May 13, 2020
According to a recent study titled ‘Reciprocating Power Generating Engine Market Size, By Fuel Type, By Rated Power, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share, & Forecast, 2020 - 2026’ available with Market Study Report LLC, global reciprocating power generating engine market is projected to expand with a healthy CAGR during 2020-2026.
A reciprocating power generating engine is a heat engine utilizing one or more reciprocating pistons for transforming pressure into a rotating or circular motion. These engines play a major role in improving efficiency of the central power grid and can lower the peak demand placed on the grid by producing power temporarily for a group of customers or an individual. This leads to reduced customer dependency on the grid and improved cost-savings benefits. Need for reliable power supply along with high efficiency and lower carbon dioxide emissions of combined heat and power (CHP) plants are propelling the growth of reciprocating power generating engine market.
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Based on fuel type, duel fuel segment is anticipated to see considerable growth during the forecast period, on account of rising demand for clean and reliable electricity caused by industrial expansion & infrastructure development. Moreover, favorable regulatory policies promoting sustainable fuel use will enhance the adoption of duel fuel equipment.
In terms of the power rating, >2 MW-3.5 MW segment is reckoned to experience modest growth over the study timeline, owing to growing electricity demand from data centers, commercial complexes and small industrial units. On the other hand, rapid urbanization coupled with inflowing investments towards electrification of off-grid and remote areas will stimulate the > 7.5 MW power rating segment share.
Speaking of the application spectrum, the market is categorized into landfill & biogas, industrial, CHP, energy & utility, and others. Industrial segment is poised to see strong growth over the forecast timeline, owing to rapid development of native power plants across industrial establishments.
Considering the geographical landscape, Middle East & Africa reciprocating power generating engine market is estimated to observe prominent growth during 2020-2026. Increasing investments for infrastructure development across process, manufacturing, and oil & gas sectors, along with upgradation and expansion of electrical network are likely to propel industry growth in MEA.
Reciprocating power generating engine industry in Latin America is slated to gain decent traction in the coming years, owing to factors such as ongoing economic development, increasing urbanization, and rising demand for smart power generation technologies in the region.
Key players operating in global reciprocating power generating engine market include Mitsubishi Heavy Industries, Wartsila, MAN Energy Solutions, Siemens AG, Caterpillar, Inc., John Deere, Cummins, Inc., JCB, Inc., MTU Onsite Energy, Kirloskar Oil Engines Limited, and Ashok Leyland among others.