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.
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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 (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.
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*Top 14 Companies Analyzed for This Studies are – 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.).
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Key point from table of content
6 Gas Engines Market, By Fuel Type
6.1 Introduction
6.2 Natural Gas
6.3 Special Gas
7 Gas Engines Market, By Application
7.1 Introduction
7.2 Power Generation
7.3 Co-Generation
8 Gas Engines Market, By End-User
8.1 Introduction
8.2 Utilities
8.3 Manufacturing
8.4 Oil & Gas
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