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.
- Power Generation
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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.
The leading players in the reservoir analysis Gas Engine Market are
- General Electric Company (U.S.),
- Caterpillar Inc. (U.S.),
- Wärtsilä Corporation (Finland),
- Rolls-Royce Holdings plc (U.K.),
- Cummins Inc. (U.S.) among others
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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Distributed generation is the act of power generation carried out at or close to the point of end-use. It can be used for both electric supply as well as mechanical work (providing torque to move objects). Distributed generation systems are generally defined as being less than 100 MW in capacity (typically less than 50 MW) and can be stationary as well as mobile in nature. General Electric Company (US) estimates that annual distributed power capacity additions across the globe will rise from 142 GW in 2012 to 200 GW in 2020, while investments in distributed power technologies will grow to USD 206 billion by 2022. Gas engines are a vital part of the current suite of distributed power generation technologies, which also includes solar panels, wind turbines, and fuel cells. The higher efficiency of gas engines and reliable generation capacity give it an edge over other distributed generation technologies to provide backup power capacity and onsite generation needs.
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