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Reciprocating Power Generating Engine Market is expected to register a CAGR of around 3.7%, during the forecast period, 2020-2026

Author : Rahul Sankrityayan | Published Date : 2020-10-14 

Global reciprocating power generating engine market share is witnessing unprecedented growth over the years primarily due to the need to adopt renewable sources of power and increasing use of cogenerating technologies. Growing cases of natural calamities such as windstorms, hurricanes, tsunamis and other environmental disasters in various parts of the world are gradually magnifying the equipment deployment.

Favorable government initiatives such as policies and financial assistance to meet the rising demand for electricity will support the use of the product. Benefits of reciprocating power generating engines include ease of installation, stable fuel combustion, and superior energy efficiency, to name a few. Improving economic stability particularly in the emerging nations has led to the establishment of industries in various sectors of the economy, propelling the demand for continuous, reliable and environmentally safe energy, particularly across the oil and gas sector and power plants.

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The manufacturing industry has been growing substantially to meet the burgeoning demands of the people owing to the rise in urbanization, constantly changing consumer demand patterns along with the need for innovative and advanced products. Efforts undertaken by the governments and recognized institutions across the globe to control the constantly increasing levels of greenhouse gases across the manufacturing sector will complement the use of energy-efficient solutions and equipment.

Many reciprocating power generating engine companies are constantly improving their product portfolio to provide sustainable and reliable solutions, along with maximizing their business profits. Key players include Siemens AG, MAN Energy Solutions, Mitsubishi Heavy Industries, and Caterpillar, among various others.

Rise in refurbishment and reconstruction of the existing power grid infrastructure in North America will steer regional market growth. Reports estimate that North America reciprocating power generating engine market size is expected to showcase growth of more than 3% through 2026.

Unpredictable weather conditions in the region and rising cases of natural calamities such as hurricanes, windstorms, coupled with the inability of the traditional electrical grid systems to stand the load, will drive the need for a strong power supply mechanism. Gas fired reciprocating power generating engines will witness considerable demand in the near future due to the technological advancements in the along with the integration of liquified natural gas as a primary fuel.

In the year 2019, Germany based Caterpillar Energy Solutions GmbH introduced MWM TCG 3020 V20 gas fired engine with an output of 2,300 kW and an electric efficiency of nearly 43% with biogas and 45% with natural gas. The novel technology renders reduced cost of maintenance owing to longer service intervals of close to 80,000 operating hours. Burgeoning investments towards R&D sector to meet the high fuel consumption and increased cost of operation will bolster the product outlook.

The development of advanced reciprocating engines with improved cylinder volume and an adaptive fuel mixture will increase the use of the product in biogas plant and landfill applications. Fiscal benefits like subsidies, tax rebates and other concessions are being provided by the governments across the globe to intensify the adoption of renewable sources of energy. High cost of maintenance and strict environmental norms will support the replacement of current engines with new, energy-efficient solutions.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. [email protected] | https://twitter.com/sankritsays

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