Future Gas Engine Market: Key Dynamics, Size & Share Analysis
The Global Gas Engine Market size was valued at around USD 5.02 billion in 2023 and is projected to reach around USD 7.2 billion by 2030. The market is also estimated to grow at a CAGR of around 5.35% during the forecast period, i.e., 2024-30. The market growth is attributed to the growing establishment of decentralized and distributed energy systems across the globe.
Top Market Challenges Impacting the Gas Engine Market Growth
Increasing Need for Efficient & Effective Energy Sources Driving Market Growth – The high energy density of natural gas and significantly low carbon emissions, when compared to the commonly used diesel engines, have been the main driving force behind integrating gas engines across the globe. The gas engines are actively installed at CHP plants, decentralized energy systems, etc., in line with the engine's ability to give more energy efficiency, low noise pollution, and economical fuel and maintenance costs. Also, the capability of gas engines to switch easily and quickly to other fuels such as biogas, landfill gas, coal gas, etc., from natural gas is considered a crucial advantage in areas where a low amount of power is to be generated such as during peak-shaving, stabilizing the grid, amongst others.
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Understanding the Core Segments in the Gas Engine Market
Gas Engine Market Size, Share & Industry Trends Analysis- By Fuel Type (Natural Gas, Biogas, Other Special Gases, Hybrid), By Power Output (Upto 1 MW, 1.1-5 MW, 5.1-10 MW, 10.1-20 MW, Above 20 MW), By Application (Power Generation, Grid Balancing, Heat Generation, Industrial, Others), By End-Use Industry (Power Utilities, Manufacturing, Combined Heat & Power, Marine, Others), and Others.
Geographical Analysis of the Gas Engine Market
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
Who Dominates the Gas Engine Market Insights on Key Industry Players?
Companies are strengthening their presence in the Gas Engine market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.
- Wartsila
- Cummins Inc.
- Caterpillar
- Rolls-Royce Holdings
- MAN Energy Solutions
- Siemens Energy
- Mitsubishi Heavy Industries, Ltd.
- Innio
- Hyundai Heavy Industries Co., Ltd.
- Scania CV AB
- Kawasaki Heavy Industries, Ltd.
- Ningbo C.S.I. Power & Machinery Group Co., Ltd.
- IHI Corporation
- JFE Engineering Corporation
- Liebherr Group
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