Market Research Future aims to study and address potential market status for Global Gas Engines Market 2020 taken down during the ongoing COVID 19 outbreak. The study is all about how the market is responding globally to the COVID-19 pandemic—and the study reveals that the market would rise at a higher pace during the forecast period 2022–2030.
Top Impacting Factors
The expansion of the gas engines industry can be attributed to the escalating demand for clean & efficient power generation technology and the accomplishment of stricter emission policy. The expanding demand for electricity with a decline in natural gas prices is anticipated to motivate the gas engines market during the anticipated period.
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MRFR finds that with the rising urbanization and globalization, the work culture and lifestyle have changed, which has eventually surged the use of electricity. Production & manufacturing companies, households, and electric vehicles are huge consumers of electricity. Since electricity generation is one of the significant uses of gas engines, the rising consumption of electricity is likely to influence the gas engines market in the next few years.
Additionally, escalating concerns about the environment are augmenting the gas engines market at a rapid pace. Also, several countries across the world have taken initiatives to condense greenhouse gas (GHG) emissions, which have resulted in retreating the usage of coal for energy generation. This also has created a massive expectancy to enhance natural gas engines demand in the near future.
Nonetheless, exploration and supply of most of the world’s natural gas are concentrated in some countries, which has resulted in inequality in prices for distributors. This factor is predictable to restrain the gas engines market for the assessment period. Thus, factors such as concerns related to the constant supply of natural gas and substantial difference between prices of natural gas and alternative fuel are possible to hinder the gas engines market in the same future timeframe.
The top players in the global gas engines market are listed as-
- Cooper Corp. (India)
- Caterpillar (US)
- Cummins Inc. (US)
- Rolls-Royce plc (UK)
- Mitsubishi Heavy Industries, Ltd. (Japan)
- Wärtsilä (Finland)
- Volkswagen AG (Germany)
- Yanmar Co Ltd. (Japan)
- Kohler Co. (US)
- China Yuchai International Limited (Singapore)
- Hyundai Heavy Industries Co., Ltd. (South Korea)
- Doosan Corporation (South Korea)
- Siemens (Germany)
- INNIO (Austria)
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The global gas engines market is further segmented based on fuel type, power output, horsepower, application, and end-use.
By the fuel type segment, the global market has included natural gas, special gas, and others.
By power output segment, the global market has included up to 1 MW, 1-2 MW, 2–5 MW, 5–10 MW, and 10–20 MW.
By the segment of horsepower, the global market has included up to 1000 HP, 1000–2000 HP, and above 2000 HP.
By the segment of the application segment, the global market has included cogeneration, power generation, and mechanical drive.
By the segment of end-use, the global gas engines market has included manufacturing, utilities, mining, oil & gas, and others.
Geographically, the global gas engines market has been studied for the regions of North America, Europe, the Middle East & Africa, Asia-Pacific, and South America.
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Europe is poised to hold a preponderance of the share of the market during the assessment period, owing to the mounting demand for uninterrupted power supply, escalating focus on reduction in carbon emission, and the development of gas-fired power plants. As per the MDPI Journal published in 2017, Europe is probable to record a power consumption of 104TWh by 2020. This shows the upward demand for gas engines for continuous power supply in the region. Moreover, the countries in Europe have set up a target to diminish greenhouse emission by 20% by 2020 and by 40% by 2040 as compared to the level in 1990. Hence, the growing concerns for greenhouse gas emissions and developments in gas-fired power plants are liable to improve the demand for gas engines in Europe during the assessment period.