Global Gas Engines Market Report and Forecast 2023-2028
According to the report by Expert Market Research (EMR), the global gas engines market is projected to grow at a CAGR of 5.8% between 2023 and 2028. Aided by the increasing demand for clean and efficient power generation solutions and the growing applications of gas engines across several industries, the market is expected to grow significantly by 2028.
Gas engines are internal combustion engines that use gas as fuel. They are commonly used for power generation, co-generation, and tri-generation purposes in various industries including manufacturing, oil and gas, utilities, and marine, among others. Apart from their primary function of generating power, gas engines also help reduce carbon emissions, ensuring cleaner and more sustainable energy solutions.
The increasing global preference for clean and efficient energy sources is driving the gas engines market growth. As governments and industries focus on reducing carbon footprint and complying with environmental regulations, there has been a significant shift towards gas-based power generation solutions. This shift has led to a surge in demand for gas engines across various sectors.
Additionally, advancements in gas engine technology have further contributed to the gas engines market expansion. Modern gas engines offer improved performance, efficiency, and durability. They can operate on a variety of gases, including natural gas, biogas, and synthetic gas, making them versatile and suitable for diverse applications.
The extensive applications of gas engines in various industries also significantly contribute to the gas engines market development. In the manufacturing sector, gas engines are used for on-site power generation, helping industries reduce their dependence on grid power and achieve operational efficiency. The oil and gas industry employs gas engines for power generation at remote drilling and production sites. In the utilities sector, gas engines form an integral part of distributed power generation systems, providing a reliable and flexible power supply.
Moreover, the growing demand for cogeneration and trigeneration solutions is also boosting the gas engines market. These systems utilise the heat produced during power generation for heating and cooling purposes, improving overall energy efficiency. Gas engines are a critical component of such systems, ensuring their effective operation.
The increasing popularity of natural gas vehicles (NGVs) also provides an impetus to the gas engines market growth. With the rise in environmental concerns and the global focus on sustainable transportation, NGVs have gained traction worldwide, enhancing the demand for gas engines.
The market can be divided based on fuel type, power output, application, end user, and region.
Market Breakup by Fuel Type
- Natural Gas
- Special Gas
Market Breakup by Power Output
- 0.5-1 MW
- 1-2 MW
- 2-5 MW
- 5-10 MW
- 10-20 MW
Market Breakup by Application
- Power Generation
- Mechanical Drive
Market Breakup by End User
- Oil and Gas
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global gas engines companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Caterpillar Inc.
- Rolls-Royce Holdings plc
- Cummins Corporation
- Siemens AG
- Hyundai Heavy Industries Co., Ltd.
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.