Gas Engines Market 2019 - 2023 | General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä (Finland), Rolls-Royce Holdings plc (U.K), Cummins Inc. (U.S), Siemens AG (Germany)

Market Synopsis:

As per Market Research Future (MRFR)’s analysis, the global gas engines market is expected to capitalize on the booming opportunities while striking a CAGR of 7% during the forecast period. The global economy is gaining momentum which has opened avenues for rapid industrialization and urbanization across developed and developing nations. Key players are focusing on the growth of the demand for electricity required for supporting the goals of industrialization. The intensified need for reliable electricity supply is likely to drive the growth of the market in the upcoming years.

The declining quality of air is projected to motivate the implementation of strict emission norms. It is expected to transform the transportation industry over the next few years. The governments are emphasizing on the adoption of gas transport infrastructure. Furthermore, the inclination witnessed towards gases over hydrocarbons is anticipated to benefit the growth of the gas engine market in the foreseeable future.

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The efforts directed towards the upgradation of technology for enhanced efficiency coupled with constant price fall of natural gas is likely to dictate the growth trajectory of the gas engines market over the assessment period. The developments in the gas-fired power plants are further presumed to aid the intensified need for gas engines in the forthcoming years. However, the regional disparity in supply and exploration of natural gas has led to a price inequality which poses a challenge to market growth. Furthermore, the complex geopolitics is further expected to check the expansion of the gas engines market through the review period.

Market Segmentation:

By fuel type, the global gas engines market has been segmented into natural gas, special gas, and others.

By application, the gas engines market has been segmented into power generation, co-generation and others.

By power, the global gas engines market has been segmented into 0.5 MW-1.0 MW, 1.0 MW -2.0 MW, 2.0 MW-5.0 MW, 5.0 MW-10.0 MW and 10.0 MW-20.0 MW.

By end-user utilities, the gas engines market has been segmented into manufacturing, oil & gas and others.

Regional Analysis:

The global gas engines market, by region, has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The emission norms implemented in European nations has been projected to unleash myriad growth opportunities for the market participants. Furthermore, the rising demand for electricity is likely to support the growth of the gas engines market in the forthcoming years.

Asia Pacific is an important growth pocket owing to the rapid urban migration witnessed in the region. The region is also acing the global industrial trade affairs. The locational advantage of the region has encouraged leaders of different industries to invest in the region. This, in turn, is prognosticated to favor the expansion of the gas engines market over the next couple of years.

Competitive Dashboard:

Some of the key players profiled in the report are General Electric Company (U.S.), Wärtsilä (Finland), Rolls-Royce Holdings plc (U.K), Deutz AG (Germany), Caterpillar Inc. (U.S.), Cummins Inc. (U.S), Man SE (Germany), Kawasaki Heavy Industries, Ltd. (Japan), Siemens AG (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), Yanmar Co., Ltd. (Japan) and Doosan Infracore (South Korea).

Industry News:

In February 2019, Innio, an Austrian Company, has secured a deal with China’s Chongqing Yuxin Energy for supplying eight 3.35MW Jenbacher J620 gas engines to Chongqing Songzao CMM gas-fuelled power plant.

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In February 2019, Ford, a multinational automaker, has unveiled updates introduced for 2020 Ford F-Series Super Duty and has added a massive gas engine to the vehicle.

In January 2019, The Energy Efficiency Services Ltd (EESL), an energy service company of the Government of India, has revealed its plan of introducing trigeneration gas engines of about 60 MWs for its industrial and corporate clients.

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