Global Gas Engines Market Forecast 2018-2026
The global gas engine market is poised to increase with 10.69% CAGR between the years 2018-2026. The base year considered for the study is 2017 and the forecast period is 2018-2026. Some of the key factors driving the global gas engines market include the growing environmental concerns, consistent drop in gas prices, growing use of natural gas in power industry, and the various technological advancements.
The global gas engine market segmentation is done based on the end-users, fuel type, applications, and power. The end-users include manufacturing, utilities, oil & gas. The fuel type may be classified into special gas, natural gas, etc. The application is further segmented into power generation, co-generation, etc. The power segments include power ranges between- 0.5 MW-1.0 MW, 1.0 MW-2.0 MW, 2.0 MW-5.0 MW, 5.0 MW-10.0 MW and 10.0 MW-20.0 MW.
The global gas engine market is segmented into four major regions that includes North America (U.S. & Canada), Europe (UK, France, Germany, Spain, Italy and RoE), Asia-Pacific (China, India, Japan, South Korea and RoAPAC) and the rest of the world (Latin America, MENA and rest of Africa). Of these, the European market is anticipated to hold the highest share throughout the forecast period with Germany being its major contributor. Moreover, the region of Asia-Pacific is expected to exhibit the fastest growth over the forecast period owing to the continuous production and consumption of natural gas in the region.
Product launch is the primary strategy undertaken by the various market players of the global gas engine market along with mergers and acquisitions. Some of these market players include Caterpillar Inc, Cummins Inc, Deutz Aktiengesellschaft, Doosan Infracore Co. Ltd, Fairbanks Morse Engine, General Electric Company, Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Man Se, Ihi Corporation, Mitsubishi Heavy Industries, Ltd, Rolls-Royce Holdings Plc, Wärtsilä Corporation, 3w International Gmbh, Yanmar Co Ltd, Clarke Energy, and China Yuchai International Limited.