Home > Pressrelease > Reciprocating Engine Market size to exceed $48bn by 2027
Reciprocating Engine Market size to exceed $48bn by 2027
- Published Date: January 6, 2021
Reciprocating Engine Market size is expected to surpass USD 48 Billion by 2027, as reported in the latest study by Global Market Insights Inc.
Reciprocating engine industry is set to grow on account of shifting consumer inclination toward energy optimization along with robust growth in industrial activities. Stringent government emission norms coupled with rising concerns over fossil fuel consumption will augment the business landscape. Surging investment toward expansion of power generation capacity in line with increasing electricity demand across the developing nations have further nourished the product growth.
Abundant natural gas reserves along with ongoing measures to curb carbon emissions will fuel the gas-based reciprocating engine market outlook. Shifting focus toward emergency backup power solutions coupled with ongoing CHP technological advancement has enhanced the deployment of these systems. The product integrates key benefits including significant heat recovery potential, fast start-up, high reliability and low installation cost.
COVID- 19 has overdue a range of projects infrastructural development and renovation & restructuring of projects, impacting the business outlook. The outbreak has forced governments to apply full-scale lockdown obligating their residents to stay indoors to limit community transmission of virus. However, development of specialized healthcare and commercial establishments with a goal to cater to the pandemic demand will positively sway the reciprocating engine industry forecasts.
Ongoing government policies toward electrification in remote areas along with increasing investments by public & private players for infrastructural and industrial development will stimulate the reciprocating engine market statistics. Moreover, increasing applicability across cement, pulp & paper, fertilizers, iron, steel, and textiles industries have initiated a favorable business scenario.
Browse key industry insights spread across 400 pages with 579 market data tables & 41 figures & charts from the report, “Reciprocating Engine Market Size, By Fuel Type (Gas-fired, Diesel-fired), By Rated Power (0.5 MW - 1 MW, > 1 MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW - 7.5 MW, > 7.5 MW), By Application (Power, Marine, Mechanical), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, & Forecast, 2021 – 2027” in detail along with the table of contents:
>5 MW - 7.5 MW reciprocating engine market will gain traction on account of increasing industrialization and construction activities
>5 MW - 7.5 MW reciprocating engine industry is set to register over 6.5% CAGR owing to significant features including quick & automatic start-up, optimum reliability, and longer life. Growing industrialization along with surging dependency on digitization and information technologies will boost the business landscape. Increasing disposable income along with growing construction of cruise and ferry vessels in developing nations will energize the industry potential.
Wide scale utilization across oil & gas exploration machineries, railways and large-scale industries is set to fuel the mechanical reciprocating engine industry. Increasing demand for clean and efficient power generation technology along with implementation of stricter emission regulations will positively influence the business landscape. Upsurge in investments by government organizations toward electrification programs coupled with growing demand for cogeneration technology will foster the product penetration.
Expansion of seaborne trade will drive the product demand across marine applications
Increasing international trade activities along with robust boost in inland waterways will the demand for reciprocating engine across marine applications. Flourishing import and export of merchandise and commodities including ores, crude oil, and minerals will further amplify the business scenario. Moreover, growing tourism industry coupled with ongoing construction and expansion of local seaports will drive the demand for these engines.
Ongoing electrification programs will propel the Europe reciprocating engine market size
Europe reciprocating engine industry exceeded USD 8 billion in 2020. Expansion of telecom infrastructure, rapid industrial growth, and development of existing electrical networks will facilitate the business growth. Rising electricity demand accompanied by elevating economic development & growing urbanization will stimulate the industry landscape. Furthermore, rising demand for reliable and continuous power supply across small scale industries, apartments, and retail complexes will boost the product adoption.
Notable players operating across reciprocating engine market includes Wärtsilä, Siemens, MAN Energy Solutions, Mitsubishi Heavy Industries, John Deere, JCB, Caterpillar, Cummins, Briggs & Stratton, Ashok Leyland, Kirloskar Oil Engines, Escorts, Kawasaki Heavy Industries, Yanmar Holdings, DEUTZ, Kohler, INNIO, Rolls-Royce, Hyundai Heavy Industries, GE Transportation, IHI Power Systems and Fairbanks Morse. The companies are focusing on overseas expansion including mergers and acquisitions to enhance their business presence worldwide.
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