Asia-pacific Gas Engines Market Forecast 2017-2025
KEY FINDINGS The Asia-Pacific gas engine market was calculated to be worth $672 million in 2016 and is expected to reach $1758 million by the end of the forecast period of 2017-2025, growing at a CAGR of 11.33%. Thus, it is safe to say that the market has the potential to show the fastest growth rate over the forecast period.
MARKET INSIGHTS The declining cost of natural gas, rising electricity demand, and the increased utilization of natural gas throughout the region are the key drivers for the Asia-Pacific region. The gas engine market segmentation is done on the basis of the following criteria:
• Application (power generation, co-generation, etc). The power generation dominates the application segment by accounting for more than 59% of the market share.
• Power (0.5 MW-1.0 MW, 1.0 MW-2.0 MW, 2.0 MW-5.0 MW, 5.0 MW-10.0 MW, 10.0 MW-20.0 MW) • Fuel type (natural gas, special gas, etc). • End-users (oil & gas, manufacturing, utilities) At present, China is dominating the Asia-Pacific market scene and the Indian market is considered to be the fastest growing market for the region.
COMPETITIVE INSIGHTS Mitsubishi Heavy Industries Ltd, Hyundai Heavy Industries Co, Yanmar Co., Ltd, Rolls-Royce Holdings Plc, China Yuchai International Limited., Man Se, Ihi Corporation, General Electric Company, etc are some of the major companies in the Asia-Pacific gas engine market.