consumption due to rapid economic expansion and urbanization.

  • Based on product type, the natural gas segment held the highest gas engine market share. Increased demand for natural gas owing to its easy accessibility is driving segment expansion.


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



  • 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)




Global Gas Engine Market
  • PDF
  • 2023
  • 2019-2022
  • 260

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