Dublin, March 04, 2022 (GLOBE NEWSWIRE) — The “Global Gas Engines Market” report has been added to ResearchAndMarkets.com’s offering.
The gas engines market is projected to reach USD 5.8 billion by 2027 from an estimated USD 4.8 billion in 2022, at a CAGR of 4.1% during the forecast period.
The global gas engines market is driven by the rising demand for clean and efficient power generation technology, increase in the use of distributed power generation systems, and stricter emission regulations. The increasing inclination towards gas-fired power plants, and adoption of natural gas as a transition fuel are expected to offer lucrative opportunities for the gas engines market during the forecast period.
The natural gas segment, by fuel type, is expected to be the largest market from 2022 to 2027
The fuel type segment is categorized into natural gas, special gas, and others. The natural gas segment held the largest share of the gas engines market. Natural gas is most used in gas engines for electricity generation as it burns cleaner and has low carbon emission compared to other types of fuels. It also emits low nitrogen oxide, sulfur dioxide, and particulate matter. The US, Russia, the UK, France, Germany, China and Canada are strengthening their natural gas distribution networks, which is expected to create a demand for gas engines. Utilities are the largest end users of natural gas-fueled engines, which use them for power generation. The other major applications of natural gas engines include industrial and commercial cogeneration and mechanical drive. The expected in price of natural gas price and improving gas distribution network may drive the growth of the natural gas segment of the gas engines market.
The above 15 MW segment, by power output, is expected to be the largest market from 2022 to 2027
The above 15 MW segment held the largest market share of the gas engines market in 2021. The above 15 MW gas engines are mainly used for baseload…