Rising demand for clean and efficient power generation technology is the key factor driving the natural gas engine market revenue growth

The global Natural Gas Engine Market size was USD 5.03 Billion in 2022 and is expected to register a revenue CAGR of 5.0% over the forecast period, according to the latest report by Reports and Data. Rising demand for clean and efficient power generation technology is driving revenue growth of the market. Natural gas engines are used for electricity generation since it burns cleaner and has low carbon emission compared to other types of fuels. It also emits low nitrogen oxide, sulfur dioxide, and particulate matter.

Natural gas is primarily methane (CH4) with smaller quantities of other hydrocarbons. It is one of the foremost important sources of energy and is widely used across the globe for multiple purposes. Natural gas produces fewer greenhouse gas emissions and air pollutants compared to coal, making it a cleaner energy source is a key factor driving revenue growth of the market. Natural gas is the cleanest of all fossil fuels and plays important role in improving the environment by reducing air pollution and greenhouse gas emissions. It burns more cleanly than other fossil fuels, emitting lower levels of harmful emissions such as hydrocarbons, carbon monoxide, carbon dioxide, nitrous oxides, and other gases hence, driving revenue growth of the market.

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Top Lading Players: Caterpillar Inc., Wärtsilä Oyj Abp, Rolls-Royce Holdings plc, Volkswagen, INNIO, Cummins Inc., Mitshubishi Heavy Industries, Ltd., Doosan Corporation, MAN Energy Solutions SE, Yanmar Holdings Co., Ltd.

Some Key Highlights from the Report:

• The spark ignited engines segment accounted for largest revenue share in 2022. Spark-ignited engines play an essential role in the Internal Combustion Engine (ICE) industry. They are commonly found in vehicles and power generation applications. Spark-ignited engines use to generate electricity in power plants and to power various types of equipment and machinery, such as generator sets and portable power tools. They are widely used in vehicles, including cars, trucks, buses, and motorcycles, as they offer a good balance of power, efficiency, and affordability and are designed to be energy efficient and have low emissions, making them an attractive choice for a variety of applications. These factors are driving revenue growth of the segment.
• The 3,000 KW – 4,500 KW segment accounted for largest revenue share in 2022. A 3,000 KW to 4,500 KW natural gas engine plays an essential role in various industrial and commercial applications that require high power generation. These natural gas engines are used in power plants, gensets, and other types of power generation systems to provide reliable, efficient, and cost-effective power, which is driving revenue growth of the segment.
• The greenhouse operators segment accounted for largest revenue share in 2022. Natural gas engines generate electricity in greenhouses, providing a reliable and cost-effective power source. Natural gas engines are also used to provide heat for greenhouses, improving the environment and increasing crop yields. Natural gas is a cleaner-burning fuel compared to other fossil fuels, reducing greenhouse gas emissions and improving air quality and providing energy security for greenhouse operators, reducing their dependence on the electrical grid, and providing a reliable energy source.
• The market in Asia Pacific is expected to register a steadily fast revenue growth rate during the forecast period. Increasing adoption of natural gas engines in the commercial sector and rising demand for clean and efficient power generation technology, in countries such as India, China, and Japan are the key factors driving revenue growth of the market in this region. Moreover, rapid urbanization and industrialization is also driving revenue growth of the market to some extent. Rising use of distributed power generation systems is another factor driving revenue growth of the market in the region.

Segments covered in the report:

Engine Family Outlook (Revenue, USD Billion; 2019–2032)

• Spark Ignited Engines
• Dual Fuel Type Engine
• High-Pressure Direct Injection

Power Output Outlook (Revenue, USD Billion; 2019–2032)

• 500 KW - 800 KW
• 1,000 KW – 2,000 KW
• 3,000 KW – 4,500 KW

Application Outlook (Revenue, USD Billion; 2019–2032)

• Natural Gas Gensets
• Natural Gas Automotive
• Decentralized Energy Generation

Horsepower Outlook (Revenue, USD Billion; 2019–2032)

• Up to 1,000 HP
• 1,000-2,000 HP
• Above 2,000 HP

End-use Outlook (Revenue, USD Billion; 2019–2032)

• Utilities
• Marine
• Oil and Gas
• Manufacturing
• Commercial Complexes
• Wastewater Treatment Plants
• Hospitals
• Greenhouse Operators

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Regional Outlook:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Questions Addressed in the Report:

• What are the dominating factors that are influencing the growth of the industry?
• In the forecast period, which market segment is expected to rise the most?
• What are the risks and challenges that the industry is facing?
• In the coming years, which area is projected to dominate the market?
• Who are the major players in the market?
• What kind of strategic business plans have they made?

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