In a recent published report, Kenneth Research has updated the market report for Gas Engine Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Gas Engine Market products.
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Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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The Global Gas Engine Market was valued at USD 3.41 billion in 2016 and is projected to reach USD 5.90 billion by 2025, growing at a CAGR of 6.23% from 2017 to 2025.
A Gas Engine is an internal combustion engine which runs on a gas fuel, such as coal gas, producer gas, biogas, landfill gas or natural gas. Benefits of gas engine include – lower maintenance costs, environmentally friendly, flexibility and individuality, efficiency through long overhaul intervals and extended service lives, low emissions improved handling, efficiency, and performance.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Rising trend of distributed power generation
1.2 Increasing shift toward gas-fired power plants
1.3 Declining natural gas prices
1.4 Carbon emission reduction targets
1.5 Rise in clean and efficient power generation technology
2. Market Restraints
2.1 Limited natural gas reserves
2.2 Infrastructure concerns
2.3 Changing prices
Market Segmentation:
The Global Gas Engine Market is segmented on the power output, fuel type, end user, application, and region.
1. Power Output:
1.1 0.5 MW–1 MW
1.2 1 MW–2 MW
1.3 2 MW–5 MW
1.4 5 MW–10 MW
1.5 10 MW–20 MW
2. By Fuel Type:
2.1 Natural Gas
2.2 Special Gas
2.3 Others
3. By End User:
3.1 Manufacturing
3.2 Oil & Gas
3.3 Utilities
3.4 Others
4. By Application:
4.1 Co-generation
4.2 Power Generation
4.3 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. General Electric Company
2. Wartsila Corporation
3. Cummins Inc.
4. MAN SE
5. Kawasaki Heavy Industries, Ltd.
6. JFE Holdings, Inc.
7. Niigata Power Systems Co., Ltd
8. Caterpillar, Inc.
9. Rolls-Royce Holdings Plc
10. Siemens AG
11. Mitsubishi Heavy Industries, Ltd.
12. Liebherr Group
13. Hyundai Heavy Industries Co., Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Gas Engine Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team.
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