IMARC Group, a leading market research company, has recently releases report titled “Gas Engine Market Report by Fuel Type (Natural Gas, Special Gas, and Others), Power Output (0.5-1 MW, 1-2 MW, 2-5 MW, 5-10 MW, 10-20 MW), Application (Mechanical Drive, Power Generation, Cogeneration, and Others), Industry Vertical (Utilities, Manufacturing, Oil and Gas, Mining, and Others), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global gas engine market share.
How Big is the Gas Engine Market?
The global gas engine market size reached US$ 5.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 8.0 Billion by 2032, exhibiting a growth rate (CAGR) of 4% during 2024-2032.
Industry Overview of Gas Engine
A gas engine is an internal combustion engine that operates on gaseous fuels, such as natural gas or propane, instead of liquid fuels like gasoline or diesel. It works on the same basic principles as other internal combustion engines, where power and air are mixed and ignited within cylinders to produce mechanical energy. It provides several advantages, including lower emissions and cost-effectiveness, compared to its diesel counterparts. It offers the flexibility to operate on multiple types of gas fuels. It is known for its durability and lower maintenance needs, which helps to extend its lifespan. It serves as a reliable and efficient power source and is used extensively in various applications, such as electricity generation, industrial work, and powering vehicles and equipment.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/gas-engine-market/requestsample
What are the growth prospects and trends in the gas engine industry?
At present, the rising focus on reducing greenhouse gas emissions represents one of the key factors driving the adoption of gas engines as they are compliant with global emission standards. Additionally, the increasing emphasis on lowering operational costs associated with gas engines is making them an attractive option for businesses looking to minimize expenses. Besides this, the growing employment of gas engines in combined heat and power (CHP) plants, which generate electricity and capture waste heat for heating or cooling buildings and industrial processes, is positively influencing the market.
Moreover, the rising implementation of stringent environmental regulations by governing agencies is encouraging industries to adopt cleaner technologies like gas engines that emit fewer greenhouse gases and pollutants compared to diesel or coal engines. In addition, the increasing number of innovations in engine technology, including improvements in turbocharging, fuel injection, and combustion efficiency, are making gas engines more effective, reliable, and adaptable for various applications.
Furthermore, the growing utilization of gas engines in decentralized energy production for providing a reliable and efficient power source is offering a favorable market outlook. Apart from this, there is an increasing trend of repowering older power plants with gas engines, which offers a more efficient and environmentally friendly way to extend the life of existing infrastructure.
Leading Companies Operating in the Global Gas Engine Industry:
- 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
- Wärtsilä Oyj Abp
Gas Engine Market Report Segmentation:
The report has segmented the market into the following categories:
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 Region:
- 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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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