Press release
Gas Engines Market is Expected to Reach from USD 4.5 billion to USD 6.3 billion in 2029, and increase at a 4.3% CAGR till 2029 | Size, Growth & Industry Analysis
Gas Engines Market
The Gas Engines Market was valued USD 4.5 billion in 2021, and Projected to Reach USD 6.3 billion in 2029, and estimated to expand at a 4.3% CAGR from 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/gas-engines-market/
The factors driving the growth of Gas Engines Market includes increasing demand for clean and efficient power generation technology, rising power consumption around the world and growing focus by Governments on enhancing the power generation capacities. According to the report published by Press Information Bureau (PIB), during the COP21 event, the Government of India has committed to achieve 40% of its installed electricity capacity from non-fossil energy sources by the end of 2030, which will push the demand for gas engines in India in the coming years. Moreover, growing emphasis by on installing gas fired power plants, emerging need to replace the ageing power generation infrastructure and strict regulation imposed by governing bodies to reduce carbon emissions, are some of the additional factors supplementing the Gas Engines Market size. In addition, the increasing investments by leading players on research and development, strategic mergers and partnerships between key industry leaders, rapid urbanization and rising disposable incomes, are further contributing towards the market growth.
However, growth of the Gas Engines Market is hindered attributed to disruptions in the global supply chain.
The major players operating in the market are General Electric Company, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Caterpillar Inc, Wartsila Corporation, Rolls-Royce Holdings Plc, Liebherr Group, Cummins Inc, Man SE, and JFE Engineering Corporation among others.
Based on Fuel Type, the Natural Gas segment is predicted to grow at a robust CAGR during the forecast period
Natural gas is available in abundance and its increasing application in base load power generation, are some of the factors responsible for the segment's growth.
Based on End-User, the Utilities segment is projected to expand at a faster CAGR over the forecast period
Rising shift towards gas-fired power plants from coal-fired power plants and growing application of combined heat and power (CHP) technology to enhance the efficiency of power plants, are propelling growth of the segment.
Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period
Rising focus on using clean sources of energy, Government initiatives to reduce carbon emissions in Europe, growing concerns related to climate change, availability of low-priced natural gas, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth.
Key Development
In 2019, Rolls-Royce Holdings PLC and 2G Energy AG entered into an agreement, in which FTSE 100 listed Rolls-Royce was supplied with combined heat and power gas generators in 250-550-kilowatt power range.
Market Segmentation
Segmentation by Fuel Type
Natural Gas
Special Gas
Others (producer gas, coal gas, and propane gas)
Segmentation by Power Output
5-1 MW
1-2 MW
2-5 MW
5-10 MW
10-20 MW
Segmentation by Application
Power Generation
Cogeneration
Mechanical Drive
Others (trigeneration, quad generation, greenhouse operations, and renewable energy)
Segmentation by End-User
Utilities
Oil & Gas
Manufacturing
Others (commercial complex, hospitals, and greenhouse operators)
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/
Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland
GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.
The Gas Engines Market was valued USD 4.5 billion in 2021, and Projected to Reach USD 6.3 billion in 2029, and estimated to expand at a 4.3% CAGR from 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/gas-engines-market/
The factors driving the growth of Gas Engines Market includes increasing demand for clean and efficient power generation technology, rising power consumption around the world and growing focus by Governments on enhancing the power generation capacities. According to the report published by Press Information Bureau (PIB), during the COP21 event, the Government of India has committed to achieve 40% of its installed electricity capacity from non-fossil energy sources by the end of 2030, which will push the demand for gas engines in India in the coming years. Moreover, growing emphasis by on installing gas fired power plants, emerging need to replace the ageing power generation infrastructure and strict regulation imposed by governing bodies to reduce carbon emissions, are some of the additional factors supplementing the Gas Engines Market size. In addition, the increasing investments by leading players on research and development, strategic mergers and partnerships between key industry leaders, rapid urbanization and rising disposable incomes, are further contributing towards the market growth.
However, growth of the Gas Engines Market is hindered attributed to disruptions in the global supply chain.
The major players operating in the market are General Electric Company, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Caterpillar Inc, Wartsila Corporation, Rolls-Royce Holdings Plc, Liebherr Group, Cummins Inc, Man SE, and JFE Engineering Corporation among others.
Based on Fuel Type, the Natural Gas segment is predicted to grow at a robust CAGR during the forecast period
Natural gas is available in abundance and its increasing application in base load power generation, are some of the factors responsible for the segment's growth.
Based on End-User, the Utilities segment is projected to expand at a faster CAGR over the forecast period
Rising shift towards gas-fired power plants from coal-fired power plants and growing application of combined heat and power (CHP) technology to enhance the efficiency of power plants, are propelling growth of the segment.
Based on Region, the European region is anticipated to expand at a remarkable CAGR during the forecast period
Rising focus on using clean sources of energy, Government initiatives to reduce carbon emissions in Europe, growing concerns related to climate change, availability of low-priced natural gas, increasing population growth rates and high per capita incomes, are some of the important factors augmenting the market growth.
Key Development
In 2019, Rolls-Royce Holdings PLC and 2G Energy AG entered into an agreement, in which FTSE 100 listed Rolls-Royce was supplied with combined heat and power gas generators in 250-550-kilowatt power range.
Market Segmentation
Segmentation by Fuel Type
Natural Gas
Special Gas
Others (producer gas, coal gas, and propane gas)
Segmentation by Power Output
5-1 MW
1-2 MW
2-5 MW
5-10 MW
10-20 MW
Segmentation by Application
Power Generation
Cogeneration
Mechanical Drive
Others (trigeneration, quad generation, greenhouse operations, and renewable energy)
Segmentation by End-User
Utilities
Oil & Gas
Manufacturing
Others (commercial complex, hospitals, and greenhouse operators)
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe - +353 1 442 8820; US - +1 860 881 2270
Address: Dublin, Ireland
Website: https://www.gmiresearch.com/
Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland
GMI Research's leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our clients business problems and add significant value to long lasting relationship.
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