The
global gas engine market is
expected to grow by USD 1.85 billion as per Technavio. This marks a significant
market slowdown compared to the 2019 growth estimates due to the impact of the
COVID-19 pandemic in the first half of 2020. However, steady growth is expected
to continue throughout the forecast period, and the market is expected to grow
at a CAGR of almost 7%.
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The market is driven by the increase in electricity demand. In
addition, the emergence of dual-fuel engines is anticipated to boost the growth
of the gas engine market.
Factors such as globalization, rapid urbanization, and changing
lifestyle and work culture across sectors have increased the demand for electricity.
The adoption of electrical appliances has been increasing exponentially among
households. Manufacturing and production processes are being automated and made
less labor-intensive. Besides, the growing adoption of electric-vehicles has
further increased the demand for electricity. Gas engines are widely used in
the production of electricity. With the rise in the demand for electricity, the
growth of the global gas engine market will accelerate during the forecast
period.
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Major Five Gas Engine Companies:
Caterpillar Inc.
Caterpillar Inc. operates its business through segments such as
Resource Industries, Construction Industries, Energy and Transportation, and
Financial Products. The company offers G16CM34, which is a natural gas,
spark-ignited, V-style, turbocharged and aftercooled engine.
Cummins Inc.
Cummins Inc. operates its business through segments such as
Engine, Distribution, Components, Power Systems, and New Power. The company
offers B6.7. It leverages the Single Module Aftertreatment System to provide
better thermal management, easier service, and reduced space claim for better
Shuttle Bus performance and fuel economy.
Doosan Infracore Co. Ltd.
Doosan Infracore Co. Ltd. operates its business through segments
such as Engines, Construction Equipment, and Bobcat. GL08P is the key offering
of the company. It is a 8 liter-class EURO6 CNG engine equipped with an
oxidation catalyst and SCR. It is mounted on city buses.
Hyundai Heavy Industries Co. Ltd.
Hyundai Heavy Industries Co. Ltd. operates its business through
segments such as Shipbuilding, Naval and Special Ship, Offshore and Â
Industrial Plant Engineering, and Engine and  Machinery. The company offers
Dual-Fuel Engine which works on both gas fuel and light fuel oil.
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