Dublin, July 17, 2024 (GLOBE NEWSWIRE) -- The "Global Gas Engine Market by Fuel Type (Natural Gas, Special Gas), Power Output (0.5-1 MW, 1.1-2 MW, 2.1-5 MW, 5.1-15 MW, Above 15 MW), Application (Power Generation, Cogeneration, Mechanical Drive), End-Use Industry and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global market for gas engines is poised for substantial growth, with a projected trajectory reaching USD 6.3 billion by the year 2029. This represents a noteworthy increase from the estimated value of USD 5.1 billion in 2024, reflecting a steady Compound Annual Growth Rate (CAGR) of 4.5% over the period spanning from 2024 to 2029
The report is meticulously crafted to cater to the needs of both established industry leaders and newcomers entering the gas engines market. It offers reliable revenue forecasts for the entire market and its individual sub-segments, serving as a valuable resource for stakeholders to gain a comprehensive understanding of the competitive landscape.
This data empowers stakeholders to formulate effective market strategies for their businesses. Additionally, the report acts as a conduit for stakeholders to comprehend the current state of the market, providing crucial insights into market drivers, limitations, challenges, and growth opportunities. By integrating these insights, stakeholders can make informed decisions and stay abreast of the ever-evolving dynamics within the gas engines industry.
The gas engine market is experiencing significant growth driven by several key factors. One of the primary drivers is the increasing demand for cleaner and more sustainable energy solutions worldwide. As industries and governments focus on reducing carbon emissions and transitioning away from traditional fossil fuels, gas engines offer a compelling alternative with lower emissions and higher efficiency. 
Additionally, advancements in gas engine technology, such as improved fuel efficiency and reliability, further contribute to market growth by enhancing the performance and versatility of these engines across various applications. Moreover, the rising demand for decentralized power generation solutions, particularly in industries like utilities, manufacturing, and oil and gas, is fueling the adoption of gas engines for onsite power generation and cogeneration.
Furthermore, supportive government policies and incentives promoting the use of natural gas and renewable energy sources are driving market expansion by incentivizing investments in gas engine infrastructure. With favorable market dynamics and increasing awareness of environmental sustainability, the gas engine market is poised for continued growth in the foreseeable future.
5.1-15 MW segment, by power output, to be fastest growing market from 2024 to 2029.
The 5.1-15 MW segment, categorized by power output, is anticipated to emerge as the fastest-growing market from 2024 to 2029 due to several key factors driving its rapid expansion. Firstly, gas engines within this power range offer a substantial increase in power capacity, making them suitable for larger-scale applications across a diverse range of industries. These engines are particularly well-suited for medium to large-scale power generation projects, industrial facilities, and utility-scale cogeneration applications.
Additionally, advancements in gas engine technology have enhanced the efficiency, reliability, and performance of engines within this power range, making them increasingly attractive to end-users seeking robust and cost-effective power solutions. Moreover, the versatility of gas engines in the 5.1-15 MW range allows for flexible deployment in various grid support and distributed energy generation applications, further driving their market growth.
Furthermore, the growing demand for decentralized power generation solutions, coupled with increasing investments in infrastructure development and renewable energy integration, is expected to bolster the adoption of gas engines in this segment. With these favorable market conditions and the scalability of gas engines in the 5.1-15 MW range, this segment is poised to witness significant growth during the forecast period.
Utilities Segment, by end-use industry, to be the largest market from 2024 to 2029.
The utilities segment, classified by end-use industry, is projected to emerge as the largest market from 2024 to 2029 due to several driving factors contributing to its dominance. Utilities encompass a wide range of services, including electricity, gas, and water supply, and they rely heavily on gas engines for power generation and cogeneration applications. Gas engines offer utilities a reliable and efficient solution for electricity generation, enabling them to meet the increasing energy demands of modern societies while enhancing grid stability.
Additionally, gas engines provide utilities with the flexibility to deploy them in various applications such as peak shaving, grid support, and distributed energy generation, further solidifying their position in the market. Furthermore, the transition towards cleaner energy sources and the increasing focus on sustainability are driving utilities to adopt gas engines, which offer lower emissions and greater fuel flexibility compared to traditional fossil fuel-based power generation.
With supportive government policies, incentives, and the need for reliable and sustainable energy solutions, the utilities segment is poised to maintain its dominance in the gas engine market during the forecast period.
Asia Pacific to be largest and fastest growing region in gas engine market.
The Asia Pacific region is poised to emerge as both the largest and fastest-growing region in the gas engine market due to several compelling factors driving its prominence. Firstly, rapid industrialization, urbanization, and population growth across countries in the region are leading to a significant increase in energy demand across various sectors. Gas engines offer a reliable and efficient solution for power generation, cogeneration, and mechanical drive applications, making them indispensable in meeting the escalating energy needs of these rapidly developing economies.
