Reciprocating Power Generating Engine Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
Reciprocating Power Generating Engine Market – Overview
The global reciprocating power generating engine market is projected to rise at a healthy rate from 2021 to 2031 (forecast period). Rising investments in growing sustainable power generating capacity and improving efficiency across a central electrical infrastructure are expected to boost the global reciprocating power generating engine market. Moreover, lower capital costs, rising power rates, and favorable government changes as a result of technical improvements are likely to have a beneficial impact on the global reciprocating power generating engine market.
Furthermore, the efficient operational performance of distribution and generation capacity and environmental concerns about weather-related disasters such as hurricanes, windstorms, and floods are projected to enhance the reciprocating power generating engine market outlook.
Reciprocating Power Generating Engine Market – Competitive Landscape
Leading players in the reciprocating power generating engine market are Mitsubishi Heavy Industries, Kawasaki Heavy Industries, YANMAR HOLDINGS CO., Wärtsilä, MAN Energy Solutions, J C Bamford Excavators, Siemens Energy, Caterpillar, Deere & Company, Kirloskar Oil Engines Limited, Cummins, Escorts Limited, Briggs & Stratton, Deutz AG, Rolls-Royce Power Systems AG, and Ashok Leyland.
Market players are adopting strategies such as mergers, partnerships, joint ventures, and new product developments to improve their existing product portfolios.
Mitsubishi Heavy Industries, Ltd. conducted testing on hydrogen fuel engines for cogeneration systems in August 2021. This test tries to minimize carbon emissions from the company's engine division. The new engine can combine 35% hydrogen as a generating fuel and create 0.45 MW of power. This engine is Japan's first multi-fuel engine, capable of using 35% hydrogen as a generating fuel.
Reciprocating Power Generating Engine Market – Trends and Opportunities
The rise in energy consumption in the industrial and commercial sectors is expected to fuel the expansion of the global reciprocating power generating engine market. Electricity is a form of energy that is utilized in the industrial and commercial sectors to power lighting in manufacturing and other businesses. The global reciprocating power generating engine market is projected to grow due to the surge in power demand due to cogeneration plants' construction, private consumption, and a rise in small companies. According to the United States Energy Information Administration, worldwide power consumption is expanding quicker than the global population. Net electricity consumption has grown from 13,282 billion kWh in 2020 to 23,845 billion kWh in 2019. As a result, the increased demand for electricity in the industrial and commercial sectors is likely to provide revenue-generation opportunities in reciprocating power generating engine market.
Moreover, growing demand for sustainable energy generation technologies and increased adoption of cogeneration technologies are anticipated to drive demand for reciprocating power generating engines throughout the forecast period. Furthermore, increased decentralized energy generating demand through industrial complexes, infrastructure, and residential structures is expected to benefit the reciprocating power generating engine market.
The COVID-19 outbreak has had little influence on overall industry growth. Supply chain bottlenecks and manpower shortages caused by lockdown impositions and the closure of numerous manufacturing and industrial sites have impacted total engine demand. However, continuous government initiatives to restart operations, continue development activities, and increase electrical consumption across healthcare facilities, are expected to support market growth.
Reciprocating Power Generating Engine Market – Regional Landscape
The North America reciprocating power generating engine market is projected to grow during the forecast period. The increasing integration of sustainable energy production technologies into networks and the rehabilitation of existing power infrastructures are expected to drive up product demand. Moreover, increased natural disasters in the region, particularly windstorms and hurricanes, are likely to promote product uptake.
Asia Pacific is expected to witness growth in the global reciprocating power generating engine market. Rapid industrialization and frequent natural catastrophes throughout the Pacific Oceans create a high demand for reciprocating power generating engines in the region.
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