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Global Gas Engines Market Share, Size, Growth, Analysis, Forecast: By Fuel Type: Natural Gas, Special Gas, Others; By Power Output: 0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, 10-20 MW; By Application: Power Generation, Cogeneration, Others; By End User; Regional Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global Gas Engines Market Outlook
The global market for engines market reached an approximate value of USD 5.04 billion in 2023. The global gas engines market is expected to grow at a CAGR of 5.8% in the forecast period of 2024-2032, reaching a value of USD 8.35 billion by 2032.
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Growth of the Natural Gas Segment to Drive the Market for Gas Engines
Based on fuel type, the natural gas segment holds a sizable share in the market and is anticipated to attain a considerable growth in the forecast period. The market size of natural gas can be attributed to the fact that natural gas is abundant and is a major source of energy on earth.
Natural gas is lighter than most of fuels, which makes it easily transportable via ships, tankers, or pipes. Over the forecast period, stringent government regulations aimed at curbing environmental pollution is likely to propel the demand for natural gas. Natural gas burns cleaner than other fuels, releasing 30% less carbon dioxide than oil, and 45% less carbon dioxide than coal. As a result, it has a minimal impact on the environment.
Europe Accounts for a Significant Share in the Market
The gas engines market in Europe is driven by the low prices of gas as well as stringent government norms aimed towards controlling environmental pollution in the region. The growing expansion of the manufacturing and the oil and gas industries in Portugal, the United Kingdom, Spain, and France is likely to provide impetus to the gas engines market in the region. The market will further be aided by the growing urbanisation in the emerging economies of Europe, along with the rapid development of power plants.
Gas Engines: Industry Definition and Segmentation
Gas engines are defined as internal combustion engines which uses flammable gas, natural gas, coal gas, biogas, landfill gas, or producer gas as fuel.
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Based on fuel type, the market is divided into:
- Natural Gas
- Special Gas
- Others
On the basis of power output, the market is categorised into:
- 0.5-1 MW
- 1-2 MW
- 2-5 MW
- 5-10 MW
- 10-20 MW
Based on applications, the market is segmented into:
- Power Generation
- Cogeneration
- Mechanical Drive
- Others
On the basis of end users, the market is divided into:
- Utilities
- Manufacturing
- Oil and Gas
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Rising Applications in the Cogeneration Systems to Boost the Growth of the Gas Engines Market
The global market for gas engines is driven by the rising application of the product in cogeneration systems owing to the growing need to conserve energy. There are higher energy demands from the industrial and commercial sector, owing to the rising population and increasing disposable income.
The market for gas engines is anticipated to be augmented by increasing urbanisation, industrialisation, and growing demand for gas engines in the utility industry. In addition, the growing adoption of LNG-fuelled vessels is likely to provide impetus to the global market for gas engines.
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Key Players in the Global Gas Engines Market
The report gives a detailed analysis of the following key players in the global gas engines market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Caterpillar Inc.
