Gas Engine Market to Reach USD 6.05 Billion by 2027; Caterpillar Inc. (United States), Cummins Inc (United States), Wärtsilä (Finland), Rolls-Royce plc (United Kingdom), INNIO Group (Austria), MAN SE (Germany), Siemens Energy (Germany), MITSUBISHI HEAVY

The global gas engine market is set to gain traction from the increasing construction of new transmission lines and power plants. Governments of various countries are shifting towards cost-effective methods to cater to the high demand for electricity. This information is published by Fortune Business Insights™ in a new report, titled, “Gas Engine Market Size, Share & COVID-19 Impact Analysis, By Product Type (Natural Gas, Special Gas, and Others), By Power Output (0.5–1 MW, 1–2 MW, 2–5 MW, 5–10 MW, and 10–20 MW), By Application (Power Generation, Mechanical Drive, Cogeneration, and Others), and Regional Forecast, 2020-2027.” The report further states that the market size stood at over USD 4.34 billion in 2019 and is projected to surpass USD 6.05 billion by 2027, exhibiting a CAGR of 5.6% during the forecast period.

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COVID-19 Pandemic to Cause Supply Chain Disruptions & Decline Demand

The COVID-19 pandemic has taken a huge toll on various industries, such as hospitality, aviation, oil & gas, and manufacturing. The energy and power industry is not an exception. The global renewable sector is mainly reliant on imports from other countries, especially from China. Because of the complete lockdown in this country, the entire supply chain was disrupted. Our authentic research reports would help you in gaining insights into the current scenario of this market.

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This Report Answers the Following Questions:

How will the renowned organizations surge sales of gas engines?
Which segment is likely to lead the market in the forthcoming period?
Which prominent firms are set to dominate the market in the coming years?
What are the challenges and opportunities in the global market at present?

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Drivers & Restraints-

Increasing Demand for Power from Emerging Nations to Spur Growth

In developing countries, such as Mexico, Brazil, India, and China, power consumption has surged rapidly since the past few years. The main reasons behind this are high population, development of the manufacturing sector, and flourishing economies. Also, improvements in the standards of living of the masses are set to propel the demand for power. Owing to these factors, numerous countries are either installing new plants or are broadening the capacities of the existing ones.

Moreover, the increasing deployment of governmental norms for lowering the emissions of carbon is likely to compel firms to use renewable energy sources for the generation of electricity. These would further drive the gas engine market growth in the near future. However, the varying prices of natural gas and irregularities in natural gas reserves across the globe may hinder the demand for gas engines.

Segments-

Power Generation Segment to Dominate Fueled by High Demand from Manufacturing Plants

Based on application, the power generation segment earned 29.9% in terms of the gas engine market share in 2019 and is expected to retain its dominant position throughout the forthcoming years. This growth is attributable to the rising usage of gas engines for power generation in public buildings, commercial buildings, and manufacturing plants.

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Regional Analysis-

Increasing Demand for Clean & Reliable Energy to Favor Growth in Asia Pacific

Geographically, North America generated USD 1.80 billion in 2019 and is set to remain in the leading position in the near future. This will occur as natural gas-fired power is widely distributed across the U.S. Europe, on the other hand, is expected to grow considerably backed by the rising demand for cogeneration applications as most of the countries in the EU are under cold climate. Therefore, they require heat for commercial and residential spaces. Asia Pacific would be the fastest-growing region because of the rising focus of South Korea, Japan, and India on using reliable and clean energy sources.

Competitive Landscape-

Key Players Focus on New Product Launches to Cater to Increasing Consumer Demand

The market for gas engines contains multiple small and large companies that are striving to gain a competitive edge by offering unique products. They are effectively fulfilling the demand coming from various countries worldwide. Below are the two latest industry developments:

October 2019: Caterpillar launched G3516C, its latest gaseous-fueled continuous duty package generator sets. It is equipped with a gas engine control module. It also has a high power density platform with a specially developed high-volume, two-stage air intake system.
September 2019: Wärtsilä unveiled its new engine and power plant solution in the power generation market. The new engine is called Wärtsilä 31DF and it delivers unparalleled dynamic operational features, fuel choice flexibility, and unequalled open-cycle efficiency.

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Detailed Table of Content:

Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Gas Engine Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Gas Engine Market Analysis (USD Billion), Insights and Forecast, 2016-2027
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product Type
Natural Gas
Special Gas
Others
Market Analysis, Insights and Forecast – By Power Output
0.5–1 MW
1–2 MW
2-5 MW
5-10 MW
10-20 MW
Market Analysis, Insights and Forecast – By Application
Power Generation
Mechanical Drive
Cogeneration
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa

TOC Continued..

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