IMARC Group, a leading market research company, has recently releases report titled Gas Engine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. The study provides a detailed analysis of the industry, including theglobalgas engine marketshare, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Gas Engine Market?
The globalgas engine market sizereachedUS$ 5.3 Billion in 2022. Looking forward, IMARC Group expects the market to reachUS$ 7.0 Billion by 2028, exhibiting agrowth rate (CAGR) of 4.5%during 2023-2028.
What is Gas Engine?
A gas engine is a type of internal combustion engine that operates on gaseous fuels, such as natural gas, biogas, and hydrogen. It involves the conversion of chemical energy into mechanical energy through a series of small, controlled explosions. It emits fewer harmful substances like carbon dioxide, nitrogen oxides, and particulate matter, which makes it a cleaner and environmentally friendly choice. It is used in lightweight trucks, motorcycles, and lawnmowers. It is more reliable and generates lower noise and vibration levels compared to diesel engines. Besides this, as it is cost-effective and offers enhanced operational efficiency, the demand for gas engine is increasing across power generation, marine, and automotive industries.
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What are the growth prospects and trends in thegas engine industry?
The expanding global population and construction activities of residential and commercial spaces are driving the need for cleaner and energy-efficient solutions.
Additionally, the increasing environmental concerns and strict emission regulations imposed by governing agencies of various countries are encouraging industries to adopt cleaner energy solutions. Apart from this, the rising demand for natural gas vehicles due to their lower emissions, cost-effectiveness, reliability, and sustainability is creating a positive market outlook.
Furthermore, technological advancements, such as the development of high-efficiency gas engines and the advent of hybrid technologies, are creating lucrative opportunities in the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Fuel Type:
- Natural Gas
- Special Gas
- Others
Breakup by Power Output:
- 5-1 MW
- 1-2 MW
- 2-5 MW
- 5-10 MW
- 10-20 MW
Breakup by Application:
- Mechanical Drive
- Power Generation
- Cogeneration
- Others
Breakup by Industry Vertical:
- Utilities
- Manufacturing
- Oil and Gas
- Mining
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Caterpillar Inc., China Yuchai International Limited, Cummins Inc., Doosan Corporation, General Electric Company, Hyundai Heavy Industries Co. Ltd., JFE Holdings Inc., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Volkswagen AG and Wrtsil Oyj Abp.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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