DUBLIN--(BUSINESS WIRE)--The "Gas Engine Market by Fuel Type (Natural Gas & Special Gas), Application (Power Generation, Co-generation, & Mechanical Drive), End-User (Utilities, Manufacturing, & Oil & Gas), Power Output, and Region - Global Forecast to 2022" report has been added to Research and Markets' offering.
The global gas engine market is expected to grow at a CAGR of 6.12%, from 2017 to 2022, to reach a projected USD 4.76 Billion by 2022.
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. The co-generation applications majorly include steel mills, chemical, and food processing plants, paper & pulp mills, and district heating plants. The end-users are mainly focusing on improving the overall efficiency of power plants and which is driving the co-generation segment market.
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 second key factor that would drive the European market is attractive policy offerings by the European Union for the development of gas-fired power plants, especially special gas power plants.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Gas Engines Market, By Fuel Type
7 Gas Engines Market, By Power Output
8 Gas Engines Market, By Application
9 Gas Engines Market, By End-User
10 Gas Engines Market, By Region
11 Competitive Landscape
12 Company Profiles
- Caterpillar, Inc.
- Cummins Inc.
- General Electric Company
- Hyundai Heavy Industries Co., Ltd.
- Jfe Holdings, Inc.
- Kawasaki Heavy Industries, Ltd.
- Liebherr Group
- Man Se
- Mitsubishi Heavy Industries, Ltd.
- Niigata Power Systems Co., Ltd
- Rolls-Royce Holdings Plc
- Siemens Ag
- Wrtsil Corporation
For more information about this report visit https://www.researchandmarkets.com/research/m32d4n/gas_engine_market