Reciprocating Power Generating Engine Market size to exceed $34bn by 2028

Published Date: January 31, 2022

Reciprocating Power Generating Engine Market size is anticipated to surpass USD 34 billion by 2028, as reported in the latest study by Global Market Insights Inc.

The reciprocating power generating engine industry will experience a significant growth on account of the ongoing investments in renewable energy utilization along with the rapid deployment of cogeneration technologies. Increasing environmental compliances coupled with design & technological advancements will augment the business spectrum.

Growing consumer inclination toward emergency backup power solutions will complement the business outlook

Diesel-based reciprocating power generating engine market will witness growth on account of increasing electricity rates along with limited grid connectivity. In addition, rapid start-up capabilities, minimal capital costs, and better load-following characteristics will fuel the product penetration.

Browse key industry insights spread across 1600 pages with 2948 market data tables & 29 figures & charts from the report, “Reciprocating 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), By End Use (Backup {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}, Prime 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}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/reciprocating-power-generating-engine-market

Surging demand from data centers owing to the increasing data usage will encourage the product deployment

High levels of performance in both prime power generation as well as cogeneration applications along with the growing energy demand will augment the > 3.5 MW - 5 MW reciprocating power generating engines segment. High compression ratio, efficient fuel combustion, minimal knocking capacity, optimized materials, and low maintenance cost will further accelerate the product adoption. Moreover, wide applicability across cogeneration as well as prime power generation applications will complement the business spectrum.

Rising focus on combined cycle generation will stimulate the reciprocating power generating engine market forecasts

The growing electricity demand from off-grid areas along with wide applicability across remote areas including mines, oil & gas facilities, and on-construction sites will encourage the demand for reciprocating engine for prime power. Rising infrastructure investments coupled with continuous government electrification programs predominantly across developing economies will positively influence the business demand.

Growing focus on energy-efficiency combined with the robust decline in conventional resources will stimulate the European industry expansion

Europe reciprocating power generating engine market is set to register a lucrative CAGR through 2028 due to low diesel prices, increasing infrastructural investments, and the robust growth of data centers. Rising commercial & construction activities across Eastern Europe and the Nordic region along with the growing focus on the diesel-engine capacity for driving advanced generators for smart power generation will sway product adoption. For instance, the EU commissioned the Energy Efficiency Directive 2012/27/EU, which focuses on renewable energy integration to sustain 27% of the total energy consumption by 2030.

Surging power demand followed by reinvestments in the power industry will augment the market statistics

The pandemic outbreak had a marginal effect on the reciprocating power generating engine industry owing to disruptions and limited workforce movements. However, respective government & utility measures to resume various industrial processes coupled with the installation of large-scale power projects across various geographies have instituted a favorable business scenario.

Ongoing mergers in-line with strategic collaborations and innovations by eminent players will boost the business outlook

Strategic implications including mergers, joint ventures, agreements, and new product innovations by leading players to enhance their existing product portfolios will strengthen their industry presence. For instance, in August 2021, Mitsubishi Heavy Industries, Ltd. completed its tests on hydrogen fuel engines for the cogeneration systems. This test aims to reduce carbon emissions from its engine business. The new engine can blend 35 pc of hydrogen as a generation fuel and generate power of 0.45 MW. This engine is Japan’s first multi-fuel engine that can use 35 pc of hydrogen as a generation fuel.

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