According to the latest market research study by Technavio, the global gas engine market is projected to grow at a CAGR of close to 8% during the calculated period 2017 to 2021.
This report by Technavio delivers a thorough breakdown of the global gas engine market regarding revenue and emerging market trends. The report also consists of a current analysis and forecasts for various market sections and all geographical regions.
Technavio research analysts categorize the market based on the end-user
The top three revenue-generating end-user segments are discussed below:
Gas engines in power sector: The rising number of replacement of coal-fired power plants with natural gas power plants will fuel the growth of gas engines market in the power sector. The power sector includes power generation or powerhouses that generate electricity using different renewable and non-renewable source of energy. This market segment is also driven the grid expansion and power generation projects by building natural gas power plants in various countries. Recent surveys show that in 2015, the US generated power by using natural gas increased by more than 15% in the region.
“The low prices of natural gas and retirement of coal powered power is fueling the growth of these engines in the power industry. Various countries are undertaking projects that result in the expansion of pipeline networks, which will support the natural gas powered generating capacity. The economic development and increasing demand for electricity in the APAC region will have a positive impact on the growth of the gas engine market in this industry,” says Anju Ajaykumar, a lead analyst at Technavio for research on unit operations.
Gas engines in the industrial sector: The increasing number of changes in the industrialization and globalization trends in the global economy will fuel the growth of these engines in this market segment. The gas engines have high application in manufacturing setups and automobiles industries and are used for heating purposes in manufacturing units and in marine vehicles to start the engine. These engines are used in generators, furnaces, boilers, and other energy generating systems. Leading companies are investing in projects that use natural gas, flare gas, biogas, biomass, landfill gas, and other gaseous fuels which in turn will boost the demand for these engines in the global market.
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Gas engines in residential sector: The recent incidents of extreme weather conditions and increasing population will augment the adoption of gas engines in the residential sector. This market segment uses gas engines for heating, and cooling purposes in generators and the growing demand for efficient engine-driven heat pumps is driving the growth in this market segment. The natural gas-powered systems use internal combustion engines to drive a vapor-compression heat pump that utilizes waste heat to enhance the quality of heating indoors, and the system controls allow the engine to operate at certain levels to ensure comfortable indoor temperature.
The top vendors operating in the global gas engine market are:
- Caterpillar
- GE
- Kawasaki Heavy Industries
- Rolls-Royce
The other prominent players in the market contain Cummins, Doosan Infracore, Hyundai, Hyundai Heavy Industries, MAN, Mitsubishi Heavy Industries, Siemens, and Yanmar.
A thorough analysis is available in the Technavio report titled, ‘Global Gas Engine Market 2017-2021’. Technavio also customizes reports by supplementary regions and specific segments upon request.
Other related reports:
- Global Automotive Engine Actuators Market 2017-2021
- Global Marine Auxiliary Engine Market 2017-2021
- Global CNG Compressor Aftermarket 2017-2021
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