Global Gas Engines Market is valued to reach USD 5.6 Billion by 2024, growing at CAGR of 5.4% over the forecast period 2020–2026. Gas engines help in enabling the hybridization of solar thermal power plants. Expanding gas transportation infrastructure, growing demand for clean and efficient power generation technology are the key factors driving the market.
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A gas engine is a reciprocating internal combustion engine, which runs on gaseous fuels such as natural gas, biogas, landfill gas, and syngas. Gas engines are highly reliable and provide efficiency with low operating and maintenance costs. These gas engines are used for various applications, including power generation, cogeneration, trigeneration, mechanical drive, and others.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising demand for electricity and substantial decrease in the prices of natural gas are major factors driving the market growth.
- Increasing urbanization and industrialization in emerging nations have fuelled the demand for gas engines across utilities and manufacturing sectors.
- Price inequalities in the global trade of natural gas and growing concerns regarding the decrease in consistency in natural supply are major factors hampering the growth of the market.
- Rising trend of distributed power generation is creating new growth opportunities in the market.