LONDON, May 16, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the gas engines market forecast the market size to grow from $4.7 billion in 2022 to $5 billion in 2023 at a compound annual growth rate (CAGR) of more than 5%,. By 2027, it is anticipated that the market size will reach $6 billion at a CAGR of more than 4%. In 2022, North America was the largest region in the gas engines industry.
One of the key drivers of the gas engine market's growth is the increasing usage of natural gas for power generation. Gas engines are an ideal solution for steady power requirements due to their modularity and high cost-efficiency. According to the International Energy Agency (IEA), the amount of natural gas-fired electricity generated increased by approximately 3% in 2021 compared to the previous year.
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The gas engine market is highly competitive, with a wide range of major players operating in the industry. Some of the leading companies in the gas engine market include Caterpillar Inc., Cummins Inc., Siemens AG, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd., Hyundai Heavy Industries Co. Ltd., Man SE, General Electric Company, and Doosan Group.
The gas engine market is experiencing a technological shift, with a focus on using new technologies to improve the performance of gas engines and meet modern energy and power needs. One example of this is the Weichai Group, which recently launched a commercial natural gas engine based on Westport high-pressure direct injection (HPDI) technology. This engine has a brake thermal efficiency (BTE) of 54.16%, making it the first natural gas engine in the world to achieve this level of efficiency. The engine also uses low friction and high thermal efficiency technology, which is commonly used in diesel engines.
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The global gas engines market is segmented as-
1) By Fuel Type: Natural Gas, Special Gas, Other Fuel Type
2) By Power Output: 1-2 MW, 2-5 MW, 5-15 MW, Above 15 MW
3) By Application: Power Generation, Mechanical Drive, Cogenerations, Other Applications
4) By End User: Utilities, Marine, Oil And Gas, Manufacturing, Other End Users
The global gas engines market report is essential for industry professionals, investors, and stakeholders to gain a deeper understanding of the gas engine market's dynamics and analyze future prospects of the global gas engine market. The report provides insights into the gas engine market, including its size, growth projections, key drivers, major players, and technological advancements.
Gas Engines Global Market Report 2023 by The Business Research Company provides insights on the gas engines market size, gas engines market segments, gas engines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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