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ENERGY & POWER

Gas Engine Market Segmentation by Gas Type (Natural Gas, Gasoline, Landfill Gas, and Others); by Application (Stationary, Transport, and Others); by End-User (Utilities, Manufacturing, Oil & Gas, Automotive, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Gas Engine Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·    September 13, 2021: Fairbanks Morse Defense announced the acquisition of Hunt Valve Company Inc., a specialty manufacturer of naval valves and electromechanical actuators.

·    July 21, 2021: INNIO launched a new portfolio of gas engines that can run with hydrogen fuel. The “Ready for H2” portfolio includes 100% hydrogen-fueled Jenbacher H2-engines.

Global Gas Engine Market Highlights over 2022 – 2030

The global gas engine market is estimated to grow at a CAGR of ~6.5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for gas engines for heavy-duty vehicles. Gas engines work on the principle of internal combustion, providing advantages, such as, running continuously at full load for long periods at a time. With the rapid depletion of fossil fuels, gas engines are gaining popularity globally, which is estimated to boost the market growth. Moreover, the increasing production and sale of automobiles, is another major factor projected to boost the market growth. Over the past few years, the demand for CNG and LNG vehicles has witnessed a substantial growth, owing to the surge in awareness amongst end-users regarding environmental pollution. According to the data by the Environment Protection Agency (EPA), an average passenger vehicle emits around 4.6 metric tons of carbon dioxide per year. 10,180 grams carbon dioxide is generated from one gallon of diesel. The increasing government initiatives to reduce vehicular pollution, such as, stringent emission regulation, are foreseen to boost the market growth.

Gas Engine Market

The market is segmented by gas type into natural gas, gasoline, landfill gas, and others, out of which, the natural gas segment is anticipated to hold the largest share in the global gas engine market over the forecast period on account of its vast usage in base load power generation and combined heat and power applications. Natural gas includes methane and propane, which are clean, economical, and readily available fuels. Such factors are estimated to boost the segment growth. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Gas Engine Market Regional Synopsis

On the basis of geographical analysis, the global gas engine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period on the back of numerous programs and regulations to reduce pollution by governments of developing countries, including, India, and China. For instance, the government of India plans to reduce 22.97 million tons of fuel consumption by 2025, as per the Bureau of Energy Efficiency (BEE). Various guidelines regarding vehicular emissions, such as, fuel efficiency norms for commercial vehicles, and Corporate Average Fuel Consumption, have been set up to achieve the target.

The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing adoption of gas engines in the region, especially amongst oil and gas and construction industry. Moreover, the high environmental awareness amongst the population is estimated to boost the market growth.

Gas Engine Market

The global gas engine market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global gas engine market includes the following segments:

By Gas Type

  • Natural Gas
  • Gasoline
  • Landfill Gas
  • Others

By Application

  • Stationary
  • Transport

By End-User

  • Utilities
  • Manufacturing
  • Oil & Gas
  • Automotive
  • Others

Growth Drivers

  • Increasing Demand for Clean and Efficient Power Generation Technology
  • Implementation of Stringent Emission Regulations

Challenges

  • Increasing Use of Electric Vehicles
  • Growing Use of Renewable Sources of Energy

Top Featured Companies Dominating the Market

  • Caterpillar Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Hyundai Heavy Industries Co., Ltd.
  • General Electric Company
  • Cummins Inc.
  • Rolls-Royce Holdings plc
  • Wärtsilä Oyj Abp
  • INNIO Jenbacher GmbH & Co OG
  • Fairbanks Morse, LLC
  • Kawasaki Heavy Industries
  • Doosan Corporation

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