Global gas engine market was valued at USD 3.1 billion in 2016 and will reach USD 4.4 billion by 2022, growing at a CAGR of 6% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 12/11/2017 -- Zion Market Research has published a new report titled "Gas Engine Market (By Fuel Type: Natural Gas and Others; By End Users: Industrial, Residential, Utility, and Commercial; For Co-Generation, Mechanical Drives, and Power Generation Application: Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022." According to the report, global gas engine market was valued at USD 3.1 billion in 2016 and is expected to reach USD 4.4 billion in 2022, growing at a CAGR of 6% between 2017 and 2022.
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A gas engine is basically an internal combustion engine that generates impulse power by utilizing a variety of gases as fuel. The gas engine is usually applied as stationary continuous generation units but also operate as peaking plants and in greenhouses to meet fluctuations in limited electricity demand. The gas engine can be regulated with various types of gas, such as shale gas, natural gas, landfill gas, syngas and sewage gas. The gas engine can produce electricity in parallel with the local electricity grid, in island mode operation or for power generation in remote areas. The gas engine is designed for maximum electrical & thermal efficiency, high reliability & availability, and low operation & service costs.
Europe was the most attractive market for a gas engine in 2016. The growth of the gas engine market in the European region can be certified to the EU's policies to limit the CO2 emission, increased production of the biogas gas distribution network in the region. This growth is attributed to the augmented use of gaseous fuels in industries such as automobile and power.
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Due to the increased number of natural gas-powered vehicles and growth in the natural gas transportation network, North America, and Asia Pacific may observe growth in demand for gas engine market.
In the Middle East, the presence of sufficient gas resources and growing investments towards gas-based power generation to meet the rising demand for power in this region will drive the gas engine market. Increasing investment in industries and increasing power generation suggest the huge potential for gas engine market in Middle East & Africa.
Some of the major players involved in the global gas engine cable market include General Electric Company, Rolls-Royce Holdings plc, Cummins Inc., Caterpillar Inc., Wärtsilä Corporation, Kawasaki Heavy Industries, MAN SE, Deutz AG, Doosan Infracore, and Yanmar.
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This report segments the global gas engine market as follows:
Gas Engine Market: Fuel Type Analysis
Gas Engine Market: End Users Analysis
Gas Engine Market: Application Analysis
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Gas Engine Market: Regional Analysis
The Middle East and Africa