The global Gas Engines Market size touched a valuation of USD 4.8 Billion in 2022 and is projected to expand at a moderate CAGR of 4.1% during the forecast period between 2022 and 2032, totaling USD 7.47 Billion by 2032, Supported by,
| Data Points | Key Statistics |
|---|---|
| Estimated Value of Global Gas Engine Market by 2032 | USD 7.47 Billion |
| Documented Market Value of the Gas Engine Market in 2022 | USD 4.8 Billion |
| Estimated CAGR from 2022 to 2032 | 4.1% |
During the period ranging from 2020 to 2022, gas engines demand prospects appeared limited, attributed to the onset of the COVID-19 pandemic, which shook investor confidence amid the cessation of all industrial activity.
This blip was gradually overcome since mid-2021, leading to a resurgence in growth projections.
The rising utilization of gas engines in the marine and automotive sectors is set to propel the demand for gas engines in the future years. As per the USA Energy Information Administration, The USA used about 30.28 trillion cubic feet (Tcf) of natural gas in 2021, the equivalent of about 31.35 quadrillion British thermal units (quads) and 32% of USA total energy consumption.
These numbers are projected to surge at a fast pace in the assessment period, thereby boosting the demand for gas engines globally.
With an increasing focus on reducing carbon emissions, the presence of strict government regulation, and rising usage of natural gas for power generation and mechanical drive applications in North America to drive the gas engine market during the forecast period.
The increasing consumption of natural gas in many applications is creating immense demand for sustainable technologies like gas engines.
The gas engine market in North America accounts for a significant share of the global revenue generation, owing to various technological enhancements and ongoing investments by several companies, and an increase in the number of gas-powered power plants will create huge demand for gas engines in the future.
As natural gas is eco-friendly as it burns cleaner and emits less carbon than other fuels thus major end-use industries such as utilities, manufacturing, automotive, and oil & gas use natural gas fueling engines.
The increasing usage of natural gas in gas engines across electricity generation plants boosts the growth of the segment. Also, the increased consumer awareness about the benefits of using natural gas coupled with favorable government initiatives is expected to positively impact the gas engine market forecast.
The shifting regulatory policies toward energy transition and sustainable energy sources, driven by integrated energy considerations, will enhance natural gas uses.
Over the years, there has been a significant increase in the demand for gas engines due to growing environmental concerns and a gradual shift towards producing energy by using natural gas and special gas fuels.
Today, the majority of power generation plants are replacing their traditional power generation infrastructure with gas engines to reduce emission levels.
Gas engines are internal combustion engines that run on gaseous fuel, such as natural gas, coal gas, biogas, and special gas. They are gradually gaining traction across end-use verticals like utilities, automotive, oil & gas, and manufacturing due to their higher efficiency, low operating costs, and eco-friendly nature.
Rising demand for electricity coupled with increasing usage of natural gas for producing energy due to its clean, economical, and readily available nature is expected to boost the growth of the gas engine market during the forecast period. According to the USA Energy Information Agency (EIA), 23.2% of the total global energy supply was produced by using natural gas in 2019.
Further, advancements in gas engine technologies and growing environmental concerns will fuel the adoption of gas engines across the world during the assessment period.
The global demand for gas engines is projected to grow at a steady CAGR of 4.1% during the forecast period from 2022 to 2032, surpassing a valuation of USD 7.47 Billion by the end of 2032.
Rising adoption of gas engines in power generation and mechanical drive applications, implementation of stringent carbon emission regulations, increasing government initiatives to expand the power generation infrastructure, the growing popularity of gas engine technologies across emerging economies, and technological advancements in gas engines are some of the major factors driving growth in the global gas engines market.
Since natural gas is clean and economical, various end use-industries are utilizing it for performing several functions including powering mechanical equipment, generating electricity, and propelling vehicles. This will continue to boost the sales of gas engines during the forecast period.
Similarly, rising environmental concerns along with growing demand for clean and efficient power production technologies and increased usage of distributed power generation systems will create opportunities for gas engine manufacturers, thereby expanding the global gas engine market size.
The expansion of the industrial gas turbine market along with rising awareness of environmental hazards and surging demand for clean and efficient power production resources is expected to improve the gas fuel engines market share during the forthcoming years.
