Market Introduction
This research report on the “Europe Gas Engine Market” provides a holistic view of the market size across Europe. The report further elucidates the key driving factors, restraints, growth opportunities, and future trends pertaining to the market growth.
Moreover, the increasing focus on development of efficient fuel engines to boost the market growth is driving the market’s growth. However, escalating popularity of renewable energy alternatives and technological drawbacks in several countries critically impacts the growth of the market.
In Europe, Italy is the hardest-hit country by the coronavirus outbreak. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Italy recorded the highest number of coronavirus cases. Other member states had implemented drastic measures and travel restrictions, including partially closing their borders. Moreover, countries in the region, including Germany, UK, France, and Belgium, have witnessed a second wave of the virus, and have announced lockdown for the second time in November 2020. The situation amid the COVID-19 pandemic is extraordinary, which is negatively impacting the growth of gas engines market.
Market Overview and Dynamics
The Europe gas engine market is expected to reach US$ 2,040.4 million by 2028 from US$ 1,492.5 million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021–2028. The gas engine market players are developing advanced solutions for the industrial power generation applications. For instance, in March 2021, INNIO, a gas engine manufacturer, delivered its J920 Jenbacher engines for the district heating plant in Saarbrücken, Germany. The plant utilizing distributed power generation practices through gas engines to phase out the usage of coal in power generation. It aims to reduce CO2 emissions by more than 60,000 metric tons in the coming years. In March 2021, Lappeenranta-Lathi University of Technology (LUT) in Finland and Wärtsilä initiated a joint study to develop new flexible power generation technologies such as distributed power generation using gas engines for the Indian market.
Key Market Segments
In terms of fuel type, the natural gas segment accounted for the largest share of the Europe gas engine market in 2020. In terms of power output, the 300-500 kW segment accounted for the largest share of the Europe gas engine market in 2020. In terms of end-user, the heavy industries segment accounted for the largest share of the Europe gas engine market in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the gas engine market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are INNIO Jenbacher GmbH & Co OG; Caterpillar Inc.; Cummins Inc.; Fairbanks Morse, LLC; Kawasaki Heavy Industries, Ltd.; Liebherr; MAN SE; Mitsubishi Heavy Industries, Ltd.; Wärtsilä Corporation; MTU (Rolls-Royce Power Systems AG); R Schmitt Enertec GmbH; and 2G ENERGY AG.
Reasons to Buy Report
EUROPE GAS ENGINE MARKET SEGMENTATION
By Fuel Type
By Power Output
By End-User
By Country
Companies Mentioned
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,492.5 Million |
| Market Size by 2028 | US$ 2,040.4 Million |
| CAGR (2021 - 2028) | 4.6% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Fuel Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Gas Engine Market is valued at US$ 1,492.5 Million in 2021, it is projected to reach US$ 2,040.4 Million by 2028.
As per our report Europe Gas Engine Market, the market size is valued at US$ 1,492.5 Million in 2021, projecting it to reach US$ 2,040.4 Million by 2028. This translates to a CAGR of approximately 4.6% during the forecast period.
The Europe Gas Engine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Gas Engine Market report:
The Europe Gas Engine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Gas Engine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Gas Engine Market value chain can benefit from the information contained in a comprehensive market report.
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