Gas Engine Market Set to Grow at 5.35% CAGR by 2030

Global Gas Engine Market Overview:

According to MarkNtel Advisors study 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 market growth is attributed to the growing establishment of decentralized and distributed energy systems across the globe.

Key Findings of the Study: Gas Engine market

Global Gas Engine Market Challenge:

Volatility in Gas Prices and Availability – The raw materials for gas engines such as natural gas, biogas, and specialized gases are largely subjected to global events. The prices of natural gas rely on its production, supply, and demand, which further is dependent upon the geopolitical events that might hamper the supply of natural gas. Such as during the Russia-Ukraine war, with the sanctions imposed on Russia, there were severe natural gas shortages in the European region. The main source of power generation for the European nations has been natural gas. These shortages forced many countries to invest in other energy sources for their routine tasks. This event further hampered the new installation of gas engines by many end users due to the risk of non-availability or availability of natural gas at very high prices.

Also, the limited sources of biomass, and specialized gases due to the dependency on particular waste generation, the widespread supply of these gases is strained. This impacts the adoption of gas engines at a broader scale further curtailing the market growth.

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Scope of the Gas Engine Market Report Segmentation

-By Product

Primer- Market Size & Forecast 2019-2030F (Thousand Tons)
E-coat- Market Size & Forecast 2019-2030F (Thousand Tons)
Basecoat- Market Size & Forecast 2019-2030F (Thousand Tons)
Clearcoat- Market Size & Forecast 2019-2030F (Thousand Tons)

-By Technology

Waterborne Coatings- Market Size & Forecast 2019-2030F (Thousand Tons)
Solventborne Coatings- Market Size & Forecast 2019-2030F (Thousand Tons)
Powder Coatings- Market Size & Forecast 2019-2030F (Thousand Tons)
UV-Cured Coatings- Market Size & Forecast 2019-2030F (Thousand Tons)

-By Resin Type

Polyurethane- Market Size & Forecast 2019-2030F (Thousand Tons)
Epoxy- Market Size & Forecast 2019-2030F (Thousand Tons)
Acrylic- Market Size & Forecast 2019-2030F (Thousand Tons)
Others- Market Size & Forecast 2019-2030F (Thousand Tons)

-By End-Users

OEMs- Market Size & Forecast 2019-2030F (Thousand Tons)
Refinish- Market Size & Forecast 2019-2030F (Thousand Tons)

-By Application

Plastic-Parts
Metal-Parts

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Geographical analysis:

-By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

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. Consequently, there arises an urgent demand for steady power generation, transmission, and distribution networks. Moreover, governmental investments aimed at modernizing and expanding power grids, alongside a growing emphasis on integrating renewable energy sources, further fuel the demand for gas engines for continuous supply of power and grid stabilization.

Global Gas Engine Industry Recent Development:

2024: Innio Group announced to deliver five Jenbacher gas engines to PGE Energia Ciepła’s (Polish Utility Company) for their CHP plant with a total power generating capacity of nearly 52.6 MWe.
2024: MAN Energy Solutions reported that it will provide Turkey-based Karpowership with 48 dual fuel engines for Karpowership’s fleet of power plant ships, with a total mechanical output of about 20.7 MW each.

Current Landscape of Gas Engine Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Gas Engine market. The research report profiles major players, including

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Wartsila
Cummins Inc.
Caterpillar
Rolls-Royce Holdings
MAN Energy Solutions
Siemens Energy
Mitsubishi Heavy Industries, Ltd.
Innio
Hyundai Heavy Industries Co., Ltd.
Scania CV AB
Kawasaki Heavy Industries, Ltd.
Ningbo C.S.I. Power & Machinery Group Co., Ltd.
IHI Corporation
JFE Engineering Corporation
Liebherr Group
Others

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