07-Dec-2017 | Zion Market Research
With the presence of a large pool of participants, the Global gas engine market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). General Electric Company, Rolls-Royce Holdings plc, Cummins Inc., Caterpillar Inc., Wärtsilä Corporation, Kawasaki Heavy Industries, and MAN SE are some of the key vendors of gas engine across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the gas engine market study.
In a major breakthrough that can amplify the growth of gas engine market, in September 2018, Rolls Royce introduced a series of liquefied natural gas fuelled marine engines during SMM maritime exhibition held in Hamburg, Germany. For the record, the new V-line version of Bergen B36:45 marine gas engine model is developed for all fuel alternatives and applications and can be configured for fulfilling particular engine needs of the consumers.
In another move that will generate undulation across gas engine sector, in August 2018, Westport Fuel Systems Inc. and Weichai Westport Incorporation signed a definitive agreement. As per the deal, the former will create and commercialize natural gas engine based on one of the heavy-duty natural gas engine tools & technology of Weichai for fulfilling the demand Chinese gas engine market.
As estimated in this report, the global gas engine market stood at US$ 3.1 billion in 2016. Witnessing a tremendous rise during the period from 2017 to 2022, the revenue in this gas engine market is expected to reach US$ 4.4 billion by the end of the forecast period.
Browse the full " Gas Engine Market (By Fuel Type: Natural Gas and Others; By End Users: Industrial, Residential, Utility, and Commercial; For Co-Generation, Mechanical Drives and Power Generation Application: Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at http://www.zionmarketresearch.com/report/gas-engine-market
Hefty Need For Reducing Pollution & Power Scarcity To Boost Product Sales
“Escalating demand for clean and reliable power supply is predicted to impel the growth prospects of gas engine market over the coming years,” says the author of this gas engine market study. Apart from this, growing need for reducing air pollution and greenhouse effects occurring as a result of fuel emissions in both developed and emerging economies is projected to fuel the expansion of gas engine market in the years ahead. In addition, rapid evolution of gas-based power generation is anticipated to succor the demand for gas engines in power & utilities sector.
Strict Legislations Restricting Carbon Emissions To Aid Europe’s Dominance
Regionally, Europe has been leading the worldwide gas engine market and is anticipated to continue on the dominant position in the years to come, states the gas engine market study. European Union policies to restrict carbon emissions in atmosphere and enhanced production of biogas as a result of strong distribution network in the region are the key factors behind the dominance of the Europe gas engine market. Enhanced use of gaseous fuels in automotive & power generation sectors in Europe is another significant factor that is supporting the growth of this regional gas engine market.
The global gas engine market is segmented as follows:
By Fuel Type
By End Users
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