The global gas engines market is likely to witness considerable growth during the forecast period (2016 – 2022). This growth can be owed to significantly rising electricity demand, drop in natural gas prices, increasing environmental alarms and growing requirement to diminish CO2 emissions.
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Gas engines are widely used in utilities, oil and gas, manufacturing, hospitals and commercial complexes. Additionally, companies are focusing on utilizing gas engines in stationary and mobile applications.
In terms of application, the global gas engines market has been segmented into electricity generation and co-generation. Out of the two, co-generation segment is projected to emanate the higher growth rate in the global gas engines market, during the forecast period.
Based on fuel type, natural gas was the largest segment in the global gas engines market, in terms of value, in 2015. The segment is expected to report the fastest growth rate, during the forecast period.
Europe has been the biggest and the fastest market for global gas engines, in terms of value, followed by North America. The stringent emission regulations, low fuel cost and growing environmental concerns are some of the major factors driving the growth of the gas engines market in the European region.
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The key players operating in the global gas engines market are General Electric Company, Wartsila Corporation, Caterpillar Inc., Rolls-Royce Holdings plc, MAN Diesel & Turbo SE, Cummins Inc., Deutz AG, Doosan Infracore, and Kawasaki Heavy Industries, Ltd., among others.
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