MarkNtel Advisors recently published a detailed industry analysis of the Gas Engine Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the Gas Engine Market (2024-2030)
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.
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What is driving the 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.
What segments define the Gas Engine Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
By Fuel Type
(Natural Gas, Biogas, Other Special Gases, Hybrid),
By Power Output
(Upto 1 MW, 1.1-5 MW, 5.1-10 MW, 10.1-20 MW, Above 20 MW),
By Application
(Power Generation, Grid Balancing, Heat Generation, Industrial, Others),
By End-Use Industry
(Power Utilities, Manufacturing, Combined Heat & Power, Marine, Others)
By Regions
North America, South America, Europe, The Middle East & Africa, Asia-Pacific
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Who are the leading key players shaping the Gas Engine Market landscape?
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
Questions Addressed in this Study
1.What factors are driving the Gas Engine Market growth?
2.How is the Gas Engine Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Gas Engine Market?
4.What is the current size of the Gas Engine Market, and how is it projected to change in the future?
6.What is the future outlook for the Gas Engine Market in terms of technological advancements and market expansion?
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