LNG engine is the engine that uses bunker fuel and natural gas to convert chemical energy into mechanical energy. Increasing demand for eco-friendly and reliable fuel, thereby raising demand for LNG engines in power generation and marine sectors, this factor is likely to propel the growth of the LNG engine market. Furthermore, the growing global voyage trade along with the rise in the trend of decarbonizing maritime transport also influences the demand for the LNG engine market.
MARKET DYNAMICS
Strict government regulations to control seaborne emission including NOx and Sox coupled with the shifting trend toward clean fuel are booming the growth of the LNG engine market. Moreover, the growing tourism industry is resulting in the rising demand for cruise, ferries, and commercial vessels including cargo, fast ferries, and passengers are expected to fuel the demand for the LNG engine market over the forecast period.
MARKET SCOPE
The "Global LNG Engine Market Analysis to 2028"? is a specialized and in-depth study of the LNG engine industry with a special focus on the global market trend analysis. The report aims to provide an overview LNG engine market with detailed market segmentation as type, end use, and geography. The global LNG engine market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading LNG engine market players and offers key trends and opportunities in the LNG engine market.
MARKET SEGMENTATION
The global LNG engine market is segmented on the basis of type, end use. On the basis of type the market is segmented as spark-ignited, diesel-ignited, direct gas injection. On the basis of end use the market is segmented as marine, power generation.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global LNG engine market based on various segments. It also provides market size and forecast estimates from year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The LNG engine market by each region is later sub-segmented by respective countries and segments. The report covers analysis and forecast of 18 countries globally along with current trend and opportunities prevailing in the region.
The report analyzes factors affecting LNG engine market from both demand and supply side and further evaluates market dynamics effecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA and South America after evaluating political, economic, social and technological factors effecting the LNG engine market in these regions.
MARKET PLAYERS
The reports cover key developments in the LNG engine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for expansion of business and customer base of market players. The market players from LNG engine market are anticipated to lucrative growth opportunities in the future with the rising demand for LNG engine in the global market. Below mentioned is the list of few companies engaged in the LNG engine market.
The report also includes the profiles of key LNG engine companies along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information of last 3 years, key development in past five years.
- Anglo Belgian Corporation nv
- Caterpillar Inc.
- Cummins Inc.
- Fairbanks Morse
- HHI Engine & Machinery
- MAN Energy Solutions
- Mitsubishi Heavy Industries, Ltd.
- Rolls-Royce plc
- Scania AB
- Wärtsilä Corporation
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.