Global Gas Engines Market – Opportunities and Forecast, 2020-2027
Gas engines are internal
combustion engine that are similar to gasoline engines but use natural or
manufactured gas instead of gasoline vapor. Methane is the main component of
gas engine, which is known as clean and green energy. Gas engines enable
hybridization of solar thermal power plants. In comparison to other engines,
gas engines have higher efficiency and reduces environmental impact by usage of
biogas or natural gas. They are highly reliable and provide enhanced efficiency
with low operating and maintenance costs. Gas engines are used for multiple
applications including, cogeneration, power generation, and trigeneration.
Implementation of stricter
emission regulations and rising demand for efficient and clean power generation
technology are the major factors accelerating the growth of Gas Engines
market. With the rising globalization and urbanization, lifestyle and work
culture have changed, which has increased the usage of electricity. Households,
manufacturing and production companies, and electric vehicles are large
consumers of electricity. As electricity generation is one of the major use of
gas engines, so increasing demand for electricity coupled with reduced price of
natural gas is expected to drive the growth of the market. The demand for small
gas engine products is increasing as many car manufacturers are determined to
meet stringent emission norms, such as EURO 6, and the ACEA agreement. This
downsizing phenomenon is setting up new technical avenue such as biofuels and
micro-hybridization, which provides prospects for market growth. Moreover,
emission legislation is the key factor for engine downsizing and has boosted
the growth of technologies such as gasoline direct injection, engine boosting,
and others. However, price discrepancy across regional market might hinder the
growth of the market.
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Based on region, Europe is
expected to grow at a higher CAGR during the forecast period. Most of the
countries in European region have cold climate and require heat for commercial
and household spaces, therefore resulting in huge demand for cogeneration
applications. Europe is leader in biogas production and has stringent
environmental norms and low natural gas prices, which further catalyzes the
growth of gas engines market in Europe.
The major players in the market include Caterpillar Inc,
Wartsila Corporation, Rolls-Royce Holdings Plc, Cummins Inc, Man SE, General
Electric Company, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries
Ltd, Liebherr Group, and JFE Engineering Corporation among others.
The Gas Engines market
has been segmented based on Fuel Type, Power Output, Application, End-User, and
key Region. Based on Fuel Type, the market is segmented into Natural Gas,
Special Gas, and Others. Based on Power Output, the market is segmented into 0.5–1MW,
1–2MW, 2–5MW, 5–10 MW, and 10–20MW. Based on Application, the market is
segmented into Power Generation, Cogeneration, Mechanical Drive and Others.
Based on End-User, the market is segmented into Utilities, Manufacturing, Oil
& Gas and Others.
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Key questions answered in
this research report:
- At what pace is the Gas
Engines market growing? What will be the growth trend in the future?
- What are the key drivers and
restraints in the Gas Engines market? What will be the impact of drivers
and restraints in the future?
- What are the regional
revenue and forecast breakdowns? Which are the major regional revenue
pockets for growth in the Gas Engines market?
- What are the various
application areas of the Gas Engines market and how they are poised to
grow?
- What companies are the major
participants in this market and their business
- strategies,
how does the competitive landscape look like?
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