Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Gas Engine Market, 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. The market is also estimated to grow at a CAGR of around 5.35% during the forecast period, i.e., 2024-30. The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Gas Engine Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2024-2030
- Market Size in 2023: USD 5.02 billion
- CAGR (2024-2030): 5.35%
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Global Gas Engine Market Segmentation Breakdown:
- By Fuel Type
- Natural Gas- Market Size & Forecast 2019-2030, (USD Million)
- Biogas- Market Size & Forecast 2019-2030, (USD Million)
- Other Special Gases- Market Size & Forecast 2019-2030, (USD Million)
- Hybrid- Market Size & Forecast 2019-2030, (USD Million)
In the forecast period, other special gases amongst all the other fuel types are expected to project the fastest growth.
- By Power Output
- Upto 1 MW- Market Size & Forecast 2019-2030, (USD Million)
- 1-5 MW- Market Size & Forecast 2019-2030, (USD Million)
- 1-10 MW- Market Size & Forecast 2019-2030, (USD Million)
- 1-20 MW- Market Size & Forecast 2019-2030, (USD Million)
- Above 20 MW- Market Size & Forecast 2019-2030, (USD Million)
- By Application
- Power Generation- Market Size & Forecast 2019-2030, (USD Million)
- Grid Balancing- Market Size & Forecast 2019-2030, (USD Million)
- Heat Generation- Market Size & Forecast 2019-2030, (USD Million)
- Industrial- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
- By End-Use Industry
- Power Utilities- Market Size & Forecast 2019-2030, (USD Million)
- Manufacturing- Market Size & Forecast 2019-2030, (USD Million)
- Combined Heat & Power- Market Size & Forecast 2019-2030, (USD Million)
- Marine- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
Out of them all, the power utilities segment is poised to maintain its majority share in the market from 2024 to 2030. Base load, peak-shaving, and grid stabilization are the key solutions that are provided by gas engine-based energy systems.
Geographical Growth Insights:
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Asia-Pacific dominates the Global Gas Engine Market. The region experiences rapid industrialization, urbanization, and infrastructural development, particularly in countries like China, India, and Southeast Asian nations, fostering a substantial surge in electricity consumption.
MarkNtel Advisors Highlights Key Market Drivers for Gas Engine Market:
Increasing Need for Efficient & Effective Energy Sources Driving Market Growth – The high energy density of natural gas and significantly low carbon emissions, when compared to the commonly used diesel engines, have been the main driving force behind integrating gas engines across the globe. The gas engines are actively installed at CHP plants, decentralized energy systems, etc., in line with the engine’s ability to give more energy efficiency, low noise pollution, and economical fuel and maintenance costs. Also, the capability of gas engines to switch easily and quickly to other fuels such as biogas, landfill gas, coal gas, etc., from natural gas is considered a crucial advantage in areas where a low amount of power is to be generated such as during peak-shaving, stabilizing the grid, amongst others.
In addition, many end-users primarily manufacturing units attain their sustainability goals without any compromise on the production process and output, by establishing waste to heat and power plants at their facilities. Innio’s Jenbacher gas engines have been providing sustainable solutions to many organizations around the world. From 2011 up to 2023, Innio through its distributor Clarke Energy has provided gas engine solutions for converting waste to heat and power to BioTown Biogas in the US, with total electric output amounting to approximately 7.7MW. The growing level of waste generation and the need for electricity at manufacturing sites help the revenue growth of the Global Gas Engine Market.
A Comprehensive Analysis of Leading Companies in Global Gas Engine Market
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
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Global Gas Engine Industry Recent Development:
- 2024: Innio Group announced to deliver five Jenbacher gas engines to PGE Energia Ciepła’s (Polish Utility Company) for their CHP plant with a total power generating capacity of nearly 52.6 MWe.
- 2024: MAN Energy Solutions reported that it will provide Turkey-based Karpowership with 48 dual fuel engines for Karpowership’s fleet of power plant ships, with a total mechanical output of about 20.7 MW each.
What are the growth Opportunity driving the Global Gas Engine Market?
Future Goals of the National Governments to Increase the Share of Renewable Energy in their Energy Mix – Due to the changing structure of power generation, and the declining use of coal as a main source of energy due to rising environmental consciousness and regulatory pressures, the demand for gas engines is expected to grow in the coming years. With nations across the globe focusing on phasing out highly carbon-emitting sources such as coal, and the new renewable energy sources to commercially completely take a longer time, gas engines are predicted to play an important role in the meantime. The gas-fired engines are comparatively emitting very little carbon all the while providing almost the same energy density.
The growing dominance of renewable energy sources, such as solar and wind, presents a lucrative market opportunity for innovative solutions aiming to enhance the integration of renewables into the power grid while mitigating the challenges faced by traditional coal and gas-based energy generation. With renewable energy contributing nearly a quarter (23%) of global electricity generation in 2022, according to the International Energy Agency (IEA), there is a pressing need for advancements in power generation and energy storage technologies. This is a need for maintaining and updating the power infrastructure to support future energy transition, the demand for gas engines would increase in the upcoming years.
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Key Advantages of the Report by MarkNtel Advisors:
Accurate Revenue Projections: The report provides precise revenue estimates for the market and its key subsegments, benefiting both market leaders and new entrants.
Strategic Insights for Stakeholders: By understanding the competitive landscape, stakeholders can strategically position their businesses and develop effective go-to-market strategies.
Comprehensive Market Dynamics Analysis: The report offers valuable insights into the key drivers, restraints, challenges, and opportunities within the market, helping stakeholders make well-informed decisions.
Note: If you need additional information not included in the report, we can customize it to suit your requirements.
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About Us –
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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