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According to the latest report by MarkNtel Advisors, titled “Global Gas Engine Market 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), and Others, 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. The report provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2024-30): 5.35%
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Future Goals of the National Governments to Increase the Share of Renewable Energy in their Energy Mix – Due to the changing structure of power generation, and the declining use of coal as a main source of energy due to rising environmental consciousness and regulatory pressures, the demand for gas engines is expected to grow in the coming years. With nations across the globe focusing on phasing out highly carbon-emitting sources such as coal, and the new renewable energy sources to commercially completely take a longer time, gas engines are predicted to play an important role in the meantime. The gas-fired engines are comparatively emitting very little carbon all the while providing almost the same energy density.
The growing dominance of renewable energy sources, such as solar and wind, presents a lucrative market opportunity for innovative solutions aiming to enhance the integration of renewables into the power grid while mitigating the challenges faced by traditional coal and gas-based energy generation. With renewable energy contributing nearly a quarter (23%) of global electricity generation in 2022, according to the International Energy Agency (IEA), there is a pressing need for advancements in power generation and energy storage technologies. This is a need for maintaining and updating the power infrastructure to support future energy transition, the demand for gas engines would increase in the upcoming years.
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-By Fuel Type
In the forecast period, other special gases amongst all the other fuel types are expected to project the fastest growth.
-By End-Use Industry
Out of them all, the power utilities segment is poised to maintain its majority share in the market from 2024 to 2030.
-By Power Output
-By Application
-By Region
Asia-Pacific dominates the Global Gas Engine Market. The region experiences rapid industrialization, urbanization, and infrastructural development, particularly in countries like China, India, and Southeast Asian nations, fostering a substantial surge in electricity consumption.
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Gas Engine Market Share Gas Engine Market Trends Gas Engine Market Growth
