ID: MRFR/E&P/2394-CR | October 2020 | Region: Global | 165 pages
Gas engine market is expected to rise by 7% by the end of the forecast period.
The global gas engine is like a reciprocating combustion engine for internal use. This engine is functioning on the fuels like natural and landfill gas, biogas, as well as, syngas. In the current scenario, the gas engines are a very reliable source and promise efficient working when it comes to incurring low operational, as well as, maintenance costs. There is a growing demand for the gas engine industry owing to various environmental concerns. This is going to fuel the market operations and thus, providing boosting growth by the end of the forecast period of 2025.
There is widInse of these power plants for supplying the power to make use of natural and special gas. By this way, the companies are reducing their carbon footprint and also, achieving their corporate social responsibility.
Gas Engines Market COVID 19 Analysis
The major producing and manufacturing companies all around the globe have many adverse effects due to the global spread of coronavirus. Hospitality, aviation, manufacturing, oil, and gas, are the major sectors that were the most affected. However, the healthcare and medical sector experienced a boost. There were government regulations, support, and help in the form of regulations, subsidies, budget allocation for specific areas, and much more.
The global sector functioning with renewable sources of energy was hit by the pandemic as well. The fact that this industry is dependent on imports cannot be ignored. China is the major exporter. There was a deep effect on the supply chain mechanism. The global gas engine market report discusses similar things.
Gas Engines Market Competitive Landscape
The global market trends include a wide contribution of major companies of the dominant geographical locations. These companies are - Hyundai Heavy Industries Co. Ltd. (South Korea), Siemens (Germany), Rolls Royce plc (UK), Kohler Co. (US), Yanmar Co. Ltd (Japan), Cummins Inc. and Caterpillar (US), Cooper Corp (India), Mitsubishi Heavy Industries (Japan), as well as, INNIO (Austria).
These companies are adopting ways on a wider scale to reduce the carbon footprint, reduce the emission of harmful greenhouse gases, along global warming. These companies are making attempts to install the gas engines at their manufacturing units to curb what ill and damage their services cause to the environment. For the power generation mix, the stakeholders are switching to sharing of the resources like solar, wind, as well as biogas, amongst others.
Gas Engines Market Dynamics
The global market analysis shows that there is a gradual shift towards the adoption of the gas-fired power generations. Also, there is an increased focus to reduce carbon emissions, thus, helping in the reduction of the carbon footprint, subsequently. Also, there is an increase in the demand for natural gas, as mentioned in the BP Statistical Review of World Energy published in 2019. The large-scale production of natural gas is helping its increased use for power generation. Gas engines emit lower carbon emissions which is one of the major drivers.
The main function of the gas engines that are used for the gas-fired power plants is to supply power to help the generator is producing electricity. Also, it helps in supplying power to different utilities and the industries that make use of this power. Many other benefits are tagged along with the use of gas engines in the power plants. A quick start, flexibility in the load, as well as, efficiency for production as per the demand, are some factors that push to increase the number of gas-filled power plant establishments.
Cumulative Growth Analysis
India and Germany are two major countries around the globe that are laying their focus on the development of these power plants that make use of gas engines. Many attempts have been taken up by the Indian Government to focus on the development of these plants. By adopting the use of gas-engines the aim is to reduce carbon emission and achieve the set target.
Owing to the levels of greenhouse gas emissions and the rising awareness related to climate change, the developed and developing economies, are increasing their focus on the reduction of carbon emissions. The environment regulations like the Kyoto Protocol, along with the Paris Agreement, will help in laying focus on their carbon footprint. The main aim of the emergent economies is to reduce practices to curb the pollution levels and thus, reduce the negative impact of global warming. The impact might not be sudden, but the difference will begin occurring slowly.
Segmentation: Global Gas Engines Market
Owing to the global requirement of the global gas engines market size, there are various segmentations. These are bifurcated on sub-headings like fuel type, applications, horsepowers, power output, end-users, along regions.
Fuel time means the fuel that is used for the generation of power and filling the gas engines. These are natural gas and special gas amongst others.
The power output means the level of power generation. This stands to 1 MW, in between 1 and 2 MW, 2 and 5 MW, 5 and 10 MW, 10 and 20 MW.
1000 HP, in between 1000 to 2000 HP, as well as, above 2000 HP are counted are the segmentations under horsepower.
This sub-head consists of power generation, conduction of mechanical drives, cogeneration, and much more.
The power that is generated is put to various kinds of users like, mining and manufacturing, oil and gas, utilities, and much more.
Gas Engines Market Regional Analysis
By the end of the forecast period, the European nations are expected to undergo a major boost. This is a result of the growing demand for a power supply that stands uninterrupted and an increased focus on reduction in the carbon emissions by the country. The region has seen major steps concerning the development of the power plants making use of gas engines. The MDPI Journal that was published back in 2017, predicted a power consumption of 104TWh by the end of 2020.
Following Europe, are the North American nations, followed by the middle east and Africa, along with the Asian Pacific nations, as well as, South America. These companies are facing rising concerns for the emission of greenhouse gases and hence, are attempting for the development of plants that make use of natural and special gas.
Gas Engines Market Recent developments
The North American regions account for a market share that stands at 25% since 2018, and the same is expected in the forecast period also. The US is growing as home to natural gas-filled power. As per the 2018’s Annual Energy Outlook - reference case, natural gas will soar high as the leading component for electricity generation till 2050. Keeping the 1992’s Energy Policy Act into the limelight, CNG along with LPG is emerging as the most preferred alternate fuel for global use.
Many countries made use of natural gas for power generation in 2018. The figure was approximately 8.9%. This way, the countries are moving towards reducing their carbon emissions and replacing the loss related to generation capacity with the help of natural gas. Alberta, Saskatchewan, as well as Nova Scotia, are following the draft regulations set by the government to reduce their contribution to environmental pollution and the emission of greenhouse gases harmful to the environment.
Gas Engines Market Report Overview
The global market analysis revolves around the primary research that has been conducted for full market coverage. There has been a detailed analysis of both the qualitative, as well as, quantitative aspects concerning the industry experts. Also, the key primary players in the global market help to get a better insight of the market, as well as, the performance of the countries.
The gas engine market report is a clear depiction of the history, as well as, the forecasted growth. This includes technological advancements, value, and volume of the services, governing regulations, macroeconomics, and much more. A broader study of the market also conducts the regions, along with, the market segments.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fuel Type , Power Output , Horsepower, Application and End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hyundai Heavy Industries Co. Ltd. (South Korea), Siemens (Germany), Rolls Royce plc (UK), Kohler Co. (US), Yanmar Co. Ltd (Japan), Cummins Inc. and Caterpillar (US), Cooper Corp (India), Mitsubishi Heavy Industries (Japan), as well as, INNIO (Austria).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The gas engines market can surge at 7% CAGR by 2023.
By 2023, the gas engines market can attain a lucrative valuation.
Kawasaki Heavy Industries, Ltd. (Japan), Doosan Infracore (South Korea), Deutz AG (Germany), Mitsubishi Heavy Industries, Ltd. (Japan), and Yanmar Co., Ltd. (Japan) are some reputed names in the gas engines market.
The cost-effectiveness of gas engines can support their global market expansion.
The presence of cash-rich automobile industry in the APAC region can bolster the regional gas engines market growth.