LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global gas engine market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global gas engine market for 2017-2021.
The global gas engine market is driven by the replacement of coal-fired power plants by natural gas-based gas engines power plants. The increasing efficiency and durability of gas engines due to the improvement of technology and heavy investments by manufacturers is also driving the market. The need to decrease fuel costs, which account for a major portion of the overall cost, is also incentivizing manufacturers to develop gas engines with higher efficiencies.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global gas engine market:
Expanding the gas generator market
Shortage of power and energy has become predominant, due to the rise in urbanization and industrial development. This is increasing the demand for gas generators. Industries are rapidly adopting gas generators to ensure continuous power supply and smooth business operations.
Anju Ajaykumar, a lead unit operations research analyst at Technavio, says, “The gas generator market shows great potential in China, India, and Brazil. Developing countries are experiencing higher growth when compared with other countries, and the per capita income of individuals is growing steadily, thus creating an increased demand for these generators.”
Increase in electricity demand
In 2020, the consumption of electricity is expected to increase by around 19% when compared with 2012 estimates. Electricity is the most commonly used form of energy consumption. One of the major uses of gas engines is electricity generation. With the changes in globalization and urbanization, lifestyle and work culture across sectors have changed.
“Many nations are making attempts to reduce greenhouse emissions. Thus, the use of coal for energy generation has come down substantially. The US has agreed on the Clean Power Plan, which includes using renewable energy sources and reducing carbon emissions,” adds Anju.
Low emission levels of natural gas as compared with fossil fuels
Natural gas is one of the most important sources of energy. Natural gas is not only abundantly available but also offers many environmental benefits. The Environment Protection Agency has declared natural gas as the cleanest of all fossil fuels. Natural gas is mainly composed of methane, which after combustion releases carbon dioxide and water vapor. Coal and oil have a high carbon sulfur and nitrogen content.
Natural gas is both colorless and odorless, so sulfur-bearing odorants are intentionally added so that consumers can smell a leak. It also has fewer impurities. This feature of natural gas helps it in being totally combusted, which is why emissions are low.
Top vendors:
- Caterpillar
- GE
- Kawasaki Heavy Industries
- Rolls- Royce
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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