The growth will be mainly driven by an increase in the demand for clean power generation across globe.
The natural gas segment is expected to hold the largest share. It is used in base load power generation and CHP (combined heat and power) applications. Natural gas fueled gas engines are mainly used for the power generation application by utilities and manufacturing facilities. The gas engines ranging between 5 MW–20 MW mostly utilizes natural gas. The special gas segment is also the fastest growing market due to increased adaptation of biogas and landfill gas in power generation application. Countries around the world are offering subsidies for the biogas and landfill run power plants.
Power generation is expected to lead the global market and trend is expected to continue during the forecast period. Manufacturing plants, commercial buildings, public buildings, and utilities are mainly deploys gas engines for power generation application. The gas engines are suitable for base load, grid support, combined cycle, peak shaving, and distributed power generation applications. The market for gas engines for power generation is mainly driven by the growing demand for global power requirement, especially in regions such as Europe, the Americas and Asia Pacific. Co-generation application segment is expected to grow at high CAGR during the forecast period. The growth of co-generation application is mainly attributed to the increasing installed capacity of gas fueled CHP power plants in cold climate countries.
The utilities segment is expected to lead the market. Utilities mainly deploys the gas engines for the base load and peak load power generation. Falling natural gas prices and improved natural gas distribution network are driving the growth of the utilities segment.
The 1 MW-2 MW gas engines held the major market share. The growth of 1 MW–2 MW gas engines mainly attributed to increasing demand of continuous power from small to mid-range manufacturing facilities, commercial buildings, and hospitals. These engines are can be run on various gases fuel such as natural gas, biogas, special gas, and landfill gas. Cost effectiveness and option for multiple fuel is the main driver for the growth of 1 MW– 2 MW gas engines. The 0.5 MW–1 MW gas engines are mainly used for the emergency or standby power application. These engines also find its application in the oil & gas industry as prime mover for compressors and pumps.
The European market is the largest and is estimated to grow at the highest rate during the forecast period. Due to stringent environmental norms and low natural gas price, the European market for gas engines is expected to dominate global market during the forecast period.
Key market players include General Electric Company (U.S.), Caterpillar Inc. (U.S.), Wärtsilä Corporation (Finland), Rolls-Royce Holdings plc (U.K.), Cummins Inc. (U.S.).
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1.Fall in Natural Gas Prices
3.1.2.Clean and Efficient Power Generation Technology
3.1.3.Carbon Emission Reduction Targets
3.2.1.Price Disparity Across Regional Markets
3.2.2.Political Uncertainties Impacting the Supply of Natural Gas
3.2.3.Limited Natural Gas Reserves
3.3.1.Shift Toward Gas-Fired Power Plants
3.3.2.Growing Trend of Distributed Power Generation
4. Executive Summary
5. Market, By Fuel Type
5.1. Natural gas
5.2. Special gas
6. Market, By Power Output
6.1. 0.5-1 MW
6.2. 1-2 MW
6.3. 2-5 MW
6.4. 5-10 MW
7. Market, By Application
7.1. Power Generation
7.3. Mechanical Drive
8. Market, By End-User
8.3. Oil and gas
9. Market, By Region
9.1. North America
9.2.6.Rest of Europe
9.3. Asia Pacific
9.3.4.Rest of APAC
9.4. South America
9.4.3.Rest of South America
9.5. Middle East & Africa
9.5.5.Rest of Middle East & Africa
10. Company Profiles
10.1. General Electric Company
10.2. Caterpillar, Inc.
10.3. Wärtsilä Corporation
10.4. Rolls-Royce Holdings Plc
10.5. Cummins Inc.
10.6. Siemens AG
10.7. MAN SE
10.8. Mitsubishi Heavy Industries, Ltd.
10.9. Kawasaki Heavy Industries, Ltd.
10.10. Liebherr Group
10.11. JFE Holdings, Inc.
10.12. Hyundai Heavy Industries Co., Ltd.
*Company introduction, financial information, recent developments, SWOT analysis
11. Conclusion and Recommendations
12.2. Related Reports