Market Size of Gas Engine Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 5.91 Billion |
| Market Size (2029) | USD 7.81 Billion |
| CAGR (2024 - 2029) | 5.74 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Gas Engine Market Analysis
The Gas Engine Market size is estimated at USD 5.91 billion in 2024, and is expected to reach USD 7.81 billion by 2029, growing at a CAGR of 5.74% during the forecast period (2024-2029).
- Over the medium term, the gas engine market is largely driven by high natural gas supply at the global level and the demand for the emissions-free fuel system in the power generation and automotive sector.
- On the other hand, the thriving future of gas engines is thwarted by the growing inclination towards renewable sources of energy.
- Nevertheless, the technical advancements to produce the better versions of gas engines create ample opportunities for market development. Recently, the German company MAN Energy Solutions Engines introduced a new MAN E3872 gas-engine series for the first time at Biogas Convention & Trade Fair in Nuremberg. It is designed as a four-stroke spark-ignition gas engine with a displacement of 29.6 liters, a bore of 138mm, and a stroke of 165mm. It has 44% greater efficiency from just 12 cylinders.
Gas Engine Industry Segmentation
A gas engine can be defined as an internal combustion engine which uses blast furnace gas, producer gas, natural gas and others as fuel.
Gas engine market is segmented by end-user industry, fuel type, and geography. By end-user, the market is segmented into power utilities, automotive, marine, industrial, and others. By fuel type, the market is segmented into natural gas, hydrogen, and other fuel types.The report also covers the market size and forecasts for the gas engine market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD).
| End-User | |
| Power Utilities | |
| Automotive | |
| Marine | |
| Industrial | |
| Others |
| Fuel Type | |
| Natural Gas | |
| Hydrogen | |
| Other Fuel Types |
| Geography | |||||||
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Gas Engine Market Size Summary
The gas engine market is poised for significant growth over the forecast period, driven by the abundant supply of natural gas and the increasing demand for emissions-free fuel systems in power generation and automotive sectors. Despite the challenges posed by the shift towards renewable energy sources, advancements in gas engine technology present substantial opportunities for market expansion. Notable developments, such as MAN Energy Solutions' introduction of the MAN E3872 gas-engine series, highlight the industry's focus on enhancing efficiency and performance. The preference for gas engines by electric utilities to manage base and peak electrical loads underscores their critical role in the global electricity generation mix, where natural gas-based power generation ranks second after coal. Ongoing projects and orders, such as those by Wartsila and Jineng (Zhoushan) Gas Power Generation Co., further illustrate the sector's robust growth trajectory.
The European region is expected to lead the gas engine market, bolstered by government policies promoting greener energy transitions and the presence of industry-leading companies. Innovations like Clarke Energy's hydrogen-ready gas engines and Rolls-Royce's successful tests of hydrogen-fueled engines exemplify the region's commitment to advancing gas engine technology. The market's semi-consolidated nature features key players such as General Electric, Wartsila, Rolls-Royce, Caterpillar, and Cummins, who compete with independent manufacturers and OEMs. Recent initiatives, including ITP Aero's development of a hydrogen-fueled commercial aircraft engine and Weichai Group's launch of a high-efficiency natural gas engine, reflect the industry's ongoing efforts to enhance efficiency and reduce emissions, positioning the gas engine market for continued growth and innovation.
Gas Engine Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing Supply and Consumption of Gas-based Systems in Various End-user Industry
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1.5.1.2 Implementation of stricter emission regulations worldwide
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1.5.2 Restraints
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1.5.2.1 Growing Inclination towards Renewable Sources
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 End-User
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2.1.1 Power Utilities
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2.1.2 Automotive
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2.1.3 Marine
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2.1.4 Industrial
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2.1.5 Others
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2.2 Fuel Type
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2.2.1 Natural Gas
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2.2.2 Hydrogen
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2.2.3 Other Fuel Types
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 France
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2.3.2.3 United Kingdom
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2.3.2.4 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Rest of Asia Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 United Arab Emirates
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2.3.5.3 South Africa
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2.3.5.4 Rest of Middle-East and Africa
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Gas Engine Market Size FAQs
How big is the Gas Engine Market?
The Gas Engine Market size is expected to reach USD 5.91 billion in 2024 and grow at a CAGR of 5.74% to reach USD 7.81 billion by 2029.
What is the current Gas Engine Market size?
In 2024, the Gas Engine Market size is expected to reach USD 5.91 billion.
