Gas engine market size to grow by 2,168.62 million: Highlights on COVID-19 analysis, recovery, and latest trends - Technavio

NEW YORK, Feb. 14, 2023 -- According to Technavio, the global gas engine market size is estimated to grow by USD 2,168.62 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.32% during the forecast period. Moreover, the growth momentum will accelerate. Europe will account for 42% of the market's growth during the forecast period. The report also includes historic market data from 2017 to 2021. In 2017, the gas engine market was valued at USD 4,987.51 million. COVID-19 had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For more insights on the market, request a sample report

Leading trends influencing the market 

• The emergence of dual-fuel engines is a key trend in the market. 
• Dual fuel engines use two types of fuels during operation and can switch between fuels as per efficiency requirements.
• Manufacturers are coming up with products that can reduce the dependence on fuel, such as natural gas engines. These engines offer high energy efficiency and torque.
• For instance, Wartsila offers low-pressure dual-fuel engines, which reduce capital expenditure by 15%-20%.
• Such engines can be used in merchant shipping to reduce fuel bills.
• These factors will likely support global market growth during the forecast period.
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Gas engine market - Five forces
The global gas engine market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes

Gas engine market – Customer landscape

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Gas engine market - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (power generation, co-generation, and others) and end-user (power, industrial, residential, and commercial). 

• The power generation segment will account for a significant share of the market's growth during the forecast period. This segment includes the use of gas engines for power generation or standby power systems by various end-users, including power plant operators as well as industrial, commercial, and residential end-users. Vendors are offering highly reliable products with high efficiency with the help of advanced technologies. Gas engines use lean-burn technology, which helps lower carbon emissions during power generation. Moreover, investments in gas-fired power plants and thermal power stations have been growing in recent years. This has also led to the completion of many gas-fired power plant expansion projects. Such factors will propel the demand for natural gas engines from power generation plants and, in turn, drive the growth of the segment during the forecast period.

Geography overview
Based on geography, the global gas engine market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global gas engine market.

• Europe is estimated to account for 42% of the growth of the global market during the forecast period. The region has a high potential for the use of gas engines in various applications. Hydrogen and natural-gas-based technologies produce no emissions. Many companies have created and upgraded engine systems that can accommodate new applications. For instance, in September 2021, Cummins stated that it would begin developing a medium-duty 6.7-liter hydrogen-based combustion engine and a 15-liter hydrogen engine as part of its hydrogen-fueled internal combustion engine (H2-ICE) development. Such developments will fuel the growth of the regional market during the forecast period.

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Gas engine market – Market dynamics
Key factor driving market growth

• The expanding gas generator market is driving the market growth.
• Industries are adopting gas generators to ensure continuous power supply and smooth business operations, which is increasing the demand for gas generators.
• In developing countries, the rising per capita income is increasing the demand for gas generators.
• Gas generators release fewer pollutants than diesel generators.
• Hence, concerns about environmental sustainability are fueling the adoption of gas generators, especially in the industrial sector.
• These factors will drive the growth of the global market during the forecast period.

Major challenges hindering market growth

• Efficiency issues are challenging market growth. 
• Propane, clean biogas, and hydrogen are alternatives to natural gas.
• However, such gases have some amounts of contaminants, such as siloxanes and hydrogen sulfides.
• Moreover, gas engines need to deal with changing methane numbers, and the combustion ratio is high to achieve maximum efficiency.
• Different gases are formed using waste products, and they have different properties. This increases the need for maintenance and lubrication of engines.
• Thus, the decline in efficiency is expected to hinder the growth of the global market during the forecast period.

Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this gas engine market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the gas engine market between 2023 and 2027
• Precise estimation of the size of the gas engine market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the gas engine market across Europe, North America, APAC, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of gas engine market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global gas engine market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global gas engine market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Power generation - Market size and forecast 2022-2027
• Exhibit 34: Chart on Power generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Power generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Power generation - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Power generation - Year-over-year growth 2022-2027 (%)

• 6.4 Co-generation - Market size and forecast 2022-2027
• Exhibit 38: Chart on Co-generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Co-generation - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Co-generation - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Co-generation - Year-over-year growth 2022-2027 (%)

• 6.5 Others - Market size and forecast 2022-2027
• Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Application 
• Exhibit 46: Market opportunity by Application ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments 
• Exhibit 47: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 48: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 49: Chart on Comparison by End-user
• Exhibit 50: Data Table on Comparison by End-user

• 7.3 Power - Market size and forecast 2022-2027
• Exhibit 51: Chart on Power - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Power - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Power - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Power - Year-over-year growth 2022-2027 (%)

• 7.4 Industrial - Market size and forecast 2022-2027
• Exhibit 55: Chart on Industrial - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Industrial - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Industrial - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Industrial - Year-over-year growth 2022-2027 (%)

• 7.5 Residential - Market size and forecast 2022-2027
• Exhibit 59: Chart on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Residential - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.6 Commercial - Market size and forecast 2022-2027
• Exhibit 63: Chart on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Commercial - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Commercial - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Commercial - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by End-user 
• Exhibit 67: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 69: Chart on Market share by geography 2022-2027 (%)
• Exhibit 70: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 71: Chart on Geographic comparison
• Exhibit 72: Data Table on Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 85: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 China - Market size and forecast 2022-2027
• Exhibit 101: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027
• Exhibit 105: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027
• Exhibit 109: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 113: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 114: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 115: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 116: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 117: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 118: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 119: Matrix on vendor position and classification

