The Gas Engine market report provides overall structure and business outlook of the global and regional industries. The study also involves the important Achievements of the market, Research & Development, new product launch, product responses and regional growth of the leading competitors operating in the market on a global and local scale. The structured analysis contains graphical as well as a diagrammatic representation of global Gas Engine Market with its specific geographical regions.
The market for gas engine is expected to grow at a CAGR of 5.74% during the forecast period of 2020-2025.
The two major factors driving the market are lower gas prices, which have declined by more than 30% in the past few years, and strict emission regulations on marine fuel, which are resulting into increasing adoption of LNG-fueled vessels. Furthermore, expanding gas transportation infrastructure is supporting the increasing share of gas in primary energy consumption, and hence, gas engines. However, the market is restrained by the growing competition from the renewable sector, whose intermittency challenge is now being addressed by integrating energy storage systems with solar and wind power systems. Also, the increasing use of electric vehicles is hindering the market growth.
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The prominent players in the global Gas Engine market are:
Caterpillar Inc., Cummins Inc., Siemens AG, Rolls-Royce Holdings PLC, Wartsila Oyj Abp, Mitsubishi Heavy Industries Ltd, Hyundai Heavy Industries Co. Ltd, Man SE, General Electric Company, Kawasaki Heavy Industries Ltd, JFE Engineering Corporation, Liebherr Group
Increasing Demand from Utilities
– Electric utilities operate gas engine generators continuously to serve base electrical loads. The use of gas engines across the utility sector is considered particularly advantageous in the absence of a reliable supply from the centralized power plant, or where the economics and availability of natural gas fuel are considered as the critical drivers.
– In addition, the use of gas engine generators is also considered highly useful for handling peak load demand. Several utilities across the world witnessed a rapid spike in the peak load demand, particularly during the morning and evening time period.
– Owing to rising population, increasing urbanization and industrialization activities, infrastructure development, and high economic growth in countries, such as India, and China, are expected to result in significant growth in demand for electricity. According to the World Energy Council (WEC), the global demand for electricity is expected to double by 2060 from the present level.
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The gas engine market is moderately consolidated. The key players in this market include General Electric Company, Wartsila Oyj Abp, Rolls-Royce Holdings PLC, Caterpillar Inc., and Cummins Inc.
Furthermore, Global Gas Engine Market following points are involved along with a detailed study of each point: –
─Manufacture Analysis — Generation of this Global Gas Engine Industry is tested about applications, types, and regions with price analysis of players that are covered.
─Sales & Revenue Assessment — Revenue, sales are planned for this Gas Engine market, including with various essentials along yet another facet is assessed in this section for foremost regions.
─Supply and Effectiveness — In continuation using earnings, this section studies consumption, and global Gas Engine market. This area also sheds light on the variance between ingestion and distribution. Export and Gas Engine significance data are provided in this part.
─Competitors — In this section, key players have been studied depending on product portfolio, their Gas Engine market company profile, volume, price, price, and earnings.
─Investigations and Analysis — Gas Engine market analysis aside from business, the information, and supply, contact information from manufacturers, consumers and providers can also be presented. Additionally, a feasibility study to asset and SWOT analysis for endeavors have been contained.
All the reports that we list have been tracking the impact of COVID-19 the market. Both upstream and downstream of the entire supplychain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
Irfan Tamboli (Head of Sales) – Market Insights Reports
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