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 projected to grow at a CAGR of 6.12% from 2017 to 2022.”
The gas engine market is projected to reach USD 4.76 billion by 2022, growing at a CAGR of 6.12%, from 2017 to 2022. Gas engines are mainly used for power generation application and CHP applications. The growth of the gas engine market can be attributed to increased investments in ongoing gas-fired power plants in developing countries and maintenance of aging power plant in developed countries to curb the increased pollution from coal-based power plants. Inadequate supply of natural gas act as a restraint for the gas engine market along with a global natural gas price fluctuations. Low-cost competitors from emerging markets are the main challenge for the gas engine market.
“The co-generation applications segment is expected to grow at the highest CAGR from 2017 to 2022.”
The co-generation (combined heat and power) generation segment is estimated to be the fastest growing segment of the gas engine market, by application, from 2017 to 2022. Europe is the key end-user of gas engines for co-generation applications. In the co-generation application, the gas engine produces power along with useful heat for the space heating and water heating. The co-generation applications majorly include steel mills, chemical, and food processing plants, paper & pulp mills, and district heating plants. The end-users are mainly focusing on improving the overall efficiency of power plants and which is driving the co-generation segment market.
“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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 20%, Tier 3- 15%
By Designation: C-Level- 25%, Manager Level- 35%, Others- 40%
By Region: Europe- 23%, North America- 30%, Asia Pacific- 17%, South America- 10%, and Middle East & Africa- 20%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2016: Tier 1 = >USD 1 billion, Tier 2 = From USD 100 million to USD 500 million, and Tier 3 = <USD 100 million.
The key players in the gas engine market include General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (U.K.), and Cummins Inc. (U.S.).
The report provides a picture of the gas engine market and its segments across industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as fuel type, power output, end-user, application, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Why buy this report?
1. The report identifies and addresses the key markets for gas engines, which would help OEMs review the growth in demand for the product.
2. The report helps solutions providers understand the pulse of the market and provides insight into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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