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%, from 2019 to 2024. Europe is estimated to be the largest consumer of gas engines, followed by North America. This trend is expected to continue during the forecast period. The growth of the gas engines industry is driven by the increasing demand for clean and efficient power generation technology and implementation of stricter emission regulations globally.
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.
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The cogeneration segment is expected to grow at the fastest rate.
In cogeneration applications, gas engines produce power along with energy for space heating and water heating. It is an efficient method of power generation using gas engines and enables energy savings of up to 60%.
Cogeneration is used mainly in steel mills, chemical & food processing plants, paper & pulp mills, and district heating plants. Apart from industrial end-users, public buildings, such as schools, colleges, administrative buildings, and hospitals, also utilize gas engine-based power plants for producing electricity and heat. The growth of cogeneration application is attributed mainly to the increasing installed capacity of gas-fueled CHP power plants in cold climate countries.
Europe is expected to be the largest gas engines market
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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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).
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