The Road Ahead for the Gas Engines Market: Key Growth Trends and Opportunities to Watch
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What CAGR Will the Gas Engines Market Achieve During 2025–2034, and What Does It Indicate?
The market size of gas engines has seen substantial growth in the past few years. It is projected to increase from $5.19 billion in 2024 to $5.46 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. This historical growth can be traced back to factors such as increasing energy needs, plentiful natural gas, environmental regulations, decentralized energy production, industrial usage, and its flexibility and rapid start-up ability.
Expectations are high for robust expansion in the gas engines market size in the coming years. The market is predicted to climb to $6.8 billion by 2029, with a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in this forecast period can be linked to the shift towards renewable energy, heightened attention on distributed generation, economic feasibility, rural electrification, and cogeneration in commercial buildings, as well as retrofits of existing infrastructures. Key trends to watch out for during the forecast period include digitization and intelligent controls, technologies for reducing emissions, LNG-fueled engines, the amalgamation of energy storage, and hydrogen-run gas engines.
Which Primary Drivers Are Supporting the Continued Expansion of the gas engines Market?
The growth of the gas engine market is anticipated to be driven by the increasing utilization of natural gas in power generation. Power generation encompasses the production of electricity from various sources, including fossil fuels, nuclear plants, and hydropower, and incorporates combined heat and power as well as electricity-only facilities. Gas engines, with their modular design and high cost-effectiveness, offer an ideal solution for consistent power needs. Consequently, the growing utilization of natural gas in power generation elevates the demand for the gas engine market. To illustrate, data released by the International Energy Agency, a French energy authority, in December 2023, demonstrated that natural gas satisfied over half of U.S. electricity demand for the first time on August 28, 2023. This reflected an increase in the share of the summer power mix from 40% to 45% over the preceding two years. Hence, the escalating consumption of natural gas for power generation is fueling the gas engine market.
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Which Companies Are Poised to Shape the Future of the Gas Engines Market?
Major companies operating in the gas engines market include:
• Caterpillar Inc._x000D_
• Cummins Inc._x000D_
• Wartsila Oyj Abp_x000D_
• Mitsubishi Heavy Industries Ltd._x000D_
• Hyundai Heavy Industries Co. Ltd._x000D_
What Are the Latest Innovations and Trends Influencing the Gas Engines Market?
The rise of technology is a prominent trend making waves in the gas engine market. Leading entities in this market are shifting their focus towards the integration of new technological attributes to enhance gas engine performance to answer contemporary energy and power demands. For example, in November 2022, The Weichai Group, a manufacturer of diesel and gas engines based in China, unveiled the world’s first commercial natural gas engine, boasting an impressive brake thermal efficiency (BTE) of 54.16%. This was achieved through the application of Westport’s high-pressure direct injection (HPDI) technology. This distinct natural gas engine has undergone technical improvements, featuring low friction and high thermal efficiency technology that is simultaneously applied in diesel engines.
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Which Growth-Oriented Segments of the Gas Engines Market Are Leading the Industry’s Development?
The gas engines market covered in this report is segmented –
1) By Fuel Type: Natural Gas, Special Gas, Other Fuel Type
2) By Power Output: 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW
3) By Application: Power Generation, Mechanical Drive, Cogenerations, Other Applications
4) By End User: Utilities, Marine, Oil And Gas, Manufacturing, Other End Users
Subsegments:
1) By Natural Gas: Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG)
2) By Special Gas: Biogas, Landfill Gas, Synthesis Gas
3) By Other Fuel Types: Propane, Hydrogen
What Regions Are Contributing Significantly to the Growth of the Gas Engines Market?
North America was the largest region in the gas engines market in 2024. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
How Is the Definition of the Gas Engines Market Impacting Future Growth?
A gas engine refers to an internal combustion engine that burns gaseous fuels such as natural gas, and blast furnace gas for producing gas. These are also used for renewable energy production, and grid balancing.
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