Global Gas Engines Market is expected to experience significant growth during the forecast period:
Pune, India, MAy, 2017/MRFR Press Release/- The gas engines is expected to grow with the CAGR of approximately 7% from 2017 to 2023.
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Gas engines are classified based on the fuel type as natural gas, special gas and others. Natural gas-fired engines are expected to lead the global gas engines market during the forecast period, and are expected to contribute as the fastest growing segment, by fuel type. The recent shale gas exploration resulted in a drop in natural gas prices across the world. Natural gas is economic and causes less emission as compared to fossil fuel. These are the key drivers of the natural gas-fired gas engines market.
Gas engines are less expensive to maintain, create less noise, and cause low emissions and minor vibrations. Gas engines are economic and efficient for heavy-duty operations. The demand for gas engines is directly reliant on the improvement of gas-fired power plants. The growing demand for electricity with a drop in natural gas prices is expected to drive the gas engine market in the forecast period. However, the exploration and supply of most of the world’s natural gas is focused in a few countries, and this has resulted in price inequality for distributors. Moreover, geo-political conflicts & pipelines and related infrastructural matters lead to supply interruptions. Factors such as prices inequality in the global trade of natural gas and current concerns regarding constant natural gas supply, will restrain the growth of the gas engines.
- General Electric Company (U.S.)
- Caterpillar Inc. (U.S.)
- Wärtsilä (Finland)
- Rolls-Royce Holdings plc (U.K)
- Cummins Inc. (U.S)
- Siemens AG (Germany).
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- Distributer & Supplier companies
- End Users
- Consultants and Investment bankers
- Government :as well as Independent Regulatory Authorities
- Product matrix which gives a detailed comparison of the market for different recycled product types
- Regulatory Landscape
- Pricing Analysis
- Macroeconomic Indicators
- Geographical analysis across 15 countries
Power Generation segment is expected to hold the largest share in the gas engines market from 2017-2023
The increasing electricity demand around the world and replacement of coal-fired power plants with natural gas power plants, is accounting for the largest share for power generation segment in gas engine market. As the prices of natural gas are lowering currently and subsequent withdrawal of coal-fired power plants around the world are boosting the gas engine power generation segment. Several economies are focusing on the expansion of their power generation grids by building natural gas power plants, which in turn, will increase the overall market share of power generation segment in global gas engine market. .
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