The global gas engines market is expected to grow from an estimated USD 3.22 Billion in 2016 to USD 4.90 Billion by 2022, registering a CAGR of 7.2% during 2016 to 2022. Gas engines are being progressively used for power production generation the globe. The demand is increasing for the electricity and there is drop in natural gas prices are likely to drive the gas engines market Gas engines are getting push in stationary as well as mobile applications, and are active in utilities, the oil & gas industry, manufacturing industries, hospitals and commercial complex. Growing environmental alarms and need to diminish CO2 emissions, the demand for gas engines is set to increase in coming years.
The global gas engines market is segmented on the basis of by type, by application, by end user and by power. On the basis of type market is sub segmented on natural gas market, special gas market and other gas market. The global gas engines market segments on the basis of end-user industry into oil & gas, utilities, manufacturing, and others. On the basis of application market is segmented on power generation market, co-generation market and other market, the co-generation application is expected to fastest growing segment in the market. Gas engine- operating in co-generation fired power plants mode are extremely efficient, and are therefore projected to register the maximum growth rate during 2016 to 2022.
On the basis of geographic region the global gas engines market is segmented on for broad regions that are North America, Europe, Asia pacific and ROW. Europe is presently the biggest as well as the fastest emergent market for gas engines, and after that North America. The increasing green worries, low cost of natural gas, and inflexible emission guidelines are enhancing the demand for gas engines in the region. The European market is mainly driven by countries such as Russia the U.K., Germany and Italy, where there is a huge demand for gas engines. The market in this region is expected to raise at a high rate, with Germany estimated to show the fastest growth in the region. Asia-Pacific region was projected to account for the largest share of the global automotive engine market in 2015. OEMs in Asia-Pacific have been concentrating on developing advanced technology in automotive engines to produce torque and high power.
Key players in the gas engines market include Caterpillar Inc., Doosan Infracore General Electric Company, Hyundai Heavy Industries Co. Ltd., MAN SE, Cummins Inc., Deutz AG and Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries, Ltd. Wartsila Corporation. Contracts, technological agreements was the approach mainly adopted by the top players in the market. Key players have invested noteworthy R&D efforts to advance gas engine shaft effectiveness over the previous decade. These efforts done to help end-users attain fuel savings and generate less environmental effect. A developed ignition process has reduced NOx and Unburned Hydrocarbons emissions. Market players are also trying to develop new technology that can enhance the productivity at low cost.