Countries like India, Germany, and the United Kingdom are spending large amounts on the construction of gas-powered power plants to reduce carbon emission levels as well as to cater to rising energy demands. Thus, an increase in the number of gas-powered power plants will create huge demand for gas engines in the future.
It has been observed that natural gas-fired power plants emit negligible amounts of greenhouse gases as compared to oil and coal fired-plants. Driven by this, countries are continuously striving to develop and expand their gas-powered power infrastructure, thereby creating space for gas engine market growth.
Despite its optimistic stance, the global gas engine market is facing various challenges that are restraining its growth to some extent. Some of these factors are the shortage of natural gas due to wars and outbreaks of pandemics, fluctuations in natural gas prices, lack of sufficient infrastructure in some regions, and expansion of the gasoline engine market size.
Rising Usage of Natural Gas for Power Generation Application Creating Demand for Gas Engines in China
As per FMI, sales of gas engines across China are projected to grow at a significant pace during the forecast period, owing to the rising demand for clean and efficient power generation technologies, presence of stringent government regulations, rapid increase in the number of gas-fired power plants, availability of advanced products at lower prices, and increasing usage of natural gas in myriad applications.
Rapid usage of coal for power generation and cogeneration applications across China has caused many serious environmental consequences. As a result, there has been a dramatic shift towards large-scale production and consumption of eco-friendly and sustainable alternatives like natural gas.
According to the USA Energy Information Agency (EIA), China’s natural gas consumption rose by 9% in 2019 to 10.8 Tcf from 9.9 Tcf in 2018, making it the world’s third-largest natural gas consumer behind the United States and Russia. This rising usage of natural gas is expected to generate significant demand for gas engines throughout the forecast period.
Similarly, increasing government initiatives and investments to reduce carbon emission levels while at the same time, increasing electricity generation is positively impacting the gas engine market in the country. As per the Center for Strategic and International Studies (CSIS), China invested USD 266 billion in energy transition measures in 2021.
Rising Need for Reducing Carbon Emissions and the Presence of Strict Government Regulation Driving Market Growth in the United Kingdom
With an increasing focus on reducing carbon emissions, the presence of strict government regulation, and the rising usage of natural gas for power generation and mechanical drive applications, the United Kingdom's gas engine market is poised to exhibit steady growth during the forecast period.
Rising consumption of natural gas in a wide range of applications is creating immense demand for sustainable technologies like gas engines and this trend is likely to continue during the forecast period. According to the Worldometer, the United Kingdom consumes 2,795,569 million cubic feet (MMcf) of natural gas per year as of the year 2017.
Similarly, the growing popularity of turbofan engines and the rapid expansion of the marine gas engine market is expected to create opportunities for gas engine manufacturers across the United Kingdom during the forecast period.
Demand for Natural Gas-Based Engines to Continue Rising Throughout the Forecast Period
Based on fuel type, the gas engine market is segmented into natural gas, special gas, and others. Among these, the natural gas segment holds the largest portion of the global gas engine market and is likely to grow at a higher CAGR during the forecast period.
The growth of the segment is attributed to the increasing usage of natural gas in gas engines across electricity generation plants.
Natural gas is more eco-friendly as it burns cleaner and emits less carbon than other fuels. This is prompting major end-use industries such as utilities, manufacturing, automotive, and oil & gas. to use natural gas fueling engines.
Growing consumer awareness about the benefits of using natural gas coupled with favorable government initiatives is expected to positively impact the natural gas engine market forecast.
Above 15 MW Gas Engines Remain Most Preferred for Power Generation and Cogeneration Applications
As per FMI, the above 15 MW gas engines segment accounted for the largest revenue share in 2021, owing to their increasing usage in power generation and cogeneration applications. These engines are mostly used in island-type configurations to supplement major power plants and help avoid blackouts.
The rapid expansion of power generation infrastructure worldwide coupled with growing demand for power generators for the military will further boost the growth of this segment during the forecast period.
Mechanical Drive Segment to Create Maximum Opportunities for Gas Engine Manufacturers
In terms of application, the gas engine market has been segmented into power generation, mechanical drive, cogeneration, and others. Among these, the mechanical driver segment dominates the global gas engine market.
