The Gas Engine Market size is projected to reach US$ 7,029.48 million by 2031 from US$ 4,259.80 million in 2023. The market is expected to register a CAGR of 6.5% in 2023–2031. The expanding adoption of natural gas for power generation in industrial, construction and commercial sectors is likely to remain a key gas engine market trend.
Expanding demand for natural gas-powered engines in applications in heavy industries such as metal, chemicals and food processing, is driving the market at a substantial rate. Further, increasing concerns regarding emissions and enhancing regulatory standards are supporting the market growth. In the gas engine market, mid-stream oil and gas, remote, heavy industries, light manufacturing, utilities, biogas, datacenters, MUSH, and commercial are end users.
Governments of various nations are executing specific regulations to control the emissions of diesel and petrol engines; thus inducing engine manufacturers to opt for alternative fuel solutions such as natural gases. Gas engines release less emissions to generate a sufficient amount of with power high competence. The emission monitoring and monitoring associations from various nations are enforcing strict regulations on the usage of diesel engines and generators. To meet these regulatory guidelines, numerous industries are employing gas engines and generators for power generation. Large and medium-sized enterprises are shifting toward distributed power generation practices to control costs by producing their own power. Companies are already adopting gas engines for power backup or additional power needs, while the advent of distributed gas generation is emerging as a key trend in the gas engine market.
The demand for gas engines is growing in the power generation industry with novel emission control policies. The industrial sector, including metals, chemicals, and manufacturing industries, is a major contributor to the accelerating demand for gas engines. The generation of natural gas, which is necessary for the operation of gas engines, is rising at a substantial rate. Major applications such as electricity generation, heating, and vehicle functioning is strengthening the requirement for natural gas engines. Hence, to offer a resolution for sudden power outages, the utility service companies are utilizing gas generators to manage peak loads. Thus, the constant surge in demand from developing and developed countries is one of the key factors driving gas engine market growth.
The increase in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the gas engine market. Electric devices, electric motors, solar plants, and wind projects are more costly than gas engines, which is compelling the preference of various nations toward gas engines as an environment-friendly alternatie. Further, developments in the emission standards for diesel engines for which various end-use industries are shifting to gas engines for low emissions. Emerging nations are effectively inclining towards adopting natural gas for power generation. Thus, the growing popularity of natural gas is anticipated to offer lucrative opportunities for the gas engine market.
Key segments that contributed to the derivation of the gas engine market analysis are fuel type, power output, and end-user.
The geographic scope of the gas engine market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
The gas engine market in Europe is further segmented into the UK, Germany, Italy, France, Russia, and the Rest of Europe. Germany, France, the UK, and Italy are major countries for European gas engine market. Strong adoption of gas engines for utilities, remote sector, and industrial equipment is likely to lead the European gas engine market. Also, the strong presence of prominent engine manufacturers in the European region, such as INNIO and Liebherr, is encouraging market expansion. Stern pollution regulations and mounting diesel engine pollution are pushing the industries and utility sector to utilize natural gases for engines, which is also having a positive impact on market development.
The regional trends and factors influencing the Gas Engine Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Gas Engine Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4,259.80 million |
| Market Size by 2031 | US$ 7,029.48 million |
| Global CAGR (2023 - 2031) | 6.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Gas Engine Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Gas Engine Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Gas Engine Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Gas Engine Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: