The latest research study “Gas Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global gas engine market size reached US$ 5.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 6.74 Billion by 2027, exhibiting a CAGR of 4.70% during 2022-2027.
Gas Engine Industry Outlook:
Gas engines are internal combustion engines that operate on numerous gaseous fuels, including biogas, producer, natural, and coal gas. They comprise a fixed cylinder and a moving piston. They are commonly used as heavy-duty industrial engines capable of running continuously at full load. They can power cars, light trucks, medium-to-big motorcycles, lawnmowers, and other vehicles. They offer excellent electrical and thermal efficacy, low operating and maintenance expenses, and environmental advantages. As a result, gas engines find extensive applications in the power generation, manufacturing, oil and gas, utilities, and transportation industries across the globe.
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Market Trends:
The global gas engine market is primarily driven by the rising need for clean and efficient power generation technology. Moreover, governments of various countries are implementing stringent policies for minimizing greenhouse gas (GHG) emissions and air pollution. In line with this, the rising environmental concerns and the shifting consumer inclination toward renewable energy sources are positively influencing the market growth.
Additionally, the surging adoption of gas engines in electric utilities to handle peak load demand effectively due to rapid industrialization and urbanization, growing population, and infrastructure development has augmented the product demand. Furthermore, the rising investments by key players in research and development (R&D) activities to launch innovative gas engines to meet the evolving needs for diesel engine standards and higher power outputs have catalyzed the market growth.
Other factors, including the escalating electricity demand, rising focus on gas engine-based power plants and distributed power generation, emerging applications in the aerospace industry, and easy availability of natural gas, are also anticipated to create a favorable market outlook.
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Gas Engine Market Report Scope | |
Report Coverage | Details |
Market size value in 2021 | US$ 5.05 Billion |
Market forecast in 2027 | US$ 6.74 Billion |
Growth Rate | CAGR of 4.70% from 2022 to 2027 |
Base year for estimation | 2021 |
Historical data | 2016-2021 |
Forecast period | 2022-2027 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization preview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
The report has segmented the global gas engine market on the basis of fuel type, power output, application, industry vertical and region.
Breakup by Fuel Type:
• Natural Gas
• Special Gas
• Others
Breakup by Power Output:
• 0.5-1 MW
• 1-2 MW
• 2-5 MW
• 5-10 MW
• 10-20 MW
Breakup by Application:
• Mechanical Drive
• Power Generation
• Cogeneration
• Others
Breakup by Industry Vertical:
• Utilities
• Manufacturing
• Oil and Gas
• Mining
• Others
Breakup by Geography:
• 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
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List of Key Companies Covered in this Market Report:
The major players in the market are 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 and Wärtsilä Oyj Abp.
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