Reciprocating Power Generating Engine Market size to exceed $24bn by 2027

Reciprocating Power Generating Engine Market size is anticipated to surpass USD 24 billion by 2027, as reported in the latest study by Global Market Insights Inc.
 

Reciprocating power generating engine industry is expected to grow owing to increasing deployment of cogeneration technologies and increasing investments in renewable power generation plants. Increasing environmental calamities including tsunamis, hurricanes, and windstorms will augment the industry spectrum.

 

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Ongoing rapid industrialization in developing countries will boost the industry outlook

Rapid industrialization in future economies along with increasing demand for reliable and uninterrupted power supply will stimulate the demand for dual fuel reciprocating engines. Additionally, the growing demand for decentralized energy generation plants across various energy grids, combined with effective designs, applications, and extensive accessibility with a comprehensive range of capacities will stimulate product penetration.
 

Browse key industry insights spread across 800 pages with 1,464 market data tables & 31 figures & charts from the report, “Reciprocation Power Generating Engine Market Statistics By Fuel Type (Gas-Fired {0.5 MW - 1 MW, > 1MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW -7.5 MW, > 7.5 MW }, Diesel-Fired, {0.5 MW - 1 MW, > 1MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW -7.5 MW, > 7.5 MW}, Dual Fuel {0.5 MW - 1 MW, > 1MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW -7.5 MW, > 7.5 MW}, Others {0.5 MW - 1 MW, > 1MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW -7.5 MW, > 7.5 MW}), By Rated Power (0.5 MW - 1 MW, > 1MW - 2 MW, > 2 MW - 3.5 MW, > 3.5 MW - 5 MW, > 5 MW -7.5 MW, > 7.5 MW), By Application (Industrial, CHP, Energy & Utility, Landfill & Biogas), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2017 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/reciprocating-power-generating-engine-market

 

Rising electricity demand across industrial establishments will sway product deployment

The abilities including stable & efficient fuel combustion, high compression ratio, and low knocking capacity will enhance the product landscape. The growing demand for energy along with uninterrupted and continuous power supply in the O&G sector will further stimulate the > 3.5 MW to 5 MW reciprocating power generating engine market.
 

Increasing technological advancements for efficient operational performance will propel product adoption

Rising investments in R&D along with ongoing technological developments will positively accelerate the reciprocating power generating engine market. For instance, in August 2021, Mitsubishi Heavy Industries completed its pilot tests on hydrogen engines for cogeneration systems. This aims to minimize carbon emissions from its engine business. The new engine has the ability to blend 35 pc of hydrogen as a generation fuel in line with generating power of approximately 0.45 MW. This engine is Japan's first multi-fuel engine that can use 35 pc of hydrogen as the generation fuel.
 

Rapid integration of cogeneration technologies into power grids will drive the business landscape

Paradigm shift toward energy efficiency & conservation along with strict government standards aimed at reducing GHG emissions will boost the business spectrum. Efficient design as well as high efficiency in line with versatile engine configuration compared to alternative power generation units will positively influence its application across energy and utility sectors. Furthermore, ongoing integration of cogeneration plants into power grids coupled with rising inclination toward smart heating networks will boost product penetration.
 

Growing investments in power generation capacity expansion will augment business growth across Asia Pacific

Stringent government policies coupled with government funding toward infrastructure development will drive the growth of Energy Intensive Industries (EIIs). Industrial developments across developing countries as a part of their national strategy for sustainable and inclusive growth will positively influence product outlook. Policy interventions, environmental regulations, trade facilitation, and technology advancements will further enable the industries across Asia Pacific to meet their growing domestic demand and an overall cost increase for the new reciprocating engines.
 

Initiatives by governments & utilities to resume operations for efficient management during pandemic outbreak will augment the business outlook

The outbreak of COVID-19 has marginally affected the reciprocating power generating engine market on account of respective government measures to resume the operations across major industries, manufacturing facilities, and infrastructure projects. In the recent past, various geographies have witnessed installation of large-scale power projects that are aligned with the ongoing pandemic situation.
 

Ongoing joint ventures along with strategic collaborations among the players will stimulate the industry dynamics

Strategic implications including partnerships, mergers, and agreements among the leading players to provide advanced metering solutions will boost the industry spectrum. For instance, in February 2021, Cummins signed a memorandum of understanding with Daimler to build a strategic partnership for the development of medium-duty engine systems. Cummins plans to invest in the enhancement and worldwide production & supply of medium-duty engines. This MoU was done considering the changeover to the Euro VII standards. The contract will allow the company to bolster its business presence across the globe.
 

The prominent players operating across the reciprocating power generating engine market include Wärtsilä, Mitsubishi Heavy Industries, Siemens Energy, MAN Energy Solutions, Deere & Company, Caterpillar, J C Bamford Excavators, Cummins, Yanmar Holdings, Kirloskar Oil Engines Limited, Rolls-Royce Power Systems, Briggs & Stratton, Kawasaki Heavy Industries, Ashok Leyland, Escorts Limited, and Deutz AG.
 

Companies are focusing on inorganic growth ventures coupled with acquisitions, agreements, collaborations, and business expansion. In February 2021, Yanmar Holdings built its first diesel engine manufacturing facility in India. The company plans to manufacture diesel engines for generators, construction equipment, and tractors in the new facility. The upgrading of the product will allow the company to strengthen its product portfolio, expanding its business presence.
 

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