Gas Engine Market Analysis - 2031

A gas engine, also known as a gasoline engine or petrol engine, is an internal combustion engine that burns gasoline (petrol) as its primary fuel source to convert chemical energy into mechanical energy. Gas engines are commonly used in various applications, including automobiles, motorcycles, small aircraft, power generators, lawn mowers, and many other types of equipment.

The gas engine market size was valued at $4.2 billion in 2021, and gas engine industry is estimated to reach $6.0 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031.

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The automotive industry and other sectors continue to evolve, there is an increasing focus on developing more efficient and eco-friendly engine technologies, including hybrid vehicles, electric vehicles, and alternative fuels to address the environmental challenges associated with gas engines.

The major companies profiled in gas engine market report include Cummins Inc., Caterpillar, Mitsubishi Heavy Industries, Ltd., Rolls-Royce plc, Volkswagen AG, Wärtsilä, Kohler Co., Yanmar Co Ltd., Hyundai Heavy Industries Co., Ltd., China Yuchai International Limited, Siemens, Doosan Corporation, Cooper Corp., INNIO, Kawasaki Heavy Industries, Ltd., Man SE, and JFE Engineering Corporation.

North America would exhibit CAGR of 3.4% during 2022-2031.

As per global gas engine market analysis, by fuel type, the natural gas segment accounted for the largest share in 2021.

By power output, above 15MW type gas engine was the leading segment in 2021.

By application, power generation segment was the highest revenue contributor in 2021.

By end-use, utilities segment has largest market share in 2021.

The demand for gas engines is rising in the power generation industry with new emission control regulations. The industrial sector, including chemicals, metals, and manufacturing industries, is a major contributor to the escalating demand for gas engines. The production of natural gas, which is required for the functioning of gas engines, is growing at a significant rate.

Gas engines are less expensive, environmentally friendly, reliable, and efficient than engines based on other fuel sources, which is propelling their demand. According to Eurostat, natural gas accounts for ~36% of the EU energy consumption. High use in applications such as heating, electricity generation, and vehicle functioning is bolstering the demand for natural gas engines.

The electric power, automotive, manufacturing, and transportation industries, among others, in developing countries are highly dependent on fossil fuels. Rise in population and the lack of supporting infrastructure for electric technologies are the major factors supporting the gas engines market.

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Advantages of Gas Engines:

Wide Availability of Fuel: Gasoline is readily available in most parts of the world, making gas engines convenient for various applications.

Higher Energy Density: Gasoline has a higher energy density than some other fuels, providing better mileage and efficiency in many cases.

Fast Ignition and Start-up: Gas engines typically start quickly and provide immediate power, making them suitable for vehicles and equipment requiring rapid acceleration.

Lower Emissions (compared to older engines): Modern gas engines incorporate emission control technologies, resulting in reduced exhaust emissions, especially when compared to older engine designs.

Compact and Lightweight: Gas engines are generally more compact and lighter than diesel engines, making them suitable for use in smaller vehicles and equipment.

Electric motors, electric devices, solar plants, and wind projects are more expensive than gas engines, which is driving the preference of various countries toward gas engines as an environment-friendly solution.

Due to rapidly development of industrialisation, modernization and spread of information through internet led to the development of demand for data centers, heavy manufacturing industries, and light manufacturing industries which in-turn has fuelled the demand for gas engine.

Expansion of production capacities, acquisition, partnership and research & innovation in the gas fired power generation systems has led to attain key developments in the global gas engine market trends.

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COVID-19 analysis:

COVID-19 has severely impacted the global economy with devastating effects on global trade, which has simultaneously affected households, business, financial institution, industrial establishments and infrastructure companies.

In several countries, the renewable sector is mainly dependent on imports from other regions, primarily China. Around 60% of engines and generation sets are produced in the U.S. and are supplied across the globe.

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