Gas Engines Market Forecast 2018-2026 | General Electric Company, Wartsila Corporation, Cummins Inc., MAN SE, Kawasaki Heavy Industries, Ltd., JFE Holdings, Inc., Niigata Power Systems Co., Ltd, Cater

Global Gas engine market is estimated to grow with approx.10.69% CAGR during the years 2018-2026. The base year considered for the study is 2017 and forecast period is 2018-2026. The global gas engines market is primarily driven by the following factors:

• Unrelenting drop in gas prices leading to an increase in demand for gas engines
• Increasing use of natural gas in the power industry
• Increasing environmental concerns
• Technological advancements leading to efficient power generation
• Marine application fueling demand for gas engines

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The important driver increasing growth in the global gas engine market is the increasing environmental concerns. Gas engines primarily run on natural gas. Natural gas is one of the most important sources of energy. Natural gas is not only abundantly available but also offers many environmental benefits. The Environment Protection Agency has declared natural gas as the cleanest of all fossil fuels. Natural gas is mainly composed of methane, which after combustion releases carbon dioxide and water vapour. Coal and oil have a high carbon ratio high sulfur and nitrogen content. Hence, when they are combusted, they release higher levels of carbon, nitrogen oxide, and sulfur dioxide. Ash particles are also found in coal or oil combustion.

Natural gas engines are those engines that intake natural gas for the power production. There are four natural gas based engine types present in the market that includes conventional charge spark ignition engine, dual fuel injection engine, port injection lean burn engines and direct injection engines. The thermal efficiency of natural gas based engines ranges between 35%- 45%. Natural gas engines are widely used due to certain benefits that include ultra-low emissions, high fuel efficiency, excellent torque, robust performance, reduced noise and reliability. The decline in the price of natural gas is determined to increase the consumption of natural gas in the market owing to increasing demand for natural gas based engines.

Irregularities in natural gas reserves and supplies due to regional instability, security and infrastructure concern and the large price difference between alternative fuels are the major factors hindering the gas engine market. Natural gas is being preferred in new power generation capacities in sync with the growing demand for gas engines. However, the irregularity in global natural gas reserves is expected to affect the use of natural gas and reduce the demand for gas engines. Though natural gas engines are gaining ground among end-users across the world, coal will remain the key fuel in rapidly developing countries due to its cost-efficiency. Some issues regarding energy security include manipulation of energy supplies, attacks on supply infrastructure, political instability of several energy producing countries, the competition over energy sources, natural disasters, dependency on foreign countries for oil, accidents, and terrorism.

The global gas engine market segments include power, fuel type, application and end user.

Power is 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
10.0 MW-20.0 MW
Fuel type is segmented into:

Natural Gas
Special Gas
Other Gas
End User is segmented into:

Utilities
Manufacturing
Oil & Gas
Others
Applications are segmented into:

Power Generation
Co-Generation
Other Applications
The report scope is widely categorized on the basis of its fuel type which includes natural gas, special gas and other gas.

Geographically, the global gas engine market has been segmented on the basis of four major regions into:

Gas Engines North America Market– U.S. & Canada
Gas Engines Asia Pacific Market– China, India, Japan, and RoAPAC
Gas Engines Europe Market– UK, France, Germany, Spain, Italy and RoE
Rest of World- Latin America, MENA and Africa

The European market is expected to dominate the global gas engines market throughout the forecast period. Gas engine market in Europe is driven by increasing demand for clean energy, the shift of energy focus from coal to natural gas, EU emission targets, and temporary shutting down of nuclear power plants. Germany dominates the gas engine market in Europe. Phasing out of nuclear and coal power plants, and shifting focus towards renewable energy along with stability in grid network are the main drivers of the gas engine market in Germany. Other emerging markets in Europe include Spain, UK, France, Poland, Austria, and Turkey. On the other hand, the Asia-Pacific market is anticipated to be the fastest-growing region for the global gas engine market. Asia Pacific gas engines market is mainly driven by the increasing electricity demand in the region and decreasing natural gas prices. The growing consumption and production of natural gas across the Asia Pacific region is a key factor which is decreasing the natural gas prices.

The global gas engine market is segmented based on end-users which are sub-divided into utilities, manufacturing, oil & gas and others. The market is also segmented on the basis of power which is sub-divided into 0.5 MW-1.0 MW, 1.0 MW-2.0 MW, 5.0 MW- 10 MW, and 10.0 MW- 20 MW. Gas engines market by application includes power generation, co-generation and other applications. On the basis of fuel types, the market is segmented into natural gas, special gas and other gas.

The major market players of the global gas engine market are:

Cummins Inc
Caterpillar Inc
General Electric Company
Rolls-Royce Holdings Plc
Wartsila Corporation
Others

Company Profiles covers analysis of important players

These companies are using organic and inorganic strategies for growth. For instance, GE Power signed a multi-year agreement with Samra Electric Power Company in Jordan. Under the agreement, GE will provide SEPCO with full plant maintenance services, including parts and repairs for critical power generation equipment for the 1,175 megawatts Samra Combined Cycle Gas Turbine Power Plant in the Zarqa region, which feeds power into the national grid for both residential and commercial use. Mitsubishi Heavy Industries Ltd. has reached a basic agreement with Oshima Shipbuilding Co Ltd. towards the formation of an alliance in the commercial ship business. The companies will seek business synergy and target sustainable growth to strengthen business competitiveness in the global market, while also respecting mutual independence.

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Key findings of the global gas engine market:-

• Unrelenting drop in gas prices leading to an increase in the demand for gas engines and increasing use of natural gas in the power industry is fueling growth in the global gas engine market.
• Europe accounted for the largest revenue share in 2017.
• Power generation segment is dominating the global gas engine market by application
• Increasing government support
• Product launch is the key strategy adopted by various market players in the global gas engine market.
• Natural gas is the major segment of the market by fuel type

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This release was published on openPR.