“The gas engines market is projected to grow at a CAGR of 6.9% from 2016 to 2021”
The gas engines market is projected to reach USD 4.54 billion 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.
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 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
“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: The largest market for gas engines market”
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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 44%, Tier 2- 31%, Tier 3- 25%
- By Designation: C-Level- 42%, D-Level- 33%, Others- 25%
- By Region: Europe- 34%, North America- 29%, Asia-Pacific- 23%, and Rest of the World- 14%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2014: Tier 1 = > USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 = < USD 1 billion.
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).
The report’s target audience includes:
• Gas engine manufacturers, dealers, and suppliers
• Government and research organizations
• Environmental research institutes
• Public and private operators of natural gas-fired power plants
• State and national regulatory authorities
• Petroleum companies (diesel and natural gas suppliers)
• Oil companies