Latest News- Gas Engine Market: Power generation is expected to lead the Application segment during 2024-2028

The Gas Engine Market is being driven by Expanding gas generator market

The Gas Engine Market is expected to grow at a CAGR of 6.77% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2483.3 million. In the gas engine market, the operational expense of fuel represents a significant cost. To mitigate this dependency, manufacturers are innovating dual-fuel engine solutions. These engines utilize both diesel and natural gas, optimizing fuel usage based on operational conditions. At start-up, diesel initiates ignition, followed by natural gas introduction and a minimal air-to-fuel ratio. Natural gas substitutes diesel at a rate of 50%-70%. Towards engine compression's end, diesel is injected to ignite and burn the natural gas. This dual-fuel strategy offers a strategic business advantage in reducing fuel expenses. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Power generation
  • Co-generation
  • Others
• End-user
  • Power
  • Industrial
  • Residential
  • Commercial
• Power Output
  • Up to 1 MW
  • 1 MW to 2 MW
  • 2 MW to 5 MW
  • Above 5 MW
• Fuel Type
  • Natural Gas
  • Biogas
  • Landfill Gas
  • Propane
  • Other Gases
• Geography
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • North America
    • US
    • Canada
  • APAC
    • China
    • India
    • Japan
  • South America
    • Argentina
    • Brazil
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Expanding gas generator market
• Increase in electricity demand
• Low emission levels of natural gas as compared with fossil fuels

However, the market also witnesses some limitations, which are as follows:

• Irregularities in natural gas reserves and supplies
• Efficiency problems
• Increase in renewable energy sources

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Market Scope in Gas Engine Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The gas engine market encompasses various types of gases, including syngas, sewage gas, landfill gas, biogas, mine gas, shale gas, and special gases. These gases are increasingly being utilized for their reliability and efficiency in power production and fuel applications. The environmental footprint of these engines is a significant consideration, with emissions reduction and energy efficiency being key priorities for both governmental bodies and industries. Gas engines are used extensively in transportation and manufacturing sectors, where natural gas reserves provide a sustainable and economically viable alternative to traditional fuels. Acquisitions and mergers in the industry continue to shape the market landscape, driven by the growing electricity demand and economic expansion, particularly in the context of industrialization. Gas engine technology is continually evolving, with advancements in engine design and power production technology leading to increased fuel efficiency and reduced emissions. Natural gas, as a clean-burning fuel, plays a crucial role in the transition towards a more sustainable energy future.

Market Research Overview

The global gas engine market holds significant importance in the industrial sector, particularly in the energy and power generation industries. This market encompasses companies manufacturing equipment for the production, distribution, and utilization of gas engines. According to market analysis firm, Technavio, the gas engine market size is determined by the consolidated revenue generated by gas engine component and equipment manufacturers. Factors driving market growth include: 1. Increasing demand for reliable power sources: Natural disasters, such as earthquakes, floods, and droughts, have become more frequent, leading to power outages in regions like MEA, Europe, and APAC. 2. Rising focus on reducing carbon emissions: Gas engines offer a more environmentally-friendly alternative to traditional power generation methods, making them an attractive option for businesses and governments seeking to reduce their carbon footprint.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/