The global Gas Engines market in terms of revenue was estimated to be worth USD XX billion in 2022 and is poised to grow at a CAGR of 12.9% from 2023 to 2030.
The development and use of gas-powered engines for transportation, industrial purposes, and electricity generation make up a significant portion of the energy and power generating business. Petrol engines, which are renowned for their effectiveness and low emissions, are essential for supplying energy needs and upholding environmental standards.
Gas engines are powered by natural gas and other gases, and they are used in a variety of sectors, including manufacturing, transportation, and power generation. This global market is expanding rapidly, propelled by rising energy efficiency expectations and the shift to greener energy sources, with particular activity in North America and Europe.
Gas Engines Market Dynamics
Drivers: Rising demand for clean and efficient power generation technology.
The market for petrol engines is propelled by the rise in clean and efficient power production technologies, which is motivated by environmental concerns and the search for long-term energy solutions. Gas engines are a good substitute, providing reliable power generation with lower pollutants.
Restraints: Geopolitical instability affecting the supply and pricing of natural gas.
Geopolitical instability is one of the key inhibitors to the growth of the gas engines market. It may affect the stability and cost-effectiveness of gas engine operations by upsetting the supply and price of natural gas. Businesses that depend on petrol engines for electricity generation and industrial operations face difficulties as a result of this uncertainty.
Opportunities: Inclination towards gas-fired power plants.
Due to the better emissions profile and dependability of gas-fired power plants in satisfying energy demands, the market for petrol engines offers substantial prospects. This change supports worldwide initiatives to lower carbon emissions and improve the sustainability of the energy system.
Challenges: Infrastructural shortcomings.
The existence of infrastructure issues, which can obstruct the effective distribution and utilisation of gas as a fuel source and potentially hinder the growth and dependability of gas engine operations, is one of the main concerns in the market for gas engines. These flaws include insufficient distribution networks, storage facilities, and pipelines, all of which necessitate substantial investments for market growth and expansion.
Gas Engines Market Ecosystem
Prominent companies in this market include well-established manufacturers and service providers of Gas Engines market. These companies have been operating in the market for several years and possess a diversified product portfolio, organic & inorganic strategies, strong global sales and marketing networks. Prominent companies in this market include General Electric (GE), Siemens AG, Caterpillar Inc., W?rtsil? Corporation, Rolls-Royce, Holdings plc, MAN Energy Solutions, YANMAR CO., LTD., Cummins Inc., DEUTZ AG,
Doosan Corporation.
Gas Engines Market Report Scope:
Report Metric Details
Market size available for years 2019?2030
Base year considered 2022
Forecast period 2023?2030
Forecast units Million/Billion (USD)
Segments covered Fuel Type, Power Output, Application, End-User Industry and region.
Geographies covered North America, Europe, Asia Pacific, And Rest of the World
Companies covered General Electric (GE), Siemens AG, Caterpillar Inc., W?rtsil? Corporation, Rolls-Royce Holdings plc, MAN Energy Solutions, YANMAR CO., LTD.
Cummins Inc., DEUTZ AG,
Doosan Corporation
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