February 21, 2020
According to the research report titled ‘Reciprocating Power Generating Engine Market Size, By Fuel Type (Gas-fired, Diesel-fired, Dual fuel), By Rated Power (Below 2 MW, >2-3.5 MW, >3.5-5 MW, >5-7.5 MW, > 7.5 MW), By Application (Industrial, CHP, Energy & Utility, Landfill & Biogas), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, France, Germany, Russia, Italy, Spain, Netherlands, Denmark, Norway, China, India, Japan, South Korea, Australia, Thailand, Singapore, Indonesia, Malaysia, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Iran, Egypt, Turkey, Jordan, South Africa, Brazil, Argentina, Chile, Peru), Application Potential, Competitive Market Share, & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global reciprocating power generating engine market is expected to cross USD 120 billion by the year 2025.
According to the report, factors such as growing demand for renewable sources of energy coupled with shifting preferences towards using energy efficient equipment are driving the growth of reciprocating power generating engine industry. There has been an upsurge in investments in renewable systems. This factor along with rising adoption of combined power & heat technology are further aiding the market expansion. Moreover, advancements in technology in tandem with introduction of favorable government regulations which promote the development of green cogeneration plants are stimulating the industry outlook.
Growing demand for continuous, reliable, and cost-effective power generation infrastructure along with favorable reimbursement policies are fostering the demand for reciprocating power generating engines across the globe. Additionally, high occurrences of natural disasters coupled with introduction of government initiatives towards emission mitigation are facilitating the business scenario.
As per fuel type, the report states that gas-fired engine market segment is expected to register substantial growth during the forecast period. Easy availability of gas and emergence of cogeneration technologies are fueling the segmental growth. Natural gas based engines offer reliability, fast start-ups, and low system cost properties.
In terms of rated power, >7.5 megawatt reciprocating power generating engines market segment is presumed to expand significantly during the estimated timeframe. Development of electrification projects of rural and remote areas along with rapid industrialization in developing regions are favoring the market outlook. Moreover, growing demand for high power in various industries, growing utility sector, and increasing infrastructural development are boosting the demand for >7.5 MW power generating engines.
Considering the geographical landscape, the reciprocating power generating industry in UK will record 2.5 GW installations by the year 2025. Decreasing diesel prices, growing construction sector, and escalating investments towards sustainable technology are augmenting the demand for the product in UK. Rising number of data centers and flourishing service sector are also driving the UK market.
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On the other hand, the reciprocating power generating industry in Middle East & Africa is predicted to acquire substantial gains in the forthcoming years. Factors such as growing demand for quick start-up and automatic power solutions, increasing government initiatives towards expansion of power generation sector are aiding the market expansion across the region.
The prominent companies operating in the reciprocating power generating engine industry are Yanmar Co. Ltd., Deutz AG, Rolls-Royce, Escorts Group, Ashok Leyland, Kohler Power Systems, Kawasaki Heavy Industries Ltd., Briggs & Stratton, Kirloskar Oil Engines Ltd., Cummins Inc., JCB Inc., Caterpillar Inc., John Deere, MAN Energy Solutions, Siemens AG, Mitsubishi Heavy Industries, and Wartsila.
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