Shibuya-ku, Tokyo, Japan, Japan, Jan 07, 2022, 01:22 /Comserve / -- The global gas engines market size is projected to reach USD 5.3 billion by 2024, from an estimated value of USD 4.0 billion in 2019, growing at a CAGR of 5.7% during the forecast period.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
The global gas engines market size is projected to reach USD 5.3 billion by 2024, from an estimated value of USD 4.0 billion in 2019, growing at a CAGR of 5.7% during the forecast period. 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 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.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Gas Engines Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)
“Europe: The largest market for gas engines”
Europe is currently the largest gas engines 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 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 implementation of strict environmental regulations and incentives for gas-fired power plants are expected to drive the European gas engines market.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Gas Engines Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2024(Trending Report)
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 25%, Tier 3- 15%
By Designation: C-Level Executive- 35%, Director Level- 25%, Others- 40%
By Region: Europe- 35%, North America- 25%, Asia Pacific- 20%, Middle East & Africa- 15%, and South America- 5%
Research Coverage:
The report provides a picture of the gas engine market and its segments across industries and regions. It aims at estimating the market size and future growth potential of the market across different segments such as fuel type, power output, end-user, application, and region. Furthermore, the report includes an in-depth competitive analysis of the key players in the market, along with their company profiles, recent developments, and key market strategies.
Why buy this report?
1. The report identifies and addresses the key markets for gas engines, which would help OEMs review the growth in demand for the product.
2. The report helps solutions providers understand the pulse of the market and provides insight into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 DEFINITION 17
1.2.1 GAS ENGINES MARKET: INCLUSIONS VS. EXCLUSIONS 17
1.3 MARKET SCOPE 18
1.3.1 MARKET SEGMENTATION 18
1.3.2 REGIONS COVERED 18
1.3.3 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 LIMITATION 19
1.6 STAKEHOLDERS 20
2 RESEARCH METHODOLOGY 21
2.1 RESEARCH DATA 21
2.1.1 SECONDARY DATA 22
2.1.1.1 Key data from secondary sources 22
2.1.2 PRIMARY DATA 22
2.1.2.1 Key data from primary sources 23
2.1.2.2 Breakdown of primaries 23
2.2 SCOPE 24
2.2.1 SCOPE OF THE GAS ENGINES MARKET 24
2.3 MARKET SIZE ESTIMATION 25
2.3.1 IDEAL DEMAND-SIDE ANALYSIS 25
2.3.1.1 Assumptions 26
2.3.1.2 Calculation 26
2.3.2 SUPPLY-SIDE ANALYSIS 27
2.3.2.1 Assumptions 27
2.3.2.2 Calculation 27
2.3.3 FORECAST 28
2.4 MARKET BREAKDOWN AND DATA TRIANGULATION 29
2.5 PRIMARY INSIGHTS 30
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