Press Release

A USD 5.02 Billion Global Gas Engine Market to Record a Substantial CAGR of Around 5.35% During 2024-30

The Global Gas Engine Market size was valued at around USD 5.02 billion in 2023 and is projected to reach around USD 7.2 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.35% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The rapidly growing industrial sectors of all the nations across the globe have been fueling the demand for gas engines. To construct captive power plants, curb carbon emissions from power generation has been the key reason for the installation of gas engines at industrial sites. The manufacturing sites are actively acknowledging the benefits of establishing combined heat and power (CHP) plants at their facilities. The CHP plants not only help in reducing waste but also turn the waste into further energy sources to power the manufacturing facility and finally reduce carbon emissions. The reducing burden of electricity bill in line with the installation of CHP is expected to support the growth of Global Gas Engine Market through 2030.

The consistently increasing demand for electricity from all sectors of the economy and the development of gas-fueled cogeneration power plants are deemed to be crucial from the past period. The need for stabilizing the main grid in cases of peak load or emergency breakdown, the gas-run power plants are of great help. Such plants not only safeguard the grid's infrastructure from disruption but also reduce the sudden monetary burden in cases of fluctuations in raw material availability and prices. Hence the need for cogeneration power plants also sustains the growth of the market.

The gas engine industry has seen substantial changes due to recent technological advancements, as new cutting-edge technologies have spurred innovation and improvement in both design and performance. This surge of progress not only expands the scope of the market but also intensifies demand for cleaner, more efficient power generation solutions. Driven by regulatory initiatives that incentivize environmentally conscious practices while fostering the adoption of sustainable alternatives would further decrease carbon emissions and boost the transition towards renewable energy sources. This soaring development of renewable energy is predicted to create new revenue-generating opportunities for the market through the forecast period, further states the research report, “Global Gas Engine Market Analysis, 2024.”

Segmentation Analysis

Power Utilities Segment to Register The Highest Revenue Growth

Based on the end-use industry, the market is further bifurcated into power utilities, combined heat & power manufacturing, marine, and others. During 2024-30, the utility segment is expected to maintain its dominance and capture a substantial portion of the market. Globally the power utilities have found that using this technology aids in achieving optimal balance between supply and demand while also enhancing grid stability. Furthermore, these engines allow for versatility across numerous applications such as peak shaving or distributed energy generation enabling widespread adoption throughout the sector intensifying growth within it over time into foresight’s future forecast period.

The rising emphasis on sustainable and cleaner energy is leading to gas engines progressively replacing conventional fossil fuel-based power generation as power generation facilities prioritize low-emission options with optimal fuel flexibility. This shift towards renewable sources has been augmented by government incentives focusing on bolstering sustainability and energy efficiency, further prompting utilities' adoption of these advanced technologies. With their reliability, high efficacy rate, and environmental benefits well-established in the industry; it seems gas engines have a bright future powering this sector likely capturing significant market share going forward.

Asia-Pacific to Lead Gas Engine Industry

Throughout the forecast period, Asia-Pacific is set to dominate the Global Gas Engine Market. The crucial industrial sector of the region that satiates the worldwide demand has been propelling the need for proper electricity infrastructure including generation, distribution, and transmission. Moreover, the region has also been a frontrunner in adopting renewable energy. China has the largest share across the globe in terms of Solar photovoltaic installed capacity. Along with China India, Australia, and other countries in the region also projects a notable share of renewable energy in their total energy mix.

However, the intermittency issue associated with renewable energy further demonstrates the need for low-carbon-emitting energy sources such as gas-fueled power plants to support the robust development of renewable energy. Therefore, the continuously increasing electricity demand along with renewable integration surges the installation of gas engines for power generation in the region further supporting Asia-Pacific’s market share.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Wartsila, Cummins Inc., Caterpillar, Rolls-Royce Holdings, MAN Energy Solutions, Siemens Energy, Mitsubishi Heavy Industries, Ltd., Innio, Hyundai Heavy Industries Co., Ltd., Scania CV AB, Kawasaki Heavy Industries, Ltd., Ningbo C.S.I. Power & Machinery Group Co., Ltd., IHI Corporation, JFE Engineering Corporation, Liebherr Group, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?