The Global Gas Engines Market is projected to grow at a CAGR of 6.9% from 2016 to 2021, to reach a market size of USD 4.54 Billion by 2021. This growth is attributed to the drop in natural gas prices and growing environmental concerns across the globe.
Natural gas-fired engines are expected to dominate the global gas engines market during the forecast period, and are expected to constitute the fastest growing segment, by fuel type. The recent shale gas boom resulted in a fall in natural gas prices across the globe.
The low cost and emissions of natural gas compared to other fossil fuels is a key driver of the natural gas-fired gas engines market.
In terms of application, the co-generation application is estimated to constitute the fastest growing segment in the market. Gas engine-fired power plants operating in co-generation mode are highly efficient, and are therefore expected to register the highest growth rate from 2016 to 2021.
The electricity generation segment held the largest market share in 2015. This application is expected to dominate the market during the forecast period.
The report segments the gas engines market on the basis of end-user industry into utilities, oil & gas, manufacturing, and others. Others include commercial complex, hospitals, wastewater treatment plants and the greenhouse industry.
The utilities segment is projected to lead the market in terms of growth rate during the forecast period. Based on fuel type, the gas engine market is categorized into natural gas, special gas, and others
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Objectives of the Study
- To define, describe, and forecast the global gas engines market by fuel type, electrical output, application, end-user, and region
- To provide detailed information regarding major factors influencing the growth of the gas engines market (drivers, restraints, opportunities, industry-specific challenges, winning imperatives, and burning issues related to the market)
- To strategically analyze the gas engines market with respect to individual growth trends, future prospects, and contribution of each segment to the market
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To track and analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the gas engines market.
Key Player Analysis:
Some of the leading players in the gas engines market include General Electric Company (U.S.), Wartsila Corporation (Finland), Caterpillar Inc. (U.S.), Rolls-Royce Holdings plc (U.K.), MAN SE (Germany), Cummins Inc.
(U.S.), Deutz AG (Germany), Doosan Infracore (South Korea), and Kawasaki Heavy Industries, Ltd. (Japan).
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