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Gas Engines Market worth 4.54 Billion USD by 2021
The report "Gas Engines Market by Fuel (Natural Gas and Special Gas), Application (Power and Co-generation), End User (Utilities, Oil & Gas and Manufacturing), Power (0.5-1MW, 1 -2MW, 2-5MW, 5-10MW, and 10-20MW) & By Region - Global Forecast to 2021", The gas engines market is expected to grow from an estimated USD 3.22 Billion in 2016 to USD 4.54 Billion by 2021, registering a CAGR of 6.9% from 2016 to 2021. The global market is witnessing significant growth on account of the decline in natural gas prices, increase in electricity demand, and low emission levels of the gas compared to other fossil fuels. Increasing investments in distributed power generation are also expected to drive the demand for gas engines across the globe.
Browse 74 market data Tables and 54 Figures spread through 180 Pages and in-depth TOC on "Gas Engines Market by Fuel (Natural Gas and Special Gas), Application (Power and Co-generation), End User (Utilities, Oil & Gas and Manufacturing), Power (0.5-1MW, 1 -2MW, 2-5MW, 5-10MW, and 10-20MW) & By Region - Global Forecast to 2021"
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Electricity generation segment is expected to hold the largest share in the gas engines market, by application, during the forecast period
The electricity generation segment led the overall gas engines market in 2015, owing to the increasing electricity demand across the globe. However, the co-generation application is expected to register a higher growth rate during the forecast period. Although the initial cost of gas engines used for co-generation applications is high, the efficiency of the power plant is nearly double that of gas engines used for electricity generation purposes.
Natural gas to be the dominant fuel type in the global gas engines market
Natural gas-fired engines are expected to dominate the global gas engines market during the forecast period, and are expected to constitute the fastest growing segment, by fuel type. The recent shale gas boom resulted in a fall in natural gas prices across the globe. The low cost and emissions of natural gas compared to other fossil fuels is a key driver of the natural gas-fired gas engines market.
Europe: The leading market for gas engines
In this report, the gas engines market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Europe is expected to dominate the global gas engines market, given the growing environmental concerns and rigid emission regulations in the region. It is closely followed by North America.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the gas engines market. These players include General Electric Company (U.S.), Wartsila Corporation (Finland), Caterpillar Inc. (U.S.), Rolls-Royce Holdings plc (U.K.), MAN SE (Germany), Cummins Inc. (U.S.), Deutz AG (Germany), Doosan Infracore (South Korea), and Kawasaki Heavy Industries, Ltd. (Japan). Leading players are trying to penetrate developing economies and are adopting various strategies to increase their market share.
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