Press Release: April 20, 2020
Gas engines are internal combustion engine that are similar to gasoline engines but use natural or manufactured gas instead of gasoline vapor. Methane is the main component of gas engine, which is known as clean and green energy. Gas engines enable hybridization of solar thermal power plants. In comparison to other engines, gas engines have higher efficiency and reduces environmental impact by usage of biogas or natural gas. They are highly reliable and provide enhanced efficiency with low operating and maintenance costs. Gas engines are used for multiple applications including, cogeneration, power generation, and trigeneration.
Implementation of stricter emission regulations and rising demand for efficient and clean power generation technology are the major factors accelerating the growth of Gas Engines market. With the rising globalization and urbanization, lifestyle and work culture have changed, which has increased the usage of electricity. Households, manufacturing and production companies, and electric vehicles are large consumers of electricity. As electricity generation is one of the major use of gas engines, so increasing demand for electricity coupled with reduced price of natural gas is expected to drive the growth of the market. The demand for small gas engine products is increasing as many car manufacturers are determined to meet stringent emission norms, such as EURO 6, and the ACEA agreement. This downsizing phenomenon is setting up new technical avenue such as biofuels and micro-hybridization, which provides prospects for market growth. Moreover, emission legislation is the key factor for engine downsizing and has boosted the growth of technologies such as gasoline direct injection, engine boosting, and others. However, price discrepancy across regional market might hinder the growth of the market.
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On the basis of end-user, the market is segmented into utilities, manufacturing, and oil & gas. Among these, the utilities segment is projected to grow at a higher CAGR during the forecast period. Utilities sector operates gas engines generators progressively in order to serve base electrical loads. The use of gas engines across utility sector is beneficial in the absence of reliable supply from centralized power plant, and availability of natural gas is further increasing the demand for gas engines in utility sector.
The major players in the market include Caterpillar Inc, Wartsila Corporation, Rolls-Royce Holdings Plc, Cummins Inc, Man SE, General Electric Company, Kawasaki Heavy Industries Ltd, Mitsubishi Heavy Industries Ltd, Liebherr Group, and JFE Engineering Corporation among others.
In 2019, Rolls-Royce Holdings PLC and 2G Energy AG a German power plant maketer entered into a contract where FTSE 100 listed Rolls-Royce was supplied with combined heat and power gas generators in 250-550 kilowatt power range. Whereas, 2G would use these generator sets in CHP modules for on-site generation of heat and electrical power.
The Gas Engines market has been segmented based on Fuel Type, Power Output, Application, End-User, and key Region. Based on Fuel Type, the market is segmented into Natural Gas, Special Gas, and Others. Based on Power Output, the market is segmented into 0.5–1MW, 1–2MW, 2–5MW, 5–10 MW, and 10–20MW. Based on Application, the market is segmented into Power Generation, Cogeneration, Mechanical Drive and Others. Based on End-User, the market is segmented into Utilities, Manufacturing, Oil & Gas and Others.
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Key questions answered in this research report:
At what pace is the Gas Engines market growing? What will be the growth trend in the future?
What are the key drivers and restraints in the Gas Engines market? What will be the impact of drivers and restraints in the future?
What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Gas Engines market?
What are the various application areas of the Gas Engines market and how they are poised to grow?
What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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