The global Gas Engine Market is expected to grow from an estimated USD 3.54 Billion in 2017 to USD 4.76 Billion by 2022, at a CAGR of 6.12% during the forecast period.
According to the new market research report "Gas Engine Market by Fuel Type (Natural Gas & Special Gas), Application (Power Generation, Co-generation, & Mechanical Drive), End-User (Utilities, Manufacturing, & Oil & Gas), Power Output, and Region - Global Forecast to 2022", published by MarketsandMarkets™, The Gas Engine Market is expected to grow from an estimated USD 3.54 Billion in 2017 to USD 4.76 Billion by 2022, at a CAGR of 6.12%, during 2017 to 2022. Europe is estimated to be the largest gas engine market, by region, followed by North America.
This trend is expected to continue during the forecast period. The growth of the gas engine market is driven globally by the rising demand for power generation from different industrial and commercial consumers which mainly include emergency power and Combined Heat and Power (CHP) applications.
The other key growth factors that drive the gas engines market is the decreased natural gas prices along with the shift from using conventional fossil fuel such as coal, crude oil to natural gas, biogas as a primary source of clean power generation.
Power generation is leading the global gas engine market and trend is expected to continue during the forecast period. Manufacturing plants, commercial buildings, public buildings, and utilities are mainly deploys gas engine for power generation application.
The gas engines are suitable for base load, grid support, combined cycle, peak shaving, and distributed power generation applications. The market for gas engine for power generation is mainly driven by the growing demand for global power requirement, especially in regions such as Europe, the Americas and Asia Pacific.
Co-generation application segment is expected to grow at high CAGR during the forecast period. The growth of co-generation application is mainly attributed to the increasing installed capacity of gas fueled CHP power plants in cold climate countries.
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Gas Engine Market segmented by end user into Utilities, manufacturing, oil & gas, and others which include commercial complex, hospitals, wastewater treatment plants and greenhouse. The utilities segment is leading the gas engine market.
Utilities mainly deploy the gas engines for the base load and peak load power generation. Falling natural gas prices and improved natural gas distribution network are driving the growth of the utilities segment.
“Europe: The largest market for gas engine”
The European market is currently the largest gas engine market, followed by the markets in North America, Asia Pacific, and the Middle East & Africa. The European market is projected to grow at a higher rate due to stringent environmental norms which led to the use of renewable resources such biogas, landfill gas, and sewer gas for power generation.
The second key factor that would drive the European market is attractive policy offerings by the European Union for the development of gas-fired power plants, especially special gas power plants.
The gas engine market is dominated by a few major players that have a wide regional presence and are established brand names. The leading players in the Gas Engine Market include General Electric Company (US), Caterpillar, Inc.
(US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), and Cummins Inc. (US).
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