The gas engines market is a constantly evolving and dynamic industry. Some of the current trends in the market include:
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Growing demand for cleaner energy: With increasing environmental concerns, there is a growing demand for cleaner energy sources. Gas engines are seen as a viable alternative to traditional fossil fuel engines, as they produce fewer emissions and are more energy-efficient.
Increased adoption of natural gas: Natural gas is becoming a popular fuel source for gas engines due to its abundance and low cost. Gas engines fueled by natural gas are also cleaner and emit fewer emissions compared to traditional gasoline and diesel engines.
Growth in CHP applications: Combined heat and power (CHP) systems, which use gas engines to generate both electricity and heat, are becoming increasingly popular in industrial and commercial settings. CHP systems offer improved energy efficiency and reduced costs compared to separate power and heat systems.
Advancements in technology: The gas engines market is seeing rapid advancements in technology, particularly in the areas of engine design and fuel efficiency. These advancements are helping to make gas engines more reliable, efficient, and cost-effective.
Increased government support: Many governments around the world are offering incentives and subsidies to encourage the use of gas engines as part of their efforts to reduce carbon emissions and improve air quality. This is expected to drive the growth of the gas engines market in the coming years.
Market Analysis
Small Gas Engines Market is projected, register a CAGR of 4.8% during the forecast period 2022-2030, with valuation of USD 3866.03 Million. The market was valued at USD 2.89 billion in 2021.
Opportunities
Increasing use in Automobiles to offer Robust Opportunities
Small machines are having immense momentum as different automobile manufacturers are single mindedly working on meeting the stringent emission norms like EURO 5, EURO 6, and ACEA agreement. This is giving rise to latest technological avenues like micro-hybridization and biofuels that may offer robust opportunities for the small gas engines market in the forecast period. Rigid emission regulations in most countries are compelling vehicle manufacturers in downsizing the small gas engines they produce resulting in higher need in the automotive industry.
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COVID-19 Analysis
Due to the COVID-19 pandemic the energy and power sector has been significantly impacted resulting in falling prices of power and weakened demand. This in turn has affected the small gas engines market with the construction industry crashing and a fall in the outdoor power equipment. Considering the long-term effect of the COVID-19 pandemic, most of the organizations in the small gas engines market are working to cut down the costs of asset protection while striving to ensure smooth flow of operations for curbing revenue loss. The lockdown restrained the movement of materials across energy and power plants. The short term effect of the virus has managed to ebb the investment capacity of vendors in light of growing political turbulence.
Key Players
Key players profiled in the global small gas engines market report include Briggs and Straton Corporation (US), Honda Motor Co. (Japan), Kohler Co, (US), Kawasaki Heavy Industries (Japan), Fuji Heavy Industries (Japan), Yamaha Motor Co. (Japan), Kubota Corporation (Japan), Liquid Combustion Technology, LLC (US), Champion Power Equipment (US), Fuzhou Launtop ME Co., Ltd (China), Maruyama Mfg. Co., Inc. (Japan), and Lifan Power (US).
The global small gas engines market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more.
