Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- 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 gas engine 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.
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.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 5.6% |
| 2027 Value Projection | USD 6.05 Billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 4.34 Billion |
| Historical Data for | 2026-2018 |
| No. of Pages | 220 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Increasing Demand for Power from Emerging Nations to Spur Growth |
| Increasing Demand for Clean & Reliable Energy to Favor Growth in Asia Pacific |
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.
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 the market for gas engines.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/gas-engines-market-103928
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?
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.
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.
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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.
latest industry developments:
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.
A list of all the reputed gas engine companies operating in the global market:
- Caterpillar Inc.
- Cummins Inc
- Wärtsilä
- Rolls-Royce plc
- INNIO
- MAN SE
- Siemens Energy
- MITSUBISHI HEAVY INDUSTRIES, LTD.
- Kawasaki Heavy Industries, Ltd.
- NINGBO C.S.I. POWER & MACHINERY GROUP CO., LTD.
- IHI Power Systems Co., Ltd.
- JFE Engineering Corporation
- Hyundai Heavy Industries Co., Ltd.
- Liebherr
- R Schmitt Enertec GmbH
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Table of Contents:
- 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
- North America 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
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