Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Gas Engines Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The global gas engines market is on track to achieve a notable Compound Annual Growth Rate (CAGR) of 4.0% by 2031, according to a new comprehensive report. The study examines key market dynamics and trends that are projected to shape the trajectory of the gas engine market in the coming years.
Key Highlights:
- Methane (CH4), the primary component of natural gas, is widely recognized as a green and clean energy source. The past decades have witnessed a surge in environmental pollution and energy consumption concerns alongside significant economic and technological advancements. Natural gas, being an efficient, clean, and cost-effective fuel compared to other fossil fuels, has gained traction.
- Gas engines, in comparison to diesel engines, offer benefits such as reduced pollutant emissions and lower costs. The market for gas engines is evolving due to the persistent demand for new technologies and developments in this sector. The application spectrum of gas engines is expanding, propelled by the maturation and growth of natural gas technologies.
- The gas engine market is categorized into natural gas engines and specialty gas engines based on the type of fuel used. Application segments encompass commercial and industrial facilities, utilities, agriculture, greenhouse cultivation, mining, and other sectors (landfills, water treatment plants, specialty applications, etc.).
Current Market Dynamics:
- Presently, Europe emerges as the largest and fastest-growing market for gas engines. The region's increasing environmental awareness, availability of low-cost natural gas, and stringent governmental emission regulations are driving factors for the heightened demand of gas engines. Countries such as Russia, the United Kingdom, Germany, and Italy contribute significantly to the European market's growth. However, the adoption of gas engines faces challenges in the Organization for Economic Co-operation and Development (OECD) countries, where slow-moving electricity growth and robust renewable electricity generation deployment hinder gas demand in the power sector.
Historical & Forecast Period:
- This report provides a comprehensive analysis for each segment spanning from 2021 to 2031, considering 2022 as the base year. The Compound Annual Growth Rate (CAGR) for each segment has been projected for the forecast period from 2023 to 2031.
Research Methodology:
- The research study consists of three phases: secondary research, primary research, and expert panel review. The estimation of the Gas Engines market was facilitated by key data points, including research and development budgets of manufacturers, government spending, company revenues, end user statistics, consumption volume, price, value, and geographical revenues. The market forecast was achieved through proprietary software analyzing qualitative and quantitative factors.
Market Segmentation:
- Fuel Type: Natural gas, Specialty gas, Others
- Applications: Commercial and industrial facilities, Utilities, Agriculture, Greenhouse cultivation, Mining, Others (landfills, water treatment plants, specialty applications, etc.)
- Capacity: < 5 MW, 5-10 MW, 10 < MW
- Region Segment (2021-2031; US$ Million): North America, UK and European Union, Asia Pacific, Latin America, Middle East and Africa
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Gas Engines market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Gas Engines market?
- Which is the largest regional market for Gas Engines market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Gas Engines market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Gas Engines market worldwide?
Companies Mentioned
- General Electric Company
- Caterpillar Inc.
- Wartsila Corporation
- Rolls-Royce Holdings PLC
- Cummins Inc.
- Siemens AG
- Man SE
- Mitsubishi Heavy Industries Ltd.
- Kawasaki Heavy Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9018rm
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