The global Gas Engine Market is estimated to be USD 3.54 Billion in 2017 and is projected to grow USD 4.76 Billion by 2022, at a CAGR of 6.12%, from 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 primary source of clean power generation.
- Power Generation
Power generation is leading the global gas engines 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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- Oil & Gas
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 leading gas engine market
In this report, the gas engine market has been analysed with respect to five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 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 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.
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The gas engine market is dominated by a few international players such as, General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Cummins Inc. (U.S.) among others.