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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The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users. According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. 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.
Global Gas Engine Market was valued at USD 3.60 Billion in the year 2017. Global Gas Engine Market is further estimated to grow at a CAGR of 5.9% from 2019 to reach USD 6.53 Billion by the year 2025. Europe region holds the highest Market share in 2017 and is also considered as the fastest growing Market in the forecasted period. At a country level, developed industries like U.K. and Germany holds a notable Market share in 2017 and are projected to grow at a gradual rate in the coming years.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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Major market players in the Gas Engine Market are Caterpillar Inc., Siemens AG, General Electric Company, Rolls-Royce Holdings Plc, Ingersoll-Rand PLC, Kawasaki Heavy Industries, ltd., Wartsila Corporation, Man SE, Liebherr Group, Hyundai Heavy Industries Co. Ltd., and other brief information of 10 companies will be provided in the report. Product up-gradation 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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SWOT Analysis of Gas Engine Market:
Strength:
Rising need for clean power generation technology
Weakness:
Irregular supply of Natural Gas due to political uncertainties
Opportunities:
Rising trend of distributed power generation
Threats:
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.
Gas Engine Market Segmentation:
By Market Sector
*Manufacturing
*Oil & Gas
*Utilities
*Others
By Fuel Type
*Special Gas
*Natural Gas
By Application
*Cogeneration
*Power Generation
*Mechanical Drive
*Others
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
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