What are the Growth Predictions for the Global Gas Engines Market?
The gas engines market size has seen a considerable increase in recent years. Rising from $5.19 billion in 2024 to $5.46 billion in 2025, the growth signifies an impressive compound annual growth rate (CAGR) of 5.1%. This growth is driven by key factors like soaring energy demand, abundance of natural gas, environmental regulations, decentralized energy generation, industrial applications, and fast start-up processes.
The future for the gas engines market also looks promising with the market expected to surge to $6.8 billion by 2029, at a CAGR of 5.6%. This growth can be attributed to the growing emphasis on renewable energy, distributed generation, economic viability, rural electrification, and cogeneration in commercial buildings. Technologically advanced trends including digitalization, smart controls, emissions reduction technologies, LNG-powered engines, energy storage integration, and hydrogen-powered gas engines are also expected to fuel the expansion.
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What Factors are Fueling the Growth of the Gas Engines Market?
A significant driver in the gas engines market growth is the rising usage of natural gas for power generation. Power generated through various ways including fossil fuels, nuclear power plants, and hydropower contribute to the rising demand for gas engines. The modularity and cost efficiency of gas engines offer an ideal solution for continuous power requirements. For example, a report from the International Energy Agency in December 2023 noted that natural gas supplied more than half of U.S. electricity demand for the first time the previous summer, increasing its share of the power mix from 40% to 45% over the preceding two years.
What are the Major Segments in the Global Gas Engines Market?
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
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Which are the Key Players in the Global Gas Engines Market?
Major companies operating in the gas engines market include Caterpillar Inc., Cummins Inc., Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd., Hyundai Heavy Industries Co. Ltd., Maschinenfabrik Augsburg-Nürnberg AG, General Electric Company, Kawasaki Heavy Industries Ltd., Liebherr-International AG, Kohler Co., Yanmar Co. Ltd., Perkins Engines Company Limited, Doosan Group, INNIO Jenbacher GmbH & Co. OG, Deutz AG, Guascor Power, Dresser-Rand, Motoren- und Turbinen-Union Friedrichshafen GmbH, Fairbanks Morse LLC, Jinan Lvneng Power Machinery Equipment Co. Ltd., Ningbo C.S.I. Power & Machinery Group Co. Ltd., Baudouin, CNPC Jichai Power Complex, Googol Engine Tech Co. Ltd., Liquid Combustion Technology LLC, Lombardini Srl, Chongqing Winyou Power Co Ltd., Briggs & Stratton Corporation, Honda Motor Co Ltd., Yamaha Motor Corporation, KUBOTA Corporation, Generac Power Systems Inc.
What are the Emerging Trends in the Gas Engines Market?
Technological advancements are being rapidly adopted in the gas engines market. Companies are employing new technologies to enhance the performance of gas engines to meet modern energy and power needs. An instance of this is the Weichai Group, a China-headquartered manufacturer of diesel and gas engines. In November 2022, they launched a commercial natural gas engine offering a first-of-its-kind brake thermal efficiency (BTE) of 54.16% based on Westport high-pressure direct injection (HPDI) technology.
Which Region Holds Dominance in the Gas Engines Market?
North America was the largest region in the gas engines market as of 2024. The other regions examined in the gas engines market report are Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
What Does The Gas Engines Market Report 2025 Offer?
The Gas Engines Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Gas engines are internal combustion engines that utilize gaseous fuels such as natural gas and blast furnace gas for gas production, also used for renewable energy production and grid balancing.
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