The global Gas Engine Market is estimated to be USD 3.54 billion in 2017 and is expected to grow at a CAGR of 6.12% from 2017 to 2022 to reach the market size of USD 4.76 billion by 2022 as per MarketsandMarkets.
Why growing trend of distributed power generation continues to offer more opportunities?
Distributed generation is the act of power generation carried out at or close to the point of end-use. It can be used for both electric supply as well as mechanical work (providing torque to move objects). Distributed generation systems are generally defined as being less than 100 MW in capacity (typically less than 50 MW) and can be stationary as well as mobile in nature. General Electric Company (US) estimates that annual distributed power capacity additions across the globe will rise from 142 GW in 2012 to 200 GW in 2020, while investments in distributed power technologies will grow to USD 206 billion by 2022. Gas engines are a vital part of the current suite of distributed power generation technologies, which also includes solar panels, wind turbines, and fuel cells. The higher efficiency of gas engines and reliable generation capacity give it an edge over other distributed generation technologies to provide backup power capacity and onsite generation needs.
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Why limited natural gas reserves remain a major challenge?
The total global proven reserves of natural gas were 186.9 trillion cubic meters (tcm) at the end of 2015, which is sufficient for 52.8 years at the current production rate. The reserve to production ratio of natural gas in North America was merely 12.9 years, compared to 276 years for coal, and may reduce if the US starts exporting natural gas to other markets, significantly reducing reserves meant for domestic consumption. The global natural gas supply is sufficient for only half as much time as coal at today’s rate of production, despite the fact that coal production and consumption is much higher in the fast growing economies of APAC. The potential supply will reduce further if natural gas consumption in the region accelerates at a faster pace than coal. The future supply of the chief raw fuel for gas-fired power plants would play a role in the long-term capacity planning by utilities and governments.
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The gas engine market is dominated by few global players. The key players operating in this market include General Electric Company (US), Rolls-Royce Holdings plc (UK), Caterpillar, Inc. (US), Wärtsilä Corporation (Finland), and Cummins Inc. (US).
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Small Gas Engines Market – Global Forecast to 2021
The global small gas engines market is forecasted to grow from USD 2.38 Billion in 2016 to USD 2.91 Billion by 2021, at a CAGR of 4.15%. The small gas engines market growth is mainly driven by growth in the construction industry and an increasing demand for outdoor power equipment rental.
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