Additionally, supportive government policies and initiatives aimed at promoting cleaner energy sources and reducing greenhouse gas emissions are accelerating the adoption of gas engines in the Asia Pacific region. Moreover, the abundance of natural gas resources in countries like China, India, and Australia enhances the attractiveness of gas engines as cost-effective and sustainable power generation solutions.
Furthermore, ongoing investments in infrastructure development, including power plants, distributed energy systems, and transportation networks, further drive the demand for gas engines across the region. With favorable market dynamics, increasing investment inflows, and a growing emphasis on sustainability, the Asia Pacific region is positioned for substantial growth in the gas engine market, making it both the largest and fastest-growing region in the foreseeable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 282 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $5.1 Billion |
| Forecasted Market Value (USD) by 2029 | $6.3 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
Key Drivers
Embracing Clean and Efficient Power Generation:
- Impact: There is a global shift towards cleaner and more sustainable energy solutions.
- Effect: Gas engines are favored for their efficiency and lower emissions compared to traditional fossil fuels.
- Implication: This trend drives increased adoption of gas engines across various industries and applications.
Enforcing Stringent Emission Regulations:
- Impact: Governments worldwide are implementing stringent regulations to curb emissions.
- Effect: Gas engines, with their lower emissions profile, meet regulatory compliance more effectively.
- Implication: Compliance drives demand for gas engines, especially in regions with stringent environmental laws.
Advanced Gas Engine Technology:
- Impact: Technological advancements enhance gas engine efficiency, reliability, and performance.
- Effect: Improved efficiency makes gas engines more attractive for decentralized power generation.
- Implication: Enhanced technological capabilities expand the market by offering more reliable and versatile solutions.
Integrated Renewable Energy Sources:
- Impact: Growing integration of renewable energy sources like biogas and hydrogen.
- Effect: Gas engines capable of utilizing these fuels contribute to energy diversification and sustainability.
- Implication: Increased demand for gas engines adaptable to diverse fuel types, supporting renewable energy integration.
Restraints
Policy and Regulatory Uncertainty:
- Impact: Fluctuating regulatory environments globally affect market predictability.
- Effect: Uncertainty hampers investment and deployment decisions in the gas engine sector.
- Implication: Market growth may be stifled as companies navigate evolving regulatory landscapes.
Managing Fluctuating Gas Prices:
- Impact: Volatile gas prices impact operational costs and investment returns.
- Effect: High gas prices can deter investments in gas engine projects.
- Implication: Price sensitivity affects market demand, particularly in regions heavily reliant on natural gas.
Opportunities
Navigating the Evolving Landscape of Coal, Gas, and Nuclear:
- Potential: Transition towards cleaner energy sources presents opportunities for gas engines.
- Advantage: Gas engines offer flexible and efficient solutions as alternatives to traditional coal and nuclear power.
- Opportunity: Growing market demand for reliable, flexible power solutions amidst energy transition efforts.
Adoption of Natural Gas as a Transition Fuel:
- Advantage: Natural gas serves as a transitional fuel towards cleaner energy systems.
- Benefit: Gas engines leveraging natural gas capitalize on its availability and lower emissions profile.
- Opportunity: Increasing deployment in sectors shifting away from coal and oil towards cleaner alternatives.
Leverage Biogas and Landfill Gas Potential:
- Advantage: Growing recognition of biogas and landfill gas as renewable energy sources.
- Benefit: Gas engines capable of utilizing biogas expand application possibilities in waste-to-energy projects.
- Opportunity: Tap into the expanding market for renewable energy solutions using biogas and landfill gas.
Challenges
Addressing Infrastructural Shortcomings:
- Challenge: Inadequate infrastructure for gas supply and distribution.
- Impact: Limits deployment of gas engines, particularly in remote or developing regions.
- Implication: Infrastructure development is crucial to unlock market potential in underserved areas.
Ensuring Long-Term Sustainability:
- Challenge: Balancing economic viability with environmental sustainability goals.
- Impact: Pressure to minimize emissions while maintaining cost-effectiveness.
- Implication: Requires ongoing innovation and investment in technologies that improve efficiency and reduce environmental impact.
Company Profiles
- Caterpillar
- Wartsila
- Rolls-Royce Holdings
- Cummins
- Volkswagen (Man Energy Solutions)
- Siemens Energy
- Mitsubishi Heavy Industries, Ltd.
- Innio
- Kawasaki Heavy Industries, Ltd.
- Ningbo C.S.I. Power & Machinery Group Co. Ltd.
- Ihi Power Systems
- Jfe Engineering Corporation
- Liebherr
- Hyundai Heavy Industries Co. Ltd.
- Jinan Lvneng Power Machinery Equipment Co. Ltd
- R Schmitt Enertec
- Cnpc Jichai Power Complex
- Fairbanks Morse
- Googol Engine Tech
- Baudouin
- Doosan
- Yanmar
- Kohler Co.
- Deutz AG
- Achates Power Inc.
For more information about this report visit https://www.researchandmarkets.com/r/v2ouci
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
