Gas Engine Market: Current Analysis and Forecast (2021-2027)

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The Global Gas engine market is expected to grow at a CAGR of more than 4.5% during the forecast period (2021-2027). The gas engine market is growing at a flourishing rate and is expected to witness significant growth during the forecasted period. Factors that are supporting its growth such as increasing demand for efficient and low carbon engines along with technological advancements, companies are investing and adopting advanced small gas engines that require low maintenance and reduced product costs catering to the market demand.

Additionally, the emission monitoring and regulatory bodies from various countries are imposing stringent regulations on the use of diesel engines and generators. To meet these regulatory standards, various industries are deploying gas engines and generators for power generation is expected to accentuate the market size of a gas engine.

Gas Engine, End-User, 2020

Cummins Inc., Mitsubishi Heavy Industries, Ltd., Rolls-Royce plc, Volkswagen AG, Wärtsilä, Kohler Co., Yanmar Co Ltd., Hyundai Heavy Industries Co., Ltd., China Yuchai International Limited, Siemens. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst fuel type, natural gas segment holds the major share”

Based on fuel type, the gas engine market is classified into natural gas, special gas, and others. The natural gas segment caters to extensive market share in the gas engine market and is predicted to be the fastest-growing segment in the forecasted period. It is mainly owing to the cleanest burning fossil fuel and produces less carbon emission compared to other fuels. Hence, escalating its market demand in the gas engine market.

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“Amongst power output, 1-2 MW segment holds the major share”

Based on power output, the gas engine market is categorized into 0.5–1 MW, 1–2 MW, 2–5 MW, 5–15 MW, and Above 15 MW. The 1-2 MW segment caters to a significant market share in the gas engine market. As these generators are mainly used in cogeneration systems and power generation. In cogeneration, engines produce power along with energy for space heating and water heating, which enables energy savings of up to 60%.

“Amongst end-user, utility segment holds the major share”

Based on end-user, the gas engine market is classified into utilities, marine, oil & gas, manufacturing, and others. The utility segment caters to a considerable share of the gas engine market. The power produced by utilities can power local facilities or be exported to local electricity grids. Factors such as the increasing shift towards gas-fired power plants from coal-fired power plants to reduce the emission of greenhouse gases to comply with government-imposed carbon and emission regulations are accentuating the market size of a gas engine.

“Asia Pacific represents one of the extensive market shares of global Gas Engine Market”

For a better understanding of the market dynamics of the global gas engine. The Asia Pacific is anticipated to witness the highest growth rate during the forecast period, owing to the soaring electricity demand for electricity coupled with many countries constantly focusing on adopting clean and reliable energy sources are escalating the market size of the gas engine.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Gas engine market were the three major steps undertaken to create and analyze the adoption of a Gas engine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Gas engine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Gas engine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Gas engine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as fuel type, power output, application, end-user, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Gas engine market. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for efficient and low carbon engines. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Gas engine market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Gas engine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the Gas engine market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Gas engine market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Gas engine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the fuel type, power output, application, and end-user in the global Gas engine market.

The main objective of the Global Gas engine Market Study

The current & future market trends of the global Gas engine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Gas engine market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the fuel type, power output, application, and end-user.
• Define and analysis of the regulatory framework for the Gas engine market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Gas engine market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Gas engine market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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