[215+ Pages Report] We at Facts & Factors have recently published a report titled “Global Gas Engine Market” that encompasses the spectacle of the market in an analytical and comprehensive manner. In this report, the global gas engine market is expected to value around USD 6.5 Billion by 2026 from an initial value of USD 4.2 Billion in the year 2020 at a CAGR value of 5.7%.
Global Gas Engine Market: Overview
Gas engines are a form of internal combustion engines that run on a variety of fuels such as coal-based fuel, producer-based fuel, biogas, landfill-based gas, and natural gas. Gas engines are used for running continuously at full load speeds for longer amounts of periods such as 8,760 hours per year on average. The typical power output for gas engines is 10kW (13hp) to 4 MW (5,364 hp) on average. Generally speaking, natural gas is emerging as the commonly used fuel among its counterparts owing to its popularity and availability.
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Global Gas Engine Market: Growth Factors
The primary driving factors for the significant growth of the global gas engine market can be contributed to the rising demand for clean and efficient power generation technologies coupled with the increasing implementation of stricter emission-based regulations to name a few. Additionally, a shifting focus on gas-fired power plants coupled with rising energy distribution sources is expected to increase the footprint of the global gas engine market during the advent of the forecast duration. Moreover, rising reliability among gas-powered engines coupled with increasing demand from vessels aimed at associating with offshore drilling activities is expected to fuel the growth of the global gas engine market during the advent of the forecast.
The global gas engine market is expected to be driven by the latest iteration of development among power generation technologies coupled with rising population levels demanding increased power generation to name a few. The increased integration of gas-powered engines in the sector of power generation coupled with rising urbanization is expected to push the boundaries of the global gas engine market during the advent of the forecast period. However, limited natural resources coupled with extreme price differences between a global purview is expected to hamper the growth of the global gas engine market during the advent of the forecast period.
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Global Gas Engine Market: Segmentation
The global gas engine market is segmented into product, power output, application, and regions.
The global gas engine market is divided into natural gas, special gas, and others on the basis of product. The segment pertaining to natural gas is expected to witness the largest market share during the advent of the forecast owing to the fuel being the cleanest burning fuel among its counterparts coupled with the lowest carbon emissions among others. Additionally, factors pertaining to the absence of particulate matter leading to reduced engine wear and tear are expected to cement the growth of the segment during the forecast period. On the basis of power output, the global gas engine market is categorized into 0.5 – 1 MW, 1 -2 MW, 2 – 5 MW, 5 – 10 MW, and 10 – 20 MW. The 1 – 2 MW segment is expected to witness the largest market share during the advent of the forecast period owing to the current power generation associated with the power generation and cogeneration coupled with increased integration among the sector of space and water heating to name a few. Based on application, the global gas engine market is fragmented into power generation, mechanical drive, cogeneration, and others. The power generation category is expected to witness the largest market share during the advent of the forecast owing to rising demands from the sector of manufacturing plants, commercial buildings, power buildings, and utilities for on-site and off-site plants coupled with rising spending across the globe for constructing new gas-fired power plants to name a few.
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Global Gas Engine Market: Regional Analysis
North America is expected to witness the largest market share during the advent of the forecast owing to the region being the primary source of natural gas-fired power generation coupled with rising usage of gas engines for power generating capacities to name a few. Additionally, rising shale gas production in the region coupled with the increasing demand for electricity is expected to increase the footprint of the gas engine market during the advent of the forecast period. Asia-Pacific is expected to witness the fastest growing CAGR during the advent of the forecast owing to rising demand for electricity in the region due to the increasing number of populous regions coupled with increasing adoption of clean and reliable energy sources from emerging economies such as India, Japan, and South Korea to name a few.
Global Gas Engine Market: Competitive Players
The key market participants for the global gas engine market are Caterpillar, Inc., Cummins, Inc., Wartsila, Rolls-Royce plc., INNINO Group, MAN SE, Siemens Energy, MITSUBISHI HEAVY INDUSTRIES LTD., Kawasaki Heavy Industries Ltd., IHI Power Systems Co. Ltd., JFE Engineering Corporation, Hyundai Heavy Industries Co. Ltd., Liebherr, and R Schmitt Enertec GmbH, among others.
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