Category : Energy and Power | Published at : May-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The global gas engines market is expected to garner growth at a CAGR of around 5.9% during the forecast period 2020 to 2027 and expected to reach the market value of around US$ 6,190.4 Mn by 2027.
A gas engine is an internal combustion engine that uses gaseous fuel, such as blast furnace gas, producer gas, natural gas, and others. The gas engine consists of a moving piston and a fixed cylinder, where combustion gases push the piston that rotates the crankshaft, this motion drives the vehicle’s wheels. The first practical gas engine was built by a Frenchman named Lenoir in 1860, but it was largely improved by Dr. Otto in 1876.
Market Dynamics
The increasing demand for clean and efficient power generation technology and the implementation of stricter emission regulations are driving the market value. The expanding gas transportation infrastructure coupled with lower gas prices is supporting the market value. Moreover, shifting trend towards gas-fired power plants and the growing trend of distributed power generation is likely to create potential opportunities over the forecast period from 2020 to 2027.
On the other side, price disparity across regional markets and political influence on the supply of natural gas is likely to restrict the market value.
By fuel type, natural gas segment is expected to lead the gas engine market during the forecast period
Natural gas segment is projected to register maximum market share in the near future. It is used in base load power generation and combined heat and power (CHP) applications. The increasing focus towards the integration of natural gas into electricity generation mix and with improving natural gas associated infrastructure is expected to drive the segmental growth over the forecast period from 2020 to 2027.
Utilities segment accounted for the major share in the market
By end-user industry, utilities segment is leading the market with major share in 2019 and the segment is also projected to maintain its dominance over the estimated period. Utility segment includes the usage of gas engines for electricity, gas, and water associated application in the household. Moreover, the rapid urbanization associated coupled with the increasing construction of new power plants and transmission lines in developing regions is supporting segmental growth.
The market research study on “Gas Engines Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 – 2027”, offers a detailed insight into the global Gas Engines market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights into the global Gas Engines market, its product type, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global Gas Engines market size and volume, and segment markets by product type, application, and geography along with the information on companies operating in the market. The Gas Engines market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market size and volume for different segments have been covered under the scope of the report.
Europe is leading the global market with major share
Europe region is accounted for the major share in terms of value in 2019 and the region is projected to register substantial growth during the estimated period from 2020 to 2027. The presence of stringent environmental norms and low natural gas prices are supporting the regional market value. Most of the European countries have a cold climate, which requires heat for household and commercial spaces results in high demand for cogeneration applications.
The players profiled in the report include Caterpillar Inc., Cummins Inc., General Electric Company, Hyundai Heavy Industries Co. Ltd, JFE Engineering Corporation, Kawasaki Heavy Industries Ltd, Liebherr Group, Man SE, Mitsubishi Heavy Industries Ltd, Rolls-Royce Holdings PLC, Siemens AG, and Wartsila Oyj Abp.
Market Segmentation
Market By fuel type
- Natural Gas
- Special Gas
- Others (Producer Gas, Coal Gas, And Propane Gas)
Market By End-user Industry
- Utilities
- Manufacturing
- Oil and Gas
- Transportation
- Other
Market By application
- Power Generation
- Cogeneration
- Mechanical Drive
- Others (Trigeneration, Quadgeneration, Greenhouse Operations, And Renewable Energy)
Market By Geography
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
A gas engine is an internal combustion engine that uses gaseous fuel, such as blast furnace gas, producer gas, natural gas, and others.
The increasing demand for clean and efficient power generation technology and the implementation of stricter emission regulations are driving the market value.
The global gas engines market is expected to garner growth at a CAGR of around 5.9% during the forecast period 2020 to 2027.
Acumen Research and Consulting predict that the global gas engines market size is projected to reach around US$ 6,190.4 Mn by 2027.
By fuel type, natural gas segment is expected to lead the gas engine market during the forecast period.
By end-user industry, utilities segment is leading the market with major share in 2019 and the segment is also projected to maintain its dominance over the estimated period.
Europe region is accounted for the major share in terms of value in 2019 and the region is projected to register substantial growth during the estimated period from 2020 to 2027.
