The global gas engines market size is projected to reach USD 5.3 billion by 2024, from an estimated USD 4.0 billion in 2019, at a CAGR of 5.7% during the forecast period. The increasing demand for clean and renewable power generation and implementation of stricter emission regulations across the globe are major drivers for the gas engines market.
The gas engines market is dominated by a few major players that have an extensive regional presence and are established brand names. The leading players in the gas engines industry include Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany).
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Europe is projected to account for the majority of the gas engine market share, growing at the highest CAGR during the forecast period. The region is home to two major players, namely, Wärtsilä Corporation (Finland) and Rolls-Royce Holdings plc (UK). The natural gas-based power production in the European region is majorly influenced by Russia, which is heavily investing in the construction of gas distribution networks. However, European countries are importing natural gas from Africa to reduce the dependency on Russian natural gas.
Most of the countries in the European continent are cold climate countries, which require heat for household and commercial spaces due to which there is an increase in the demand for cogeneration applications. Europe is the leader in biogas production, which is further creating the need for special gas-based engines. Factors such as the implementation of strict environmental regulations and incentives for gas-fired power plants are expected to drive the European gas engines market growth.
The cogeneration application segment of the gas engines market is expected to grow at the highest CAGR during the forecast period. Increased demand for combined heat and power applications is driving the gas engines industry growth. There is an increase in the requirement for gas engines for cogeneration applications. Cogeneration involves multiple power generation processes, which can satisfy the power requirement of two simultaneous ongoing operations. The high efficiency of cogeneration power plants is expected to drive the gas engines market during the forecast period.
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The utilities end-user segment of the gas engines market is expected to grow at the highest CAGR during the forecast period. Utilities are the major end-users of gas engines, and they mostly use 2–20 MW gas engines for power generation. The energy produced by utilities can be used to power local facilities or exported to the local electricity grid. There is an increasing shift toward gas-fired power plants from coal-fired power plants to cut down the carbon emission. Increasing power demand during peak hours is expected to create new opportunities for the Gas Engines Market in the utilities segment.