A wide range of mechanical equipment, such as pumps, blowers, compressors, etc. used across manufacturing and oil and gas industries are powered by gas engines. Thus, the rapid expansion of the industrial gas turbine market will boost segment growth during the forecast period.
Leading gas engine manufacturers have adopted various organic and inorganic strategies such as new product launches, the establishment of new facilities across attractive regions, partnerships, acquisitions, collaborations, etc. to gain a competitive edge in the global gas engines market.
For instance:
Future Market Insights' latest report provides a professional and in-depth study of the current state of the global gas engines market. It provides details about the global gas engine market size, key revenue drivers, market restraints, growth opportunities, and recent developments.
The report examines the impact of the booming gas turbine industry on overall gas engine sales and illustrates how the rapid expansion of the power generation sector is creating space for the growth of the gas engine market.
Besides this, FMI also attempts to reveal the prevalent gas engine market trends guiding the gas engine market growth. Does it provide solutions to queries like how will a rise in fuel prices influence the demand for gas engines? Why is Europe becoming the hub for gas engines? And who are the top gas engine manufacturers?
A certain number of chapters have been dedicated to analyzing leading market segments and regional pockets. This makes the study more informative and interesting.
The Gas Engines Market Analysis Includes:
| Attributes | Details |
|---|---|
| Projected Growth Rate (2022 to 2032) | 4.1% |
| Estimated Market Valuation (2032) | 7.47 Billion |
| Forecast Period | 2022 to 2032 |
| Historic Data Available for | 2015 to 2021 |
| Market Analysis | USD Million for Value |
| Report Coverage | Market forecast, company share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, market dynamics and challenges, and strategic growth initiatives |
| Key Segments Covered | Product, Application, Device Type, Grade Type, Distribution Channel, Region |
| Key regions covered | North America(USA, Canada, Rest of North America); Latin America(Brazil, Argentina, Mexico, Rest of Latin America); Western Europe(Germany, United Kingdom, France, Rest of Western Europe); Eastern Europe(Russia, Spain, Rest of Eastern Europe); South Asia Pacific(China, India, Japan, Malaysia, Thailand, Indonesia, South Korea, Rest of South Asia & Pacific); Middle East & Africa(GCC Countries, Turkey, Israel, Rest of Middle East and Africa(MEA)); Rest of the World(Oceania, Africa, South America) |
| Application | Power Generation, Mechanical Device, Cogenerations, Others |
| Key companies profiled | Westport Fuel Systems Inc; Wärtsilä; IHI Power Systems Co., Ltd. (Subsidiary of IHI Corporation); YANMAR HOLDINGS CO.; MAN SE; BERGEN engines AS; LIEBHERR; JFE Engineering Corporation; Siemens; INNIO; MITSUBISHI HEAVY INDUSTRIES, LTD; Kawasaki Heavy Industries, Ltd and Caterpillar; Cummins Inc. |
Table 1: Global Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 2: Global Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 3: Global Market Value (US$ Million), By End-use, 2015 to 2021
Table 4: Global Market Value (US$ Million), By End-use, 2022 to 2032
Table 5: Global Market Value (US$ Million), By Power Output, 2015 to 2021
Table 6: Global Market Value (US$ Million), By Power Output, 2022 to 2032
Table 7: Global Market Value (US$ Million), By Application, 2015 to 2021
Table 8: Global Market Value (US$ Million), By Application, 2022 to 2032
Table 9: Global Market, By Region, 2015 to 2021
Table 10: Global Market, By Region, 2022 to 2032
Table 11: North America Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 12: North America Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 13: North America Market Value (US$ Million), By End-use, 2015 to 2021
Table 14: North America Market Value (US$ Million), By End-use, 2022 to 2032
Table 15: North America Market Value (US$ Million), By Power Output, 2015 to 2021
Table 16: North America Market Value (US$ Million), By Power Output, 2022 to 2032
Table 17: North America Market Value (US$ Million), By Application, 2015 to 2021
Table 18: North America Market Value (US$ Million), By Application, 2022 to 2032
Table 19: North America Market, By Country, 2015 to 2021
Table 20: North America Market, By Country, 2022 to 2032
Table 21: Latin America Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 22: Latin America Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 23: Latin America Market Value (US$ Million), By End-use, 2015 to 2021
Table 24: Latin America Market Value (US$ Million), By End-use, 2022 to 2032
Table 25: Latin America Market Value (US$ Million), By Power Output, 2015 to 2021
