Global Gas Engine Market Overview 2023-2028
The global gas engine market size reached US$ 5.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
A gas engine, also known as an internal combustion engine, is operated by converting the chemical energy of fuel into mechanical energy through combustion. It utilizes a mixture of air and fuel, such as natural gas or gasoline, which is ignited within a combustion chamber to generate power. It offers reliability, efficiency, and versatility in meeting diverse power demands. It is used in automobiles, light trucks, medium-to-large motorcycles, and lawnmowers. Besides this, as it is more reliable, cost-effective, and efficient than its traditional counterparts, the gas engine finds extensive applications in various industrial sectors for power generation, transportation, and machinery operations.
Global Gas Engine Market Trends and Drivers
The expanding global population is resulting in an increasing demand for reliable and cleaner energy solutions, which is contributing to the widespread adoption of gas engines. As industries strive to reduce their environmental footprint and comply with stringent emissions regulations, gas engines offer an attractive alternative to conventional fossil fuel-based engines. Additionally, the rising focus on energy efficiency and sustainability is catalyzing the demand for gas engines in combined heat and power (CHP) systems. Gas engines integrated into CHP systems offer significant advantages, including reduced energy waste, lower operating costs, and decreased reliance on grid electricity. Moreover, the widespread adoption of CHP systems with gas engines in the manufacturing industry to achieve greater energy efficiency and enhance their sustainability credentials is favoring market growth.
Global Gas Engine Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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 and Wärtsilä Oyj Abp
The report segmented the market on the basis of region, fuel type, power output, application and industry vertical.
Breakup by Fuel Type:
- Natural Gas
- Special Gas
- Others
Breakup by Power Output:
- 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
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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