Report ID: SQSG25A2002
Report ID:
SQSG25A2002 |
Region:
Global |
Published Date: December, 2024
Pages:
165
|
Tables:
122 |
Figures:
77
North America accounted for the majority of the gas engines market in 2021, and this is likely to continue during the forecast period since natural gas-fired power is widely distributed across the country. According to the 2018 Annual Energy Outlook for the United States, natural gas-powered engines are expected to account for more than 35% of total electricity generation by 2050. Europe is also a significant region in the global market for gas engines. The bulk of European countries has consistently frigid weather. As a result, they require heat for both home and commercial spaces, resulting in high demand for cogeneration applications.
The Asia Pacific region is expected to be the fastest-growing region in the worldwide gas engine market. The rising demand for electricity in the region is likely to drive the region's growth. Many countries, like India, Japan, and South Korea, are continually focused on the adoption of clean and dependable energy sources. During the projected period, these factors are expected to fuel market expansion across the region. Latin America has the potential for growth as a result of new investment initiatives and innovations. At the same time, governments and a slew of other businesses are intending to invest in the building, expansion, and modernization of power plants.
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Report ID: SQSG25A2002