The global gas engines market size is expected to grow from an estimated USD 4.0 billion in 2019 to USD 5.3 billion by 2024, at a CAGR of 5.7%, during the forecast period. Increasing demand for clean & efficient power generation technology and the implementation of stricter emission regulations is expected to drive market growth.
The natural gas segment is expected to hold the largest share of gas engines market
The natural gas segment led the gas engine market in 2018 and is expected to grow at a decent pace during the forecast period. Natural gas is the most commonly used fuel in gas engines for electricity generation as it burns cleaner and has low carbon emission compared to other types of fuels such as biogas, producer gas, and sewage gas, which is the main reason for the large market share held by the segment.
Further, it also emits low levels of nitrogen oxide, sulfur dioxide, and particulate matter. Declining natural gas prices and improving gas distribution networks are expected to drive the natural gas-fueled gas engines market during the forecast period.
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The power generation segment is expected to be the largest segment of the gas engines industry.
The power generation segment is expected to be the largest application segment of the market in 2018. Gas engines are used mainly for power generation, by manufacturing plants, commercial buildings, public buildings, and utilities for on-site power generation. The governments of developing nations around the world are spending heavily on the construction of new gas-fired power plants while those in developed economies are investing in their aging gas-fired power plants. The demand for new gas-fired power plants due to the increasing energy needs is expected to drive the power generation application segment of the gas engines market during the forecast period.
Europe is expected to be the leading region of gas engines industry
The European market is expected to lead the gas engines market during the forecast period. The growth of the market in the European region can be attributed to EU’s policies to curb CO2 emission, establish gas distribution networks, and increase production of biogas.
Majority of the countries in the European continent are cold climate countries, which require heat for household and commercial spaces, thus, resulting in huge demand for cogeneration application. Europe is the leader in biogas production, which is further creating the need for the special gas-based engines. Due to stringent environmental norms and low natural gas prices, Europe is expected to dominate the global market during the forecast period.
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Some of the top players in the gas engines market including Caterpillar (US), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany). The leading players are trying to enter the market of developing economies and are adopting various strategies to increase their market shares.