The Gas Engine market size will grow from USD 3.56 Billion in 2017 to USD 5.11 Billion by 2023, at an estimated CAGR of 6.19%. The base year considered for the study is 2017, and the market size is projected from 2018 to 2023.
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The global gas engine market, by application, is segmented into power generation, co-generation, mechanical drive, and others which include tri-generation, quad-generation, and greenhouse. 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.
By Market Players:
General Electric Company , Caterpillar, Inc. , Wärtsilä Corporation , Rolls-Royce Holdings Plc , Cummins Inc. , Siemens AG , MAN SE , Mitsubishi Heavy Industries, Ltd. , Kawasaki Heavy Industries, Ltd. , Liebherr Group , JFE Holdings, Inc. , Hyundai Heavy Industries Co., Ltd. , Niigata Power Systems Co Ltd,
By Fuel Type
Natural Gas , Special Gas , Others
By Power Output
0.5–1 MW , 1–2 MW , 2–5 MW , 5–10 MW , 10–20 MW
Power Generation , Cogeneration , Mechanical Drive , Others
Utilities , Manufacturing , Oil & Gas , Others
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