Global Gas Engines Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
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.

Sizing and Forecast
The gas engines market size has grown strongly in recent years. It will grow from $4.97 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%.  The  growth in the historic period can be attributed to growing energy demand, natural gas abundance, environmental regulations, decentralized energy generation, industrial applications, flexibility and fast start-up..

The gas engines market size is expected to see strong growth in the next few years. It will grow to $6.44 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.  The growth in the forecast period can be attributed to transition to renewable energy, increased focus on distributed generation, economic viability, rural electrification, cogeneration in commercial buildings, retrofitting existing infrastructure.. Major trends in the forecast period include digitalization and smart controls, emissions reduction technologies, lng-powered engines, energy storage integration, hydrogen-powered gas engines..

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Segmentation & Regional Insights
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

North America was the largest region in the gas engines market in 2023. The regions covered in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising usage of natural gas for power generation is expected to propel the growth of the gas engine market going forward. Power generation refers to electricity produced by various factors such as fossil fuels, nuclear power plants, and hydropower that comprises electricity generated in combined heat and power and electricity-only facilities. The modularity and high cost-efficiency of gas engines provide an optimal solution for steady power requirements, as a result, the rising usage of natural gas for power generation increases the demand for the gas engine market. For instance, in September 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization that provides policy recommendations, analysis, and data on the entire global energy sector, the amount of natural gas-fired electricity generated increased by about 3% in 2021 compared to the previous year. Therefore, the rising usage of natural gas for power generation drives the gas engine market.

Key Industry Players
Major companies operating in the gas engine market are developing new high efficiency natural gas engine cogeneration systems to gain a competitive edge in the market. An engine cogeneration system, also known as a combined heat and power (CHP) system, is a technology that simultaneously generates electricity and useful heat from a single energy source, typically an internal combustion engine. For instance, in March 2023, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd., a Japan-based engines and power systems company, launched the SGP M2000, a natural gas engine cogeneration system with a generation output of 2,000kW. The system features a 16-cylinder natural gas-fired engine, the G16NB, boasting an electrical efficiency of 44.3% for a 2,000kW-class engine. The SGP M2000 offers a remarkable 1.8 percentage point increase in electrical efficiency compared to MHIET's existing 1,000kW gas engine cogeneration system. Notably, the system achieves this while reducing its footprint by 40%, making it a compact and energy-efficient solution. With applications in distributed energy resources (DER), the SGP M2000 contributes to carbon neutrality efforts by maximizing efficiency and minimizing environmental impact.

The gas engines  market report table of contents includes:
1. Executive Summary

2. Gas Engines Market Characteristics

3. Gas Engines Market Trends And Strategies

4. Gas Engines Market - Macro Economic Scenario

5. Global Gas Engines Market Size and Growth

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31. Global Gas Engines Market Competitive Benchmarking

32. Global Gas Engines Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Gas Engines Market

34. Gas Engines Market Future Outlook and Potential Analysis

35. Appendix

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