Table 26: Latin America Market Value (US$ Million), By Power Output, 2022 to 2032
Table 27: Latin America Market Value (US$ Million), By Application, 2015 to 2021
Table 28: Latin America Market Value (US$ Million), By Application, 2022 to 2032
Table 29: Latin America Market, By Country, 2015 to 2021
Table 30: Latin America Market, By Country, 2022 to 2032
Table 31: Europe Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 32: Europe Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 33: Europe Market Value (US$ Million), By End-use, 2015 to 2021
Table 34: Europe Market Value (US$ Million), By End-use, 2022 to 2032
Table 35: Europe Market Value (US$ Million), By Power Output, 2015 to 2021
Table 36: Europe Market Value (US$ Million), By Power Output, 2022 to 2032
Table 37: Europe Market Value (US$ Million), By Application, 2015 to 2021
Table 38: Europe Market Value (US$ Million), By Application, 2022 to 2032
Table 39: Europe Market, By Country, 2015 to 2021
Table 40: Europe Market, By Country, 2022 to 2032
Table 41: Asia Pacific Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 42: Asia Pacific Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 43: Asia Pacific Market Value (US$ Million), By End-use, 2015 to 2021
Table 44: Asia Pacific Market Value (US$ Million), By End-use, 2022 to 2032
Table 45: Asia Pacific Market Value (US$ Million), By Power Output, 2015 to 2021
Table 46: Asia Pacific Market Value (US$ Million), By Power Output, 2022 to 2032
Table 47: Asia Pacific Market Value (US$ Million), By Application, 2015 to 2021
Table 48: Asia Pacific Market Value (US$ Million), By Application, 2022 to 2032
Table 49: Asia Pacific Market, By Country, 2015 to 2021
Table 50: Asia Pacific Market, By Country, 2022 to 2032
Table 51: MEA Market Value (US$ Million), By Fuel Type, 2015 to 2021
Table 52: MEA Market Value (US$ Million), By Fuel Type, 2022 to 2032
Table 53: MEA Market Value (US$ Million), By End-use, 2015 to 2021
Table 54: MEA Market Value (US$ Million), By End-use, 2022 to 2032
Table 55: MEA Market Value (US$ Million), By Power Output, 2015 to 2021
Table 56: MEA Market Value (US$ Million), By Power Output, 2022 to 2032
Table 57: MEA Market Value (US$ Million), By Application, 2015 to 2021
Table 58: MEA Market Value (US$ Million), By Application, 2022 to 2032
Table 59: MEA Market, By Country, 2015 to 2021
Table 60: MEA Market, By Country, 2022 to 2032
Figure 1: Global Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032), US$ Million
Figure 3: Global Market Share, By Fuel Type, 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 6: Global Market Share, By End-use, 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 8: Global Market Attractiveness Index, By End-use – 2022 to 2032
Figure 9: Global Market Share, By Application, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 11: Global Market Attractiveness Index, By Application – 2022 to 2032
Figure 12: Global Market Share, By Power Output, 2022 & 2032
Figure 13: Global Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 14: Global Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 15: Global Market Share, By Region, 2022 & 2032
Figure 16: Global Market Y-o-Y Growth Projections, By Region – 2022 to 2032
Figure 17: Global Market Attractiveness Index, By Region – 2022 to 2032
Figure 18: North America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 19: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 20: North America Market Share, By Fuel Type, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 23: North America Market Share, By End-use, 2022 & 2032
Figure 24: North America Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 25: North America Market Attractiveness Index, By End-use – 2022 to 2032
Figure 26: North America Market Share, By Application, 2022 & 2032
Figure 27: North America Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 28: North America Market Attractiveness Index, By Application – 2022 to 2032
Figure 29: North America Market Share, By Power Output, 2022 & 2032
Figure 30: North America Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 31: North America Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 32: North America Market Share, By Country, 2022 & 2032
Figure 33: North America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 34: North America Market Attractiveness Index, By Country – 2022 to 2032
Figure 35: Latin America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 36: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 37: Latin America Market Share, By Fuel Type, 2022 & 2032
Figure 38: Latin America Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 39: Latin America Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 40: Latin America Market Share, By End-use, 2022 & 2032
