The gas engines market is projected to grow at a CAGR of 5.7% from 2019 to 2024
NEW YORK, Dec. 16, 2019 /PRNewswire/ --
The gas engines market is projected to grow at a CAGR of 5.7% from 2019 to 2024.
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The global gas engines market size is projected to reach USD 5.3 billion by 2024, from an estimated value of USD 4.0 billion in 2019, growing at a CAGR of 5.7% during the forecast period. Gas engines are used mainly for power generation applications and CHP applications.
The growth of the gas engines industry can be attributed to the increasing demand for clean & efficient power generation technology and implementation of stricter emission regulations.Political instability affecting the supply of natural gas acts as a restraint for the gas engines industry along with price disparity across regional markets.
Limited natural gas reserves, and infrastructural concerns are the main challenges for the gas engines market.
The cogeneration applications segment is expected to grow at the highest CAGR from 2017 to 2022.
The cogeneration (combined heat and power) generation segment is estimated to be the fastest-growing segment of the gas engines market, by application, from 2019 to 2024. Europe region has witnessed the highest demand for gas engines for cogeneration applications.
In cogeneration, gas engines produce power along with useful heat for space heating and water heating.The cogeneration application majorly includes 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, which is driving the cogeneration segment market.
Europe: The largest market for gas engines
Europe is currently the largest gas engines market, followed by North America, Asia Pacific, the Middle East & Africa, and South & Central America. 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. Thus, factors such as implementation of strict environmental regulations and incentives for gas-fired power plants are expected to drive the European gas engines market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 25%, Tier 3- 15%
• By Designation: C-Level Executive- 35%, Director Level- 25%, Others- 40%
By Region: Europe- 35%, North America- 25%, Asia Pacific- 20%, Middle East & Africa- 15%, and South America- 5%
Note: Others* include sales managers, engineers, and regional managers.
Note: Tier 1 Company—Revenue > USD 7 billion, Tier 2 Company—Revenue between USD 1 and USD 7 billion, and Tier 3 Company—Revenue < USD 1 billion
The key players in the gas engines market include Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany).
Research Coverage:
The report provides a picture of the gas engine market and its segments across industries and regions.It aims at estimating the market size and future growth potential of the market across different segments such as fuel type, power output, end-user, application, and region.
Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Why buy this report?
1. The report identifies and addresses the key markets for gas engines, which would help OEMs review the growth in demand for the product.
2. The report helps solutions providers understand the pulse of the market and provides insight into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
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