The gas engines market was USD 4,692.1 million in 2022, and it will touch USD 6,334.7 million, advancing at a 4.0% CAGR, by 2030.
The major factor boosting the growth of the industry is the surging requirement for power in numerous industries. Furthermore, the increasing efficiency of gas engines because of technological advancement, along with the mounting population also boost the progression of the industry.
In 2022, the natural gas category, based on product, accounted for the largest share. Natural gas is typically utilized in gas engines for the generation of electricity as it burns cleaner and produces less carbon dioxide, sulfur dioxide, nitrogen oxide, and particulate matter emissions than other gaseous fuels.
The above 15 MW category, based on power output, will observe the fastest growth, of approximately 5%, in the years to come. The marine and utilities industry utilized above-15-MW engines. By offering a reliable and comparatively cleaner alternative to engines driven by coal and diesel, those that used natural gas play an important role in helping key global economies in producing an eco-friendlier energy system.
In 2022, the power generation category, based on application, led the industry. The surging demand for electricity because of the mounting population and load shedding is boosting the growth of this category.
Whereas, the mechanical drive category will observe the fastest growth in the gas engines market, of approximately 4%, in the years to come. This can be attributed to the extensive utilization of gas engines in the manufacturing and oil & gas industries.
The utilities category, based on end users, will observe the fastest growth, of approximately 6%, in the years to come. This is because of the mounting global population, a growing number of customers, and speedy urbanization in developing nations.
APAC dominated the global gas engines industry in 2022. This is attributed to the renovation of coal-based plants to gas-based plants, to replace the old power generation infrastructure, and the surging requirement for efficient and clean fuels in the continent.
Additionally, more than 4 billion people live in over 60 nations in APAC. Moreover, the continent contributes over half the world's greenhouse gases emission. Water scarcity and extreme weather are just a few effects of climate change on Central Asia. Therefore, carbon-based energy systems need to be phased out of the continent's energy sector, which is a main greenhouse gas emitter.
Europe will observe the fastest growth in the years to come, owing to the high requirement for gas-based engines in industrial areas. Additionally, Europe is a top producer of biogas, as a result, advancements in gas engine technology will create new opportunities in the continent.
It is because of the surging requirement for power in various industries, along with the advancement in gas engine technologies, the global gas engines industry will continue to grow in the years to come.
