Reciprocating Power Generating Engine Market size to exceed $26 bn by 2026
Published Date: March 4, 2020 Authors: Ankit Gupta, Abhishek Chopra
Reciprocating Power Generating Engine Market size is expected to surpass USD 26 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Reciprocating power generating engine industry statistics is anticipated to grow on account of rising deployment of cogeneration technologies along with increasing investments toward renewable power generation plants. In addition, growing natural calamities including windstorms, tsunamis and hurricanes and other environmental issues have positively influence the industry scenario. Moreover, favorable government norms, rising electricity demand and ongoing technological development will complement the product deployment.
Rapid industrialization across the developing countries will propel the business outlook
Rising demand for decentralized energy generation plants across various electrical networks coupled with widespread accessibility with comprehensive range of capacities, designs and applications of duel fuel engines will complement the product penetration. Rapid industrialization across the emerging economies along with growing demand for uninterrupted and reliable power supply will further stimulate the industry growth. Moreover, increasing government subsidies toward electrification of off-grid and remote areas will propel the adoption of these systems.
Ongoing integration of cogeneration technologies across the power grid networks will propel the industry landscape
High efficiency and effective design along with flexible engine configuration when compared with alternative power generation units will enhance its deployment across the energy & utility sectors. Growing inclination toward smart heating networks in line with ongoing integration of cogeneration plants across power networks will further propel the product penetration. Paradigm shift toward energy efficiency and conservation along with stringent government norms to reduce GHG emission will drive the reciprocating power generating engine market outlook.
Browse key industry insights spread across 450 pages with 678 market data tables & 36 figures & charts from the report, “Reciprocating Power Generating Engine Market Outlook, By Fuel Type (Gas-fired, Diesel-fired, Dual fuel), 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 (Industrial, CHP, Energy & Utility, Landfill & Biogas), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, & Forecast, 2020 – 2026”in detail along with the table of contents:
Growing electricity demand across industrial establishments will propel the product deployment
Increasing energy demand along with continuous and uninterrupted power supply across oil & gas sectors will fuel the > 3.5 MW – 5 MW reciprocating power generating engine market. Efficient and stable fuel combustion along with low knocking ability and high compression ratio are some of the major features which will positively influence the business outlook. Moreover, growing electricity demand across manufacturing and energy utility sector will stimulate the business growth.
Ongoing technological advancements to enhance the operational performance will complement the product adoption
Increasing investments toward R&D along with ongoing technological enhancements will positively augment the market size. For instance, in 2018 Rolls Royce introduced the Bergen B36:45V20 model gas engine, a liquefied natural gas fueled device applicable in power plants and oil & gas refineries with lower operational and installation cost. Moreover, introduction of non-domestic renewable energy subsidies along with low environmental impact will stimulate the demand for gas fired and duel fuel engines.
North America and Asia Pacific are set to dominate the overall reciprocating power generating engine market trends
In 2019, North America and Asia pacific region together held over 55% of reciprocating power energy generating market size. Revamping and refurbishment of existing grid infrastructure in line with growing severity & regularity of natural disasters across Atlantic and Pacific oceans will boost the industry demand. Lower technological and installation cost along with higher brand value of these products across energy and utility sector will positively influence the market trends.
Increasing investments toward advanced technologies along with ongoing mergers & acquisition across the reciprocating engine will complement the business outlook. Eminent players operating across the reciprocating power generating engine market includes MAN Energy Solutions, Wartsila, Mitsubishi, Siemens, John Deere, Kirloskar Oil Engines Limited, JCB, Inc., Caterpillar, , Kawasaki Heavy Industries, Ashok Leyland, DEUTZ AG, MTU Onsite Energy, Kohler Power, Cummins Briggs & Stratton, Yanmar and Escorts Group.