Outlook on the World's $5.3B Gas Engines Market, 2019-2024 - The Shift Towards Gas-fired Power Plants Presents Lucrative Opportunities
DUBLIN, Dec. 17, 2019 /PRNewswire/ -- The "Gas Engines Market by Fuel Type (Natural Gas, Special Gas) Application (Power Generation, Cogeneration, Mechanical Drive) End-User (Utilities, Manufacturing, Oil & Gas) Power Output (0.5-1MW, 1-2MW, 2-5MW, 5-10 MW, 10-20MW), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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The global gas engines market was valued at USD 3.8 billion in 2018 and is projected to reach USD 5.3 billion by 2024, at a CAGR of 5.7% during the forecast period.
The key players in the gas engines market include Caterpillar (US), Wartsila Corporation (Finland), Rolls-Royce Holdings plc (UK), Cummins (US), and Man SE (Germany).
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 the 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 engine 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 as 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 the implementation of strict environmental regulations and incentives for gas-fired power plants are expected to drive the European gas engines market.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Gas Engines Market
4.2 Gas Engines Market, By Fuel Type
4.3 Gas Engines Market, By Power Output
4.4 Gas Engines Market, By Region
4.5 European Gas Engines Market, By Application & Country
4.6 Gas Engines Market, By Application
4.7 Gas Engines Market, By End-User
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Clean and Efficient Power Generation Technology
5.2.1.2 Implementation of Stricter Emission Regulations
5.2.2 Restraints
5.2.2.1 Price Disparity Across Regional Markets
5.2.2.2 Political Tensions Affecting the Supply of Natural Gas
5.2.3 Opportunities
5.2.3.1 Shift Toward Gas-Fired Power Plants
5.2.3.2 Growing Trend of Distributed Power Generation
5.2.4 Challenges
5.2.4.1 Limited Natural Gas Reserves
5.2.4.2 Infrastructural Concerns
5.3 Effect of Renewable Energy Mix: Gas Engines
6 Gas Engines Market, By Fuel Type
6.1 Introduction
6.2 Natural Gas
6.2.1 Increasing Need for Clean Burning Fuel Drives the Growth of the Natural Gas Engines Industry
6.3 Special Gas
6.3.1 Government Initiatives and Subsidies are Expected to Increase the Demand for Special Gas in the Gas Engines Industry
6.4 Others
7 Gas Engines Market, By Power Output
7.1 Introduction
7.2 0.5-1 MW
7.2.1 Increasing Need for Standby Power From Small-Scale Facilities is Expected to Drive the Growth of the 0.5-1 MW Segment
7.3 1-2 MW
7.3.1 Rising Demand for Continuous Power Supply is Expected to Drive the 1-2 MW Segment
7.4 2-5 MW
7.4.1 High Operational Efficiency and Low Emission Level Boost the Demand for the 2-5 MW Segment
7.5 5-10 MW
7.5.1 Shift Toward Cogeneration Plants Boosts the Growth of the 5-10 MW Segment
7.6 10-20 MW
7.6.1 Increasing Demand for Clean and Economic Power Supply Drives the Growth of the 10-20 MW Segment
8 Gas Engines Market, By Application
8.1 Introduction
8.2 Power Generation
8.2.1 Increasing Trend of Distributed Power Generation in Europe is Driving the Power Generation Segment
8.3 Cogeneration
8.3.1 High Efficiency of Cogeneration Power Plants is Driving the Gas Engines Industry in Europe
8.4 Mechanical Drive
8.4.1 Increasing Oil & Gas Operations is Driving the Mechanical Drive Segment
8.5 Others
9 Gas Engines Market, By End-User
9.1 Introduction
9.2 Utilities
9.2.1 Rising Focus of Utilities on Cost-Efficient and Cleaner Powering Fuels is Likely to Create Demand for Gas Engines From Power Utilities
9.3 Manufacturing
9.3.1 Stable and Eco-Friendly Power Generation Needs Drive the Demand for Gas Engines in the Manufacturing Segment
9.4 Oil & Gas
9.4.1 Capability to Operate in Extreme Weather Conditions Drives the Demand for Gas Engines in the Oil & Gas Segment
9.5 Others
10 Gas Engines Market, By Region
10.1 Introduction
10.2 Europe
10.3 North America
10.4 Asia Pacific
10.5 Middle East & Africa
10.6 South America
11 Competitive Landscape
11.1 Overview
11.2 Ranking of Players and Industry Concentration, 2018
11.3 Competitive Scenario
11.3.1 Contracts & Agreements
11.3.2 New Product Launches
11.3.3 Partnerships/Collaborations/Joint Ventures/Mergers & Acquisitions
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Innovators
11.4.3 Dynamic
11.4.4 Emerging
12 Company Profiles
12.1 Innio
12.2 Caterpillar
12.3 Wartsila
12.4 Rolls-Royce Holdings
12.5 Cummins
12.6 MAN SE
12.7 Siemens
12.8 Mitsubishi Heavy Industries, Ltd.
12.9 Kawasaki Heavy Industries, Ltd.
12.10 Ningbo C.S.I Power & Machinery Group Co. Ltd.
12.11 IHI Power Systems
12.12 JFE Engineering Corporation
12.13 Liebherr
12.14 Hyundai Heavy Industries Co. Ltd.
12.15 Jinan Lvneng Power Machinery Equipment Co. Ltd.
12.16 R Schmitt Enertec
12.17 CNPC Jichai Power Complex
12.18 Fairbanks Morse
12.19 Googol Engine Tech
For more information about this report visit https://www.researchandmarkets.com/r/5zkdsi
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