The global gas engines market size is projected to reach USD 5.3 billion by 2024, from an estimated USD 4.0 billion in 2019, growing at a CAGR of 5.7% during 2019-2024.
Northrook, IL -- (SBWIRE) -- 12/12/2019 -- According to the new market research report "Gas Engines Market by Fuel Type (Natural Gas, Special Gas) Application (Power Generation, Cogeneration, Mechanical Drive) End-User (Utilities, Manufacturing, Oil & Gas) Power Output (0.5–1MW, 1–2MW, 2–5MW, 5–10 MW, 10–20MW), Region – Global Forecast to 2024" published by MarketsandMarkets™, the global Gas Engines Market size is expected to grow from an estimated USD 4.0 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 5.7%, during the forecast period. Increasing demand for clean & efficient power generation technology and the implementation of stricter emission regulations is expected to drive market growth.
The natural gas segment is expected to hold the largest share of Gas Engines Market
The natural gas segment led the gas engine market in 2018 and is expected to grow at a decent pace during the forecast period. Natural gas is the most commonly used fuel in gas engines for electricity generation as it burns cleaner and has low carbon emission compared to other types of fuels such as biogas, producer gas, and sewage gas, which is the main reason for the large market share held by the segment.
Further, it also emits low levels of nitrogen oxide, sulfur dioxide, and particulate matter. Declining natural gas prices and improving gas distribution networks are expected to drive the natural gas-fueled Gas Engines Market during the forecast period.
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The power generation application segment is expected to be the largest segment of the gas engines industry.
The power generation segment is expected to be the largest application segment of the market in 2018. Gas engines are used mainly for power generation, by manufacturing plants, commercial buildings, public buildings, and utilities for on-site power generation. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed economies are investing in their aging gas-fired power plants. The demand for new gas-fired power plants due to the increasing energy needs is expected to drive the power generation application segment of the Gas Engines Market during the forecast period.
Europe is expected to be the leading gas engines industry during the forecast period
In this report, the gas engines industry has been analyzed for five regions, namely, North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The European market is expected to lead the Gas Engines Market during the forecast period. The growth of the market in the European region can be attributed to EU's policies to curb CO2 emission, establish gas distribution networks, and increase production of biogas.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Gas Engines Market including Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany). 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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