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.
Application:
·
Power Generation
·
Co-generation
·
Others
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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End-User Industry:
·
Utilities
·
Oil & Gas
·
Manufacturing
·
Others
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.
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