Gas Engines Market:
The GMI Research’s latest analysis reveals that the Gas Engines Market is slated to register a higher CAGR over the coming years. This is mainly attributed to the strong demand for efficient and clean power generation technology, and the introduction of stricter emission regulations, decreased cost of natural gas, and rising demand for electricity.
Gas Engines Market’s leading Manufacturers:
- 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
- JFE Engineering Corporation
Gas Engines Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The global gas engines market is predicted to witness an upsurge in demand during the forecast period due to the strong demand for efficient and clean power generation technology and the introduction of stricter emission regulations. With the rapid urbanization and globalization, lifestyle and work culture have changed, which has raised the use of electricity. As per the gas engines market report, there are various consumers of electricity, including manufacturing, households, and production companies, and electric vehicles as electricity generation are considered as the main usage of gas engines, so rising demand for electricity, followed by decreased cost of natural gas is further stimulates the growth of the gas engines market size. The demand for small gas engine products is growing as many car manufacturers are determined to fulfill strict emission norms, including EURO 6 and the ACEA agreement. This downsizing phenomenon is setting up new technical avenue like micro-hybridization and biofuels, which offers prospects for the growth of the gas engines market share in terms of revenue. According to the gas engines market research, emission legislation is helping in engine downsizing, thus growing the demand for technologies like engine boosting, gasoline direct injection, and others. On the other hand, the factor hampering the growth of the market includes price discrepancy in the regional market.
End-User Segment Drivers
Based on end-user, the market is segmented into manufacturing, utilities, and oil & gas. The utilities is predicted to rise at a higher CAGR over the forecast period. The utilities industry runs gas engine generators progressively to serve base electrical loads. The usage of gas engines across the utility sector is advantageous in the lack of reliable supply from the centralized power plant, and the availability of natural gas will boost the demand for the market.
Fuel Type Segment Drivers
On the basis of the fuel type, the market is segmented into natural gas and special gas. Natural gas is projected to rise at a faster CAGR due to the use of natural gas in baseload power generation and blended heat and power generation. Natural gas is considered an important component of the gas engine and is increasingly available, which propels the market growth.
Gas Engines Market Segmentation:
Segmentation by Fuel Type:
- Natural Gas
- Special Gas
- Others (producer gas, coal gas, and propane gas)
Segmentation by Power Output:
- 5–1 MW
- 1–2 MW
- 2–5 MW
- 5–10 MW
- 10–20 MW
Segmentation by Application:
- Power Generation
- Cogeneration
- Mechanical Drive
- Others (trigeneration, quad generation, greenhouse operations, and renewable energy)
Segmentation by End-User:
- Utilities
- Oil & Gas
- Manufacturing
- Others (commercial complex, hospitals, and greenhouse operators)
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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