Selbyville, Delaware, March 05, 2020 (GLOBE NEWSWIRE) —
Global reciprocating power generating engine market revenue is expected to cross USD 26 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Increasing investments distributed generation technologies along with growing severity of natural calamities across Pacific and Atlantic oceans will drive the industry growth over the forecast timeline.
High energy efficiency, stable fuel combustion, and ease of installation are some of the prominent underlying features which will augment the reciprocating power generating engine industry demand. Robust industrial growth along with growing power demand across oil & gas sector and power plants will further drive the industry scenario. Moreover, favourable government initiatives to curtail the GHG emissions across the manufacturing sector will cater the adoption of energy efficient systems.
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Ongoing technological advancement coupled with integration of liquefied natural gas as a primary fuel will drive the gas fired reciprocating power generating engine market. For instance, in 2019 Caterpillar Energy Solutions launched MWM TCG 3020 V20 gas engine with output of 2,300 kWe and electrical efficiency of up to 45% natural gas and 43% biogas. This technology provides lower maintenance cost due to longer service intervals with up to 80,000 operating hours. In addition, rising investments toward the research and development sector to cater to increasing fuel consumption and high operating cost will complement the product landscape.
Some major findings of global reciprocating power generating engine market report include:
- The demand for reciprocating engines is increasing across the industrial sector on account of their high operational performance, low knocking ability and higher compression ratio.
- Increasing investments across the energy & utility sector including oil & gas, process industry and power plants are anticipated to fuel the industry growth.
- Eminent players operational across the industry are Wartsila, Siemens AG, Mitsubishi Heavy Industries, MAN Energy Solutions, Caterpillar, and etc.
- Growing demand for energy efficient and conservation systems along with positive outlook toward the development of refining and petrochemical industry will propel the product trends.
- Favorable government norms across sustainable energy generation along with rising investments toward research and development sector will energize the product deployment.
Browse key industry insights spread across 450 pages with 678 market data tables & 36 figures & charts from the report, “Global Reciprocating Power Generating Engine Market Statistics, 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 Fuel Type (Gas-fired, Diesel-fired, Dual fuel), 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:
https://www.gminsights.com/industry-analysis/reciprocating-power-generating-engine-market
Growing inclination toward decentralized power generation along with rising integration of cogeneration technologies across the power grid network will further drive the > 5 MW – 7 MW capacity across the reciprocating power generating engine market. Versatile configuration, effective design and high operational performance are the major characteristic which will propel the CHP plants market growth. Furthermore, rising applicability of these systems across various industrial establishments including refineries, petrochemical and power plants will positively influence the product demand.
North America reciprocating power generating engine market is anticipated to witness a growth of over 3% by 2026. Refurbishment and revamping of existing power grid network coupled with integration of sustainable power generation technologies will stimulate the industry growth. In addition, increasing natural calamities including windstorms and hurricanes across the region along with incapability of the conventional electrical grids to withstand an augmented demand load will favor the business outlook.
Favorable government initiatives including tax rebates, subsidies and financial incentives toward sustainable energy generation systems will complement the industry scenario. In addition, technologically advanced reciprocating engines with enhanced cylinder volume and flexible fuel mixture will increase the applicability across the landfill and biogas plants. Moreover, stringent environmental norms as well as high maintenance cost and knocking ability will stimulate the replacement of existing engines with energy efficient systems.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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