- Rolls-Royce Holdings plc
- Cummins Corporation
- Siemens AG
- Hyundai Heavy Industries Co., Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Fuel Type |
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| Breakup by Power Output |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Gas Engines Market Analysis
8.1 Key Industry Highlights
8.2 Global Gas Engines Historical Market (2018-2023)
8.3 Global Gas Engines Market Forecast (2024-2032)
8.4 Global Gas Engines Market by Fuel Type
8.4.1 Natural Gas
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Special Gas
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Others
8.5 Global Gas Engines Market by Power Output
8.5.1 0.5-1 MW
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 1-2 MW
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 2-5 MW
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2023)
8.5.3.3 Forecast Trend (2024-2032)
8.5.4 5-10 MW
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2023)
8.5.4.3 Forecast Trend (2024-2032)
8.5.5 10-20 MW
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2023)
8.5.5.3 Forecast Trend (2024-2032)
8.6 Global Gas Engines Market by Application
8.6.1 Power Generation
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 Cogeneration
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 Mechanical Drive
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 Others
8.7 Global Gas Engines Market by End User
8.7.1 Utilities
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Manufacturing
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.7.3 Oil and Gas
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2023)
8.7.3.3 Forecast Trend (2024-2032)
8.7.4 Others
8.8 Global Gas Engines Market by Region
8.8.1 Market Share
8.8.1.1 North America
8.8.1.2 Europe
8.8.1.3 Asia Pacific
8.8.1.4 Latin America
8.8.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.3.2.1 Breakup by Country
9.3.2.2 China
9.3.2.3 Japan
9.3.2.4 India
9.3.2.5 ASEAN
9.3.2.6 Australia
9.3.2.7 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2023)
9.5.2 Forecast Trend (2024-2032)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 EMR’s Key Indicators for Demand
10.4 EMR’s Key Indicators for Price
11 Competitive Landscape
11.1 Market Structure
11.2 Company Profiles
11.2.1 Caterpillar Inc.
11.2.1.1 Company Overview
11.2.1.2 Product Portfolio
11.2.1.3 Demographic Reach and Achievements
11.2.1.4 Certifications
11.2.2 Rolls-Royce Holdings plc
11.2.2.1 Company Overview
11.2.2.2 Product Portfolio
11.2.2.3 Demographic Reach and Achievements
11.2.2.4 Certifications
11.2.3 Cummins Corporation
11.2.3.1 Company Overview
11.2.3.2 Product Portfolio
11.2.3.3 Demographic Reach and Achievements
11.2.3.4 Certifications
11.2.4 Siemens AG
11.2.4.1 Company Overview
11.2.4.2 Product Portfolio
11.2.4.3 Demographic Reach and Achievements
11.2.4.4 Certifications
11.2.5 Hyundai Heavy Industries Co., Ltd.
11.2.5.1 Company Overview
11.2.5.2 Product Portfolio
11.2.5.3 Demographic Reach and Achievements
11.2.5.4 Certifications
11.2.6 Others
12 Industry Events and Developments
List of Figures and Tables
1. Global Gas Engines Market: Key Industry Highlights, 2018 and 2032
2. Global Gas Engines Historical Market: Breakup by Fuel Type (USD Million), 2018-2023
3. Global Gas Engines Market Forecast: Breakup by Fuel Type (USD Million), 2024-2032
4. Global Gas Engines Historical Market: Breakup by Power Output (USD Million), 2018-2023
5. Global Gas Engines Market Forecast: Breakup by Power Output (USD Million), 2024-2032
6. Global Gas Engines Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global Gas Engines Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global Gas Engines Historical Market: Breakup by End User (USD Million), 2018-2023
9. Global Gas Engines Market Forecast: Breakup by End User (USD Million), 2024-2032
10. Global Gas Engines Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Gas Engines Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Gas Engines Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Gas Engines Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Gas Engines Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Gas Engines Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Gas Engines Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Gas Engines Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Gas Engines Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Gas Engines Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Gas Engines Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Gas Engines Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Gas Engines Market Structure
Key Questions Answered in the Report
In 2023, the global market for gas engines attained a value of nearly USD 5.04 billion.
The market is estimated to grow at a CAGR of 5.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 8.35 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the stringent government regulations aimed towards energy conservation and curbing environment pollution, rising applications of gas engines in cogeneration systems, and growing adoption of LNG-fuelled vessels.
Natural gas, and special gas, among others are the major fuel types for gas engines.
The market segmentation on the basis of power output is 0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW and 10-20 MW.
Utilities, manufacturing, and oil and gas, among others are the significant end users of the product.
Power generation, cogeneration, and mechanical drive, among others are the major applications in the market.
The major players in the industry are Caterpillar Inc., Rolls-Royce Holdings plc, Cummins Corporation, Siemens AG, and Hyundai Heavy Industries Co., Ltd., among others.
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