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.
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. Since, gas engines that operate in co-generation mode are efficient and exhibit strong demand. Also, the efficiency of the power plant operating in the co-generative mode is nearly double than that of gas engines used for electricity generation purposes.
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. The low fuel costs and the relatively lower carbon emissions from natural gas are projected to act as major drivers for the global market growth, during the forecast period; however, factors such as increasing concerns over stable natural gas supply and price disparity in the international trade of natural gas are expected to limit the growth of the global gas engines market, during 2016 – 2022.
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. Countries such as Russia, the U.K., Germany and Italy are showcasing significant growth in demand in the European region on account of huge demand for gas engines in these nations.
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.