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Market Leaders - Gas Engines Market
The global gas engines market is projected to grow at a CAGR of 6.9% from 2016 to 2021. Europe is estimated to be the largest market for gas engines, followed by North America; this trend is expected to continue till 2021. The growth of the gas engines market is driven by the drop in natural gas prices, increasing electricity demand, and introduction of efficient generation technology.
The gas engines market is dominated by global players. Some of the key players operating in the market are General Electric Company (U.S.), Wartsila Corporation (Finland), Caterpillar Inc. (U.S.), Rolls-Royce Holdings plc (U.K.), MAN SE (Germany), Cummins Inc. (U.S.), Deutz AG (Germany), Doosan Infracore (South Korea), and Kawasaki Heavy Industries, Ltd. (Japan).
Key strategies adopted by players in the gas engines market include contracts & agreements, new product launches, expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy, constituting more than two-third of the total development share from 2012 to 2016. Industry players also adopted expansion, which was the second most widely followed strategy during the same period.
General Electric Company (GE) is one of the largest infrastructure and financial services companies in the world. GE acquired Jenbacher A.G. (Austria) in 2002 and Dresser Waukesha (U.S.) in 2010 to enhance its reciprocating gas engine portfolio. GE offers gas engines primarily for gas compression applications in the oil & gas industry. The core focus areas of the company include horizontal capability in technology, investments in high-growth markets, and lean structure management. GE launched the Ecomagination program in 2005 to reduce emissions, drive cleaner energy solutions, and increase resource productivity. It also plans to focus on growing markets such as India, Brazil, China, and Middle Eastern countries to achieve a balanced a revenue stream across all regions.
Caterpillar Inc. is a leading provider of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel electric locomotives. Caterpillar acquired Perkins Engines Company Limited (U.K.) to enhance its reciprocating engine and turbine portfolio in 1997. It also acquired MWM Holding GmbH (Germany) to expand its customer base for power generation solutions in 2011, and changed the company’s name to Caterpillar Energy Solutions GmbH in 2013. Caterpillar follows the strategy of contracts & agreements to gain traction in the market. The North American region accounts for approximately 50% of the company’s revenue. The company has established numerous manufacturing facilities and subsidiaries in the Americas, EMEA, and Asia-Pacific, and has 175 dealers across the globe.
Gas Engines Market by Fuel (Natural Gas and Special Gas), Application (Power and Co-generation), End User (Utilities, Oil & Gas and Manufacturing), Power (0.5-1MW, 1 -2MW, 2-5MW, 5-10MW, and 10-20MW) & By Region - Global Forecast to 2021
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