The market is driven by the rising demand for clean and efficient technologies for power generation in order to meet the demand for energy. Over the forecast period, the growing demand for electricity in order to sustain industrial operations, is likely to provide impetus to the market. The market growth is anticipated to be aided by the rising application of gas engines in the public buildings such as hospitals, schools, colleges and administrative buildings.
In September 2021, Caterpillar Inc. (NYSE: CAT) announced the beginning of Cat generator, which will be capable of operating on 100% nitrogen, along with fully renewable green hydrogen. The company is also likely to launch commercially available power generation solutions, which will operate on natural gas blended with up to 25% hydrogen.
In terms of region, Europe is likely to account for a significant share of the market, owing to the stringent government regulations aimed towards conserving energy in order to meet the sustainable development goals in the forecast period. The growing residential and commercial construction in the countries like Spain, France, Italy and United Kingdom, is likely to generate significant demand for electricity. This factor will propel the gas engines market in the region.
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The major players in the global market are Caterpillar Inc., Rolls-Royce Holdings plc, Cummins Corporation, Siemens AG, and Hyundai Heavy Industries Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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