• 12.3 Caterpillar Inc. 
• Exhibit 120: Caterpillar Inc. - Overview
• Exhibit 121: Caterpillar Inc. - Business segments
• Exhibit 122: Caterpillar Inc. - Key offerings
• Exhibit 123: Caterpillar Inc. - Segment focus

• 12.4 Cummins Inc. 
• Exhibit 124: Cummins Inc. - Overview
• Exhibit 125: Cummins Inc. - Business segments
• Exhibit 126: Cummins Inc. - Key offerings
• Exhibit 127: Cummins Inc. - Segment focus

• 12.5 Guangxi Yuchai Machinery Group Co. Ltd.
• Exhibit 128: Guangxi Yuchai Machinery Group Co. Ltd. - Overview
• Exhibit 129: Guangxi Yuchai Machinery Group Co. Ltd. - Product / Service
• Exhibit 130: Guangxi Yuchai Machinery Group Co. Ltd. - Key offerings

• 12.6 Hyundai Heavy Industries Co. Ltd. 
• Exhibit 131: Hyundai Heavy Industries Co. Ltd. - Overview
• Exhibit 132: Hyundai Heavy Industries Co. Ltd. - Product / Service
• Exhibit 133: Hyundai Heavy Industries Co. Ltd. - Key offerings

• 12.7 INNIO Jenbacher GmbH and Co. OG 
• Exhibit 134: INNIO Jenbacher GmbH and Co. OG - Overview
• Exhibit 135: INNIO Jenbacher GmbH and Co. OG - Product / Service
• Exhibit 136: INNIO Jenbacher GmbH and Co. OG - Key offerings

• 12.8 JFE Engineering Corp. 
• Exhibit 137: JFE Engineering Corp. - Overview
• Exhibit 138: JFE Engineering Corp. - Product / Service
• Exhibit 139: JFE Engineering Corp. - Key offerings

• 12.9 Kawasaki Heavy Industries Ltd. 
• Exhibit 140: Kawasaki Heavy Industries Ltd. - Overview
• Exhibit 141: Kawasaki Heavy Industries Ltd. - Business segments
• Exhibit 142: Kawasaki Heavy Industries Ltd. - Key news
• Exhibit 143: Kawasaki Heavy Industries Ltd. - Key offerings
• Exhibit 144: Kawasaki Heavy Industries Ltd. - Segment focus

• 12.10 Kohler Co. 
• Exhibit 145: Kohler Co. - Overview
• Exhibit 146: Kohler Co. - Product / Service
• Exhibit 147: Kohler Co. - Key news
• Exhibit 148: Kohler Co. - Key offerings

• 12.11 Liebherr International AG 
• Exhibit 149: Liebherr International AG - Overview
• Exhibit 150: Liebherr International AG - Product / Service
• Exhibit 151: Liebherr International AG - Key news
• Exhibit 152: Liebherr International AG - Key offerings

• 12.12 MAN Energy Solutions SE 
• Exhibit 153: MAN Energy Solutions SE - Overview
• Exhibit 154: MAN Energy Solutions SE - Product / Service
• Exhibit 155: MAN Energy Solutions SE - Key offerings

• 12.13 Mitsubishi Heavy Industries Ltd. 
• Exhibit 156: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 157: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 158: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 159: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 160: Mitsubishi Heavy Industries Ltd. - Segment focus

• 12.14 Rolls Royce Holdings Plc 
• Exhibit 161: Rolls Royce Holdings Plc - Overview
• Exhibit 162: Rolls Royce Holdings Plc - Business segments
• Exhibit 163: Rolls Royce Holdings Plc - Key news
• Exhibit 164: Rolls Royce Holdings Plc - Key offerings
• Exhibit 165: Rolls Royce Holdings Plc - Segment focus

• 12.15 Sinotruk Hong Kong Ltd. 
• Exhibit 166: Sinotruk Hong Kong Ltd. - Overview
• Exhibit 167: Sinotruk Hong Kong Ltd. - Business segments
• Exhibit 168: Sinotruk Hong Kong Ltd. - Key offerings
• Exhibit 169: Sinotruk Hong Kong Ltd. - Segment focus

• 12.16 Volkswagen AG 
• Exhibit 170: Volkswagen AG - Overview
• Exhibit 171: Volkswagen AG - Business segments
• Exhibit 172: Volkswagen AG - Key offerings
• Exhibit 173: Volkswagen AG - Segment focus

• 12.17 WeiChai Holding Group Co. Ltd. 
• Exhibit 174: WeiChai Holding Group Co. Ltd. - Overview
• Exhibit 175: WeiChai Holding Group Co. Ltd. - Product / Service
• Exhibit 176: WeiChai Holding Group Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 177: Inclusions checklist
• Exhibit 178: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 179: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 180: Research methodology
• Exhibit 181: Validation techniques employed for market sizing
• Exhibit 182: Information sources

• 13.5 List of abbreviations 
• Exhibit 183: List of abbreviations

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