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(Transportation-News.com, June 25, 2018 ) Global Gas Engine Market was valued at USD 3.61 Billion in the year 2017. Global Gas Engine Market is further estimated to grow at a CAGR of 5.92% from 2018 to reach USD 5.10 Billion by the year 2023. Europe region holds the highest market share in 2017 and is also considered as the fastest growing market in the forecasted period. At country level, developed markets like U.K. and Germany hold a notable market share in 2017 and are projected to grow at a gradual rate in the coming years.
General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Cummins Inc. (U.S. are some of the key players in the Gas Engine Market with General Electric Company holding the substantial market share because of its better technological advancements and global reach. Product upgradation to cater changing demand of end users, similarly growth strategies such as acquisition & merger were few techniques adopted by most of the top players in last 5 years.
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Drivers:
Rising need for clean power generation technology
Restraints:
Irregular supply of Natural Gas due to political uncertainties
Opportunities:
Rising trend of distributed power generation
Challenges:
Limited natural gas reserves
Segmentation done on the basis of Application include Cogeneration, Power Generation, and Mechanical Drive; of which the Power Generation segment is expected to hold the highest market share during the forecast period.
The Cogeneration segment is expected to grow at the highest CAGR during the forecast period.
Key Benefits for Stakeholders
Gas Engine Manufacturers
Research and Consulting organization
Technology Standards Organizations, Forums, Alliances and Associations
End use industries, Regulatory bodies.
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By Application
Cogeneration
Power Generation
Mechanical Drive
Others
By Industry Sector
Manufacturing
Oil & Gas
Utilities
Others
By Fuel Type
Special Gas
Natural Gas
By Region
North America
Europe
Asia-Pacific
RoW
Key Market Players
Caterpillar, Inc.
Siemens AG
General Electric Company
Rolls-Royce Holdings Plc
Ingersoll-Rand PLC
Kawasaki Heavy Industries, Ltd.
Wärtsilä Corporation
Man SE
Liebherr Group
Hyundai Heavy Industries Co., Ltd.
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