The global gas engines market accounted for a value of USD 3.5 billion in 2019. Gas engines market projected to register growth at a CAGR of 4.6% during forecast period.
COVID-19 has impacted gas engines market negatively as all the manufacturing facilities have to shut down due to lockdown imposed by government. The supply chain of raw materials and finished products got disrupted. The labor is not willing to work even after lifting the lockdown due to spread of corona virus. The will foresee growth form 2021.
For more details, visit: Global Gas Engines Market By Fuel Type (Natural Gas, Special Gas & Others), By Application (Power generation, Mechanical Drive, Others), By Power Output (0.5-1MW, 11-2 MW, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The gas engines is an eco-friendly engines as it does not release and harmful gases. It uses natural gases and natural gas is composed of methane, upon combustion it releases water vapor and carbon dioxide. The awareness about environment is increasing due this adoption of gas engines by industries is increasing and this drives growth in gas engines during forecast period.
On the basis of fuel type, the gas engines market is segmented into natural gas, special gas and others. The natural gas segment is projected to hold largest market share during forecast period. The natural gas used in gas engines is utilized for combined heat and power and base load power generation. The use of natural makes it efficient and safe for environment. This drives growth in natural gas fuel type gas engines during forecast period.
On the basis of application, the gas engines market is segmented into mechanical drive, power generation, cogeneration and others. The cogeneration segment is estimated to register growth at highest CAGR during forecast period. Gas energy produce power for space heating and water heating in cogeneration application and it is an efficient method for generating power which save energy and doesn’t harm environment. This drives growth in cogeneration segment during forecast period.
On the basis of end-user, the gas engines market is segmented into utilities, oil & gas, manufacturing, transportation and others. The utilities segment is estimated to register growth at highest CAGR during forecast period. Gas enginess are used in electric utilities for providing electrical loads. Gas enginess are majorly used when reliable supply from power plant is unavailable. The generators run on gas engines are also highly adopted in utilities segment for peak load demand handling across various regions. The industrialization and urbanization is increasing across various regions such as Asia-Pacific and others, this increases the demand for electricity. This results in high adoption of gas engines generators in utilities segment. All these factors drive growth in utilities end-use during forecast period.
Europe is estimated to hold largest market share during forecast period. Europe is a cold climate continent. The household and commercial spaces require heat for surviving in such cold climate which leads to huge demand for gas engines generators. This region is considered to be the largest biogas producer which increases adoption of gas-based enginess. The natural gas price in this region is very low. This drives growth in Europe region during forecast period.
The key market players in gas engines market are R Schnitt Enertec, Jinan Lyneng Power Machinery, Hyundai Heavy Industries, Liebherr, JFE Enginesering Corporation, II Power Systems, Ningbo C.S.I Power & Machinery, Kawasaki Heavy Industries, Mitsubishi heavy Industries, Siemens, MAN SE, Cummins, Rolls-Royace Holdings, Wartsila, caterpillar and Innio.
- What are the expected industry trends over the next three to five years?
- Which of the gas engines application is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?