Reciprocating Engine Market Demand, Regional Overview, Business Growth & Forecast To 2027
Growing utilization of cogeneration technologies and an increase in renewable power generation will drive the reciprocating engine market expansion in the forthcoming years.
Growing utilization of cogeneration technologies and an increase in renewable power generation will drive the reciprocating engine market expansion in the forthcoming years. The product is widely utilized to generate pollution-free power for many applications such as industrial and institutional applications and combined heat and power (CHP) systems. Strict government regulations to curb GHG emissions and rising incidences of natural disasters will further augment the industry landscape.
The demand for reliable and uninterrupted power supply will certainly boost the deployment of reciprocating engines across various industries. As per the International Energy Agency (IEA), global energy demand rose by 0.9% in 2019 as compared to the previous year. The demand for electricity is predicted to gain substantial momentum on account of the recommencement of business operations following the ease of lockdown restrictions imposed by the government due to the COVID-19 pandemic.
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According to a Global Market Insights, Inc., analysis report, global reciprocating engine market is expected to witness substantial growth in the coming years. Highlighted below are some trending factors driving the industry landscape.
Ongoing rural electrification to fuel diesel-fired engine demand
The diesel fired reciprocating engine industry will grow considerably on account of the ongoing rural electrification programs aided by the government across developing nations. This growth will be supported by the shift towards renewable power plants from conventional power grids for electricity generation. The advantages of diesel-fired reciprocating engines such as minimal installation cost, superior performance & reliability, and fast start up can bolster the existing power generation infrastructure significantly.
Wide use of 7.5 MW reciprocating engines in cogeneration plants
7.5 MW reciprocating engine industry is expected to get significant traction on account of the growing expansion of industries, commercial establishments, and cogeneration plants. The surging demand for the product is majorly attributed to the increasing instances of power failure and natural calamities and an aging grid infrastructure. Additionally, shifting preference towards a cleaner and renewable energy sources and rising concerns over excessive consumption of fossil fuels will positively influence the product adoption across several industries.
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Growing rural electrification programs in the MEA region
The Middle East & Africa reciprocating engine industry share is estimated to grow at a CAGR of over 4% up to 2027. The regional growth would be propelled by the consistently rising electricity demand, combined with robust economic development and rapid urbanization. Ongoing initiatives to supply electricity in remote areas and growing preference towards renewable power sources will positively impact business growth. Also, a substantial increment in investments across construction, mining, and oil & gas industries will fuel the demand for an effective power supply, which will further complement the regional outlook.
Growing demand for optimizing energy capacities and surging seaborne trade activities across the geographies would complement the reciprocating engine industry expansion in the coming years. Also, the flourishing telecom sector and rapid development of data centers would augment product demand on account of its wide array of applications in the field.
the increasing investments across manufacturing industries by the public and private players would provide tremendous growth opportunities to the reciprocating engine industry. Prominent companies in the market include Cummins, Caterpillar, MAN Energy Solutions, Siemens, and Wärtsilä.
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