Gas Engine Market - Analysis by End-user, Application, Fuel Type, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The demand for reliable and clean electricity is growing across the world on account of industrial expansion and development of commercial infrastructure. Moreover, the growth in urban infrastructure is driving the demand for a reliable source of power. The gas engines are capable of running continuously at full loads and hence, are increasingly being preferred, particularly in the industrial and commercial sector, where a reliable and continuous electricity supply is of paramount importance.
With the growing concerns over the air pollution, both, developing and developed countries are encouraging the use of gas over other hydrocarbons, such as crude oil and coal, as a source for power generation. Emerging countries, such as India and China are aggressively investing in gas transport infrastructure in order to ensure reliable and continuous supply of the gas, which in turn is expected to assist with driving the gas-fired power generation market. The growth of gas-based power generation is expected to support the demand for gas engines in the power sector.
Higher Efficiency for Large Power Capacity Units to Drive the Gas Engine Market
The power generation capacity limits for gas engines were traditionally considered at 50-70 MW. But, with technological advancements gas engines have proved a superior choice, in terms of efficiency, for power generation capacities higher than 200 MW. Due to their high efficiency for higher power generation capacity units coupled with an ability to run at full loads, the gas engines are increasingly being preferred for large power generation plants, which, in turn, is expected to help drive the gas engine market.
Europe to Dominate the Gas Engine Market Share
Europe is anticipated to dominate the global gas engine market on account of stringent environmental norms being implemented in the region. The countries in the European region are committed to Paris Climate deal, which is a big boost for clean power technologies. Moreover, the total cost of ownership of gas engines is lesser than diesel engines due to former’s cheaper operating cost, which ensures more efficient power generation. Therefore, owing to stringent environmental norms and efficiency in power generation, Europe is anticipated to be the major region for gas engines market during the forecast period.
Key Developments in the Market
- April 2018 - Wärtsilä signed a contract to engineer, manufacture and deliver a 130-MW Flexicycle plant which would be an integral part of Senegal’s energy future. The Flexicycle solution is based on a gas, multi-fuel, or liquid fuel power plant combined with a steam turbine
- December 2017 - General Electric has signed an agreement for the supply of 21 Jenbacher Gas Engines in Russia. The engines will be supplied by GE’s Channel Partner GreenTech Energy Company by the end of 2018
Major Players - 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
Reasons to Purchase the Report
- Current and future gas engine market outlook in the developed and emerging markets
- Analyze various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of Gas Engine Market Report
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