Gas Engines Market Growing at 6.9% CAGR to Hit $4.54 Billion by 2021 The report project Europe to be the fastest growing market for gas engines
The report "Gas Engines Market by Fuel (Natural Gas and Special Gas), Application (Power and Co-generation), End User (Utilities, Oil & Gas and Manufacturing), Power (0.5-1MW, 1 -2MW, 2-5MW, 5-10MW, and 10-20MW) & By Region - Global Forecast to 2021", The gas engines market is expected to grow from an estimated USD 3.22 Billion in 2016 to USD 4.54 Billion by 2021, registering a CAGR of 6.9% from 2016 to 2021.
The global market is witnessing significant growth on account of the decline in natural gas prices, increase in electricity demand, and low emission levels of the gas compared to other fossil fuels. Increasing investments in distributed power generation are also expected to drive the demand for gas engines across the globe.
Browse 74 market data Tables and 54 Figures spread through 180 Pages and in-depth TOC on "Gas Engines Market by Fuel (Natural Gas and Special Gas), Application (Power and Co-generation), End User (Utilities, Oil & Gas and Manufacturing), Power (0.5-1MW, 1 -2MW, 2-5MW, 5-10MW, and 10-20MW) & By Region - Global Forecast to 2021" http://www.rnrmarketresearch.com/gas-engines-market-by-fuel-natural-gas-and-special-gas-application-power-and-co-generation-end-user-utilities-oil-gas-and-manufacturing-power-05-1mw-1-2mw-2-5mw-5-10mw-and-10-20mw-by-region-g-st-to-2021-market-report.html
The gas engines market is projected to reach USD 4.54billion by 2021, growing at a CAGR of 6.9% from 2016 to 2021.Gas engines are being increasingly used for power production across the globe. The increased electricity demand and drop in natural gas prices are expected to drive the gas engines market. Gas engines are gaining momentum in stationary as well as mobile applications, and are employed in utilities, the oil & gas industry, manufacturing industries, commercial complex, and hospitals. Given the growing environmental concerns and need to reduce carbon dioxide emissions, the demand for gas engines is set to increase in coming years.
“Gas engines with 1.001 MW–2.0 MW electrical output are expected to dominate the global gas engines market”
With regard to electrical output, the 1.001 MW–2.0 MW segment is estimated to constitute the largest segment of the gas engines market in 2016. This can be attributed to the increasing investments in distributed power generation capacity as well as the growing demand for these engines from the manufacturing industry. Gas engines with 1.001 MW–2.0 MW output are also expected to witness the highest demand during the forecast period. Engines with this electrical output are mainly used for co-generation and trigeneration applications. The growing demand for co-generation applications in Europe and North America would drive the market for gas engines during the forecast period.
Europe is currently the largest as well as the fastest growing market for gas engines, closely followed by North America. The growing environmental concerns, low cost of natural gas, and rigid emission regulations are boosting the demand for gas engines in the region. The European market is primarily driven by countries such as Germany, the U.K., Russia, and Italy, where there is a high demand for gas engines. The market in this region is projected to grow at a high rate, with Germany expected to register the fastest growth in the region.
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.
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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
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas engines market. These players 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). Leading players are trying to penetrate developing economies and are adopting various strategies to increase their market share.
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