Gas Engine Market, By Fuel Type (Natural Gas and Other Fuel Types), By End-user Industry (Utilities, Manufacturing, Oil and Gas, Transportation, and Other End-user Industries), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032

Gas Engine have played a crucial role in transportation, power generation, and various other applications, providing a reliable and widely available source of power. Ongoing advancements in technology continue to improve the efficiency, performance, and environmental impact of gas engines.

Gas engines have traditionally been preferred by consumers due to their perceived performance characteristics, including power, acceleration, and responsiveness. Gas Engine Market offer a familiar driving experience and are often associated with higher performance and driving enjoyment, which has contributed to their sustained demand and growth.

Increasing Transportation Demand

The world's population is continuously growing, leading to increased transportation needs. As more people seek mobility for commuting, travel, and logistics, the demand for vehicles powered by gas engines rises accordingly. Rapid urbanization and economic development in emerging economies have resulted in a surge in transportation demand. As cities expand, the need for personal vehicles, public transportation, and commercial vehicles increases, driving the demand for gas engines.

For instance, in January 2023, Natural gas powers more than 175,000 vehicles in the United States and 23 million vehicles worldwide. For heavy- and medium-duty applications, it's the perfect substitute for petrol and diesel. These consist of garbage trucks, buses, and trucks used for hauling freight. The horsepower, acceleration, and cruising speed of natural gas engines are comparable to those of traditional fossil fuel engines. In smaller applications like forklifts and industrial lawn equipment, this fuel can also be used in place of petrol.  

Restrains:

The infrastructure for petrol is well-established, which is advantageous for petrol engines, while other fuels like hydrogen or natural gas have infrastructure issues. The limited availability of refueling stations for alternative fuels poses a challenge to their widespread adoption, impacting the growth of gas engines that can potentially use these fuels.

Gas Engine Market is segmented based on Fuel Type, End-User Industry and Region.

Fuel Type Insight

On the basis of Pet Type, Gas Engine Market is segmented into Natural Gas and Other Fuel Types. Natural gas is expected to dominate the target market growth as it is found in significant quantities in many regions around the world, making it easily accessible for various applications, including gas engines.

End-User Industry Insights

On the basis of End-User Industry, Gas Engine Market is segmented into Utilities, Manufacturing, Oil and Gas, Transportation, and Other End-user Industries.  Oil and Gas industry are expected to dominate the target market growth as Gas engines are used in the oil and gas industry primarily for power generation and as prime movers for various equipment. They are often employed in oil and gas exploration and production activities, including drilling rigs, wellhead compression, and gas processing facilities.

Regional Insights:

On the basis of region the Gas Engine Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to witness a significantly high revenue share over the forecast period, as the United States and Canada have been major players in the gas engine market due to the presence of a well-established oil and gas industry, increased adoption of natural gas for power generation, and a focus on reducing greenhouse gas emissions.

Also, the demand for gas engines has been growing rapidly in Asia Pacific due to increasing industrialization, urbanization, and the need for reliable and efficient power generation. Countries like China, India, and Japan have been key contributors to the market.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Gas Engine Market report based on Fuel Type, End-User Industry and Region:

Gas Engine Market, By Fuel Type:

• Natural Gas
• Other Fuel Types

Gas Engine Market, By End-User Industry:

• Utilities
• Manufacturing
• Oil and Gas
• Transportation
• Other End-user Industries

Gas Engine Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Gas Engine Market includes, Caterpillar Inc., Mitsubishi Heavy Industries Ltd., Cummins Inc., Siemens AG, Kawasaki Heavy Industries Ltd., Rolls-Royce Holdings PLC, Wartsila Oyj Abp, Hyundai Heavy Industries Co. Ltd., Man SE, General Electric Company, JFE Engineering Corporation, and Liebherr Group.

• In March 2023, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), a part of Mitsubishi Heavy Industries (MHI) Group, launched “SGP M2000”, a new natural gas engine cogeneration system with generation output of 2,000kW. The new package contains a 16-cylinder, natural gas-fired engine with a 44.3% electrical efficiency rating, the best level ever for an engine in the 2,000 kW class. This engine creates a cogeneration system (Note1) in a small package. SGP M2000's electrical efficiency is 1.8 percentage points higher than MHIET's existing 1,000kW petrol engine cogeneration system, which means less CO2 is emitted during power generation. Additionally, it is tiny.
• In August 2022, Kirloskar Oil Engines launched its gas-powered generator range. The business claimed that it has always prioritized environmentally friendly and customer-centered solutions, and that as industry segments looked to them as pioneers in backup power solutions to develop alternative fuel-based genset choices, as worries about sustainability and gas availability grew.

• Caterpillar Inc.
• Mitsubishi Heavy Industries Ltd.
• Cummins Inc.
• Siemens AG
• Kawasaki Heavy Industries Ltd.
• Rolls-Royce Holdings PLC
• Wartsila Oyj Abp
• Hyundai Heavy Industries Co. Ltd.
• Man SE
• General Electric Company
• JFE Engineering Corporation
• Liebherr Group.