According to the report, Gas Engines market is estimated to reach 5,239 million by 2026 with a CAGR of 6.33% without substantial raise or slump during the prospective period. Global economic development, government policy adjustment, related industry dynamics, industrial upgrading, and competition among enterprises are all influencing the development of Gas Engines market. A distinctive and comprehensive picture of Gas Engines market is embodied in this report.
With the unrelenting drop in gas prices, the demand for the gas engine is increasing, which is driving the Gas Engines market growth. Furthermore, increasing environmental concerns is one of the most important factors that propel market growth. Apart from this, technological advancements leading to efficient power generation and marine application further fueling the growth of the Gas Engines market.
Europe dominated the Gas Engines market with a share of 43.33% and expected to maintain dominance during the forecast period. This trend is mainly attributed to increasing demand for clean energy, the shift of energy focus from coal to natural gas, EU emission targets, and temporary shutting down of nuclear power plants. Furthermore, phasing out of nuclear and coal power plants, and shifting focus towards renewable energy along with stability in grid network are some of the other major factors propelling the market growth in this region. Other emerging markets in Europe include Spain, UK, France, Poland, Austria, and Turkey. North America is currently leading the Asia Pacific with a share of 25.98% and 20.15%. The Asia Pacific is anticipated to witness stable growth during the predicted years owing to the increasing electricity demand in the region and decreasing natural gas prices. The growing consumption and production of natural gas across the Asia Pacific region is a key factor which is decreasing the natural gas prices.
What is Gas Engines
A gas engine is basically an internal combustion engine that generates impulse power by utilizing a variety of gases as fuel. The gas engine is usually applied as stationary continuous generation units but also operate as peaking plants and in greenhouses to meet fluctuations in limited electricity demand. The gas engine can be regulated with various types of gas, such as shale gas, natural gas, landfill gas, syngas, and sewage gas. The gas engine can produce electricity in parallel with the local electricity grid, in island mode operation or for power generation in remote areas. The gas engine is designed for maximum electrical & thermal efficiency, high reliability & availability, and low operation & service costs.
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Report Abstract
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Gas Engines Type Classification
Gas Engines End-users Classification
Leading Vendors
These companies are using organic and inorganic strategies for growth. For instance, GE Power signed a multi-year agreement with Samra Electric Power Company in Jordan. Under the agreement, GE will provide SEPCO with full plant maintenance services, including parts and repairs for critical power generation equipment for the 1,175 megawatts Samra Combined Cycle Gas Turbine Power Plant in the Zarqa region, which feeds power into the national grid for both residential and commercial use. Mitsubishi Heavy Industries Ltd. has reached a basic agreement with Oshima Shipbuilding Co Ltd. towards the formation of an alliance in the commercial ship business. The companies will seek business synergy and target sustainable growth to strengthen business competitiveness in the global market, while also respecting mutual independence.
Global Gas Engines Market Region Outlook
Table of Content
1 Report Overview
1.1 Product Definition and Scope
1.2 PEST (Political, Economic, Social and Technological) Analysis of Gas Engines Market
…
2 Market Trends and Competitive Landscape
3 Segmentation of Gas Engines Market by Types
4 Segmentation of Gas Engines Market by End-Users
5 Market Analysis by Major Regions
6 Product Commodity of Gas Engines Market in Major Countries
7 North America Gas Engines Landscape Analysis
8 Europe Gas Engines Landscape Analysis
9 Asia Pacific Gas Engines Landscape Analysis
10 Latin America, Middle East & Africa Gas Engines Landscape Analysis
11 Major Players Profile
11.1 Cummins
11.1.1 Cummins Company Profile and Recent Development
11.1.2 Market Performance
11.1.3 Product and Service Introduction
11.2 Iveco
11.3 MAN
11.4 Weichai
11.5 Yuchai
11.6 Dongfeng Nanchong Automobile
11.7 Yunnei Power
11.8 Sinotruk
11.9 Wuxi Diesel Engine
11.10 General Electric Company
…
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