Market Statistics

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 4% (2024-2032)

The global gas engine market size reached US$ 5.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.

Industry Trends and Drivers: 

• Rising Demand for Cleaner Energy Solutions:

The increasing focus on reducing carbon emissions and transitioning to cleaner energy sources is driving the demand for gas engines. Governments and industries worldwide are adopting stringent regulations to limit greenhouse gas emissions, leading to a shift away from coal and oil-based energy generation toward natural gas. Gas engines are considered a cleaner alternative due to their lower carbon emissions compared to traditional fossil fuels, making them an attractive option for power generation in developed and developing regions. Natural gas is abundant and more affordable, further contributing to the growth of gas engines for electricity generation and industrial applications. As more countries adopt cleaner energy policies, the demand for gas engines in power plants, combined heat and power (CHP) systems, and distributed energy applications is expected to rise significantly.

• Growth in Distributed Energy Systems:

The increasing adoption of distributed energy systems is another significant trend driving the gas engine market. As businesses and communities seek greater energy independence and reliability, decentralized energy systems, such as microgrids and on-site power generation, are gaining traction. Gas engines, particularly in CHP applications, are ideal for distributed energy systems due to their efficiency and ability to generate electricity and heat from a single fuel source. This trend is further fueled by the growing demand for resilient and reliable energy solutions in areas with unstable power grids or frequent power outages. Gas engines provide a flexible and scalable solution for decentralized power generation, allowing industries and local communities to reduce their reliance on centralized power plants while ensuring a continuous and stable energy supply.

• Technological Advancements in Gas Engines:

Technological advancements in gas engine design and efficiency are playing a crucial role in the growth of the market. Manufacturers are continuously improving the performance of gas engines by incorporating advanced control systems, enhanced fuel flexibility, and increased efficiency in power generation. Modern gas engines are now capable of utilizing a variety of fuels, including biogas, landfill gas, and synthetic gases, making them more versatile for different applications. Additionally, innovations in engine cooling systems, emissions control technologies, and noise reduction are making gas engines more environmentally friendly and suitable for a wider range of settings, from industrial to residential. These technological improvements are increasing the competitiveness of gas engines in the energy market, positioning them as a preferred solution for clean and efficient power generation across multiple sectors.

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Gas Engine Market Report Segmentation: 

Breakup By Fuel Type: 

• Natural Gas
• Special Gas
• Others

Natural gas account for the majority of shares due to its lower carbon emissions and widespread availability compared to other fossil fuels.

Breakup By Power Output: 

• 5-1 MW
• 1-2 MW
• 2-5 MW
• 5-10 MW
• 10-20 MW

1-2 MW dominates the market as it meets the demand for medium-scale power generation in various industrial and commercial applications.

Breakup By Application: 

• Mechanical Drive
• Power Generation
• Cogeneration
• Others

Power generation represents the majority of shares due to the growing need for reliable, cleaner energy solutions in both developed and developing regions.

Breakup By Industry Vertical: 

• Utilities
• Manufacturing
• Oil and Gas
• Mining
• Others

Utilities hold the majority of shares as they are the primary users of gas engines for large-scale electricity generation and grid stability.

Breakup By Region: 

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America holds the leading position owing to its advanced energy infrastructure, availability of natural gas, and strong focus on reducing carbon emissions.

Top Gas engine Market Leaders:

• Caterpillar Inc.
• China Yuchai International Limited
• Cummins Inc.
• Doosan Corporation
• General Electric Company
• Hyundai Heavy Industries Co. Ltd.
• JFE Holdings Inc.
• Kawasaki Heavy Industries Ltd.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce plc
• Siemens AG
• Volkswagen AG
• Wärtsilä Oyj Abp

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.