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Prime Power Reciprocating Power Generating Engine Market Analysis
- Report ID: GMI5946
- Published Date: Jun 2023
- Report Format: PDF
Prime Power Reciprocating Power Generating Engine Market Analysis
The gas fired prime power reciprocating power generating engine industry size will witness growth rate of 5.7% during 2023 to 2032. The demand for these engines has witnessed a substantial increase due to technological advancements, improved operational efficiency, and the need to comply with environmental regulations. The global trend of expanding renewable capacity has brought about a shift in the industry, leading to the business growth.
The > 2 MW - 3.5 MW prime power reciprocating power generating engine market captured 15% share in 2022. These rated engines provide vital advantages including high displacement, efficient and stable combustion, optimized materials, and low maintenance requirements, which in turn will fuel the product penetration. Moreover, they offer excellent performance for cogeneration applications.
The North America prime power reciprocating power generating engine industry is estimated to amass USD 3.5 billion by 2032. Increasing need for uninterrupted and reliable power supply coupled with occurrence of weather-related disasters resulting into extended power outages will accelerate the business potential. The electrical grids' inability to withstand increased demand loads along with occurrences of severe hurricane events, has further underscored the importance of these engines. Increase in data center outages in line surging consumer awareness about the need for reliable backup power solutions will further drive the product deployment.
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Prime Power Reciprocating Power Generating Engine Market Scope