Figure 41: Latin America Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 42: Latin America Market Attractiveness Index, By End-use – 2022 to 2032
Figure 43: Latin America Market Share, By Application, 2022 & 2032
Figure 44: Latin America Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 45: Latin America Market Attractiveness Index, By Application – 2022 to 2032
Figure 46: Latin America Market Share, By Power Output, 2022 & 2032
Figure 47: Latin America Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 48: Latin America Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 49: Latin America Market Share, By Country, 2022 & 2032
Figure 50: Latin America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 51: Latin America Market Attractiveness Index, By Country – 2022 to 2032
Figure 52: Europe Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 53: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 54: Europe Market Share, By Fuel Type, 2022 & 2032
Figure 55: Europe Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 56: Europe Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 57: Europe Market Share, By End-use, 2022 & 2032
Figure 58: Europe Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 59: Europe Market Attractiveness Index, By End-use – 2022 to 2032
Figure 60: Europe Market Share, By Application, 2022 & 2032
Figure 61: Europe Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 62: Europe Market Attractiveness Index, By Application – 2022 to 2032
Figure 63: Europe Market Share, By Power Output, 2022 & 2032
Figure 64: Europe Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 65: Europe Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 66: Europe Market Share, By Country, 2022 & 2032
Figure 67: Europe Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 68: Europe Market Attractiveness Index, By Country – 2022 to 2032
Figure 69: MEA Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 70: MEA Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 71: MEA Market Share, By Fuel Type, 2022 & 2032
Figure 72: MEA Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 73: MEA Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 74: MEA Market Share, By End-use, 2022 & 2032
Figure 75: MEA Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 76: MEA Market Attractiveness Index, By End-use – 2022 to 2032
Figure 77: MEA Market Share, By Application, 2022 & 2032
Figure 78: MEA Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 79: MEA Market Attractiveness Index, By Application – 2022 to 2032
Figure 80: MEA Market Share, By Power Output, 2022 & 2032
Figure 81: MEA Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 82: MEA Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 83: MEA Market Share, By Country, 2022 & 2032
Figure 84: MEA Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 85: MEA Market Attractiveness Index, By Country – 2022 to 2032
Figure 86: Asia Pacific Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 87: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 88: Asia Pacific Market Share, By Fuel Type, 2022 & 2032
Figure 89: Asia Pacific Market Y-o-Y Growth Projections, By Fuel Type – 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness Index, By Fuel Type – 2022 to 2032
Figure 91: Asia Pacific Market Share, By End-use, 2022 & 2032
Figure 92: Asia Pacific Market Y-o-Y Growth Projections, By End-use – 2022 to 2032
Figure 93: Asia Pacific Market Attractiveness Index, By End-use – 2022 to 2032
Figure 94: Asia Pacific Market Share, By Application, 2022 & 2032
Figure 95: Asia Pacific Market Y-o-Y Growth Projections, By Application – 2022 to 2032
Figure 96: Asia Pacific Market Attractiveness Index, By Application – 2022 to 2032
Figure 97: Asia Pacific Market Share, By Power Output, 2022 & 2032
Figure 98: Asia Pacific Market Y-o-Y Growth Projections, By Power Output – 2022 to 2032
Figure 99: Asia Pacific Market Attractiveness Index, By Power Output – 2022 to 2032
Figure 100: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 101: Asia Pacific Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 102: Asia Pacific Market Attractiveness Index, By Country – 2022 to 2032
As per FMI, the global gas engines market size reached around USD 4.8 Billion in 2022.
The global gas engines market is anticipated to grow at a steady CAGR of 4.1% during the forecast period, reaching over USD 7.47 Billion by 2032.
European nations are expected to grow at the highest CAGR during the forecast period.
Westport Fuel Systems Inc, Wärtsilä, YANMAR HOLDINGS CO., IHI Power Systems Co., Ltd. (Subsidiary of IHI Corporation), MAN SE, BERGEN engines AS, LIEBHERR, Siemens, INNIO, MITSUBISHI HEAVY INDUSTRIES, LTD are some of the leading gas engine manufacturers.
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