Market Research Future (MRFR), in its research report, highlights that the global demand 2020 is projected to rise rapidly over the forecast period, ensuring substantial market valuation and a healthy CAGR over the review period.
Drivers and Restraints
The factors driving the growth of the gas engine industry are the change to coal-fired power generation and the increasing emphasis on carbon pollution reduction. The growth in natural gas production can be attributed to the increased use of natural gas for electricity generation. Gas engines used in gas-fired power plants provide power to drive the generator to produce electricity and supply power to diverse utilities and end-use industries. Gas engines used in power plants can offer additional benefits such as fast start-up, high operating speeds and variable load capacity depending on the demand for electricity. The establishment of gas-fired power plants is expected to increase with these factors. Many countries across the globe, including India and Germany, depend on the construction of gas-fired power plants. It is expected that increased understanding of greenhouse gas emissions and the implementation of environmental policies such as the Kyoto Protocol and the Paris Agreement would intensify the emphasis on lowering global carbon emissions.
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Many big nations, including India, Canada, Saudi Arabia, Brazil, Japan and China, are seeking to reduce carbon emissions in order to mitigate the environmental effects of deforestation and global warming. Such factors lead to an increase in gas engine installation at power plants as these engines produce lower carbon emissions as compared to coal and diesel engines. The stakeholders in the power generation industry aim to reduce their carbon footprint by increasing the share of different energy sources such as solar, wind, biogas, and natural gas in the overall power generation mix. Compared with thermal power plants, gas-powered engines used in power plants emit lower amounts of carbon dioxide. The growing prominence on reducing carbon emissions is therefore projected to drive the growth of the global demand for gas engines over the forecast period.
Segmental Analysis
The global demand for gas engines is segmented by fuel size, power production, horsepower, application, end-use, and area. The world market is segmented by fuel type into natural gas, special gas, and others. The world market is divided by power output into Up to 1 MW, 1-2 MW, 2–5 MW, 5–10 MW, and 10–20 MW. The consumer demand has been segmented into up to 1000 HP, 1000–2000 HP and more than 2000 HP based on horsepower. The global market was segmented, depending on use, into power generation, cogeneration, mechanical motion, and others. Centered on end-use, the global demand for gas engines was segmented into transportation , construction, oil & gas, mining and others
Regional Review
The global business regional analysis was conducted in four main regions including Asia Pacific , North America, Europe and the rest of the world.
Due to the growing demand for uninterrupted power supply, increasing focus on reducing carbon emissions, and the development of gas-fired power plants, Europe is expected to hold a majority share of the market during the forecast period. Moreover, Europe's countries have set a target of reducing greenhouse emissions by 20 per cent by 2020 and by 40 per cent by 2040 compared to 1990 levels. Consequently, growing concerns about greenhouse gas emissions and developments in gas-fired power plants are expected to boost demand for gas engines in Europe over the forecast period.
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Competitive Dynamics
The key market players operating in the global market as identified by MRFR are Rolls-Royce plc (UK), Cummins Inc. (US), Caterpillar (US), Mitsubishi Heavy Industries, Ltd. (Japan), Volkswagen AG (Germany), Kohler Co. (US), Wärtsilä (Finland), Yanmar Co Ltd. (Japan), China Yuchai International Limited (Singapore), Hyundai Heavy Industries Co., Ltd. (South Korea), Siemens (Germany), Cooper Corp. (India), Doosan Corporation (South Korea), and INNIO (Austria).
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