The global gas engine market is expected to grow at a CAGR of 6.12%, from 2017 to 2022, to reach a projected USD 4.76 Billion by 2022. The growth will be mainly driven by an increase in the demand for clean power generation across globe.
The 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", 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 the forecast period. This growth can be attributed to the increased demand for new gas-fired power plants in developing regions and the replacement and refurbishment of existing power plants in developed countries.
Browse 70 Market Data Tables and 46 Figures spread through 166 Pages and in-depth TOC on "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"
The natural gas segment is expected to hold the largest share of the gas engine market, by fuel type, during the forecast period.
The natural gas segment led the gas engine market in 2016 and is expected to grow at a decent pace during the forecast period. Natural gas is the most commonly used fuel for power gas engines among other fuels.
It is comparatively more cost-effective than other fuel types such as biogas, producer gas, and sewer gas which is the main reason for the large market share held by the segment. The natural gas segment is driven by the increased demand for power generation applications.
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The power generation application segment is expected to be the largest segment of the gas engine market.
The power generation segment is expected to be the largest segment of the gas engine market, by application, in 2017. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed nations are investing in their aging gas-fired power plants.
The demand for new gas-fired power plants due to the increasing energy demands, which, in turn, is driving the power generation application segment of the gas engine market.
Europe: the leading gas engine market
In this report, the gas engine market has been analyzed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is expected to lead the gas engine market, by region, the growth of the gas engine market in the European region can be attributed to the EU’s policies to curb the CO2 emission, well-established gas distribution network, and increased production of biogas in the region.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the gas engine market. They are General Electric Company (US), Caterpillar Inc. (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), and Cummins Inc. (US). The leading players are trying to enter the market of developing economies and are adopting various strategies to increase their market shares.
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