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Reciprocating Power Generating Engine Global Market Report 2022
Major players in the reciprocating power generating engine market are Rolls-Royce, Mitsubishi, MAN Energy Solutions, Kohler Power, Kirloskar Oil Engines Limited, Kawasaki Heavy Industries, John Deere, Ashok Leyland, Briggs & Stratton, Caterpillar, Cummins, Deutz AG, Escorts Group, Siemens Energy, Wartsila, Yanmar, and JCB Inc.
New York, June 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Reciprocating Power Generating Engine Global Market Report 2022" - https://www.reportlinker.com/p06284120/?utm_source=GNW
The global reciprocating power generating engine market is expected to grow from $49.98 billion in 2021 to $51.49 billion in 2022 at a compound annual growth rate (CAGR) of 3.03%. The growth is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $59.48 billion in 2026 at a CAGR of 3.67%.
The reciprocating power generation engines market consists of sales of reciprocating power generation engines and their maintenance services by entities (organizations, sole traders, and partnerships) that are defined as heat-generating engines that use one or more pistons that help in converting pressure into rotary motion. These engines use the expansion of gases to generate power.
The main types of fuel for reciprocating power generating engines are gas-fired, diesel-fired, dual fuel, and others.The gas-fired reciprocating power generating engines are used as fuel in the engines for the ignition of the fire.
Gas-fired ignition engines’ efficiency is low when compared with diesel-fired because of their very low compression rates, and they require low first cost and provide significant heat recovery potential.The various reciprocating power generating engines by rated power are below 2MW, 2MW-5MW, and above 5MW.
The various reciprocating power generating engine applications are: industrial, CHP, energy and utility, landfill and biogas, and others.
North America was the largest region in the reciprocating power generation engine market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The increase in electricity demand across commercial and industrial sectors is significantly contributing to the growth of the reciprocating power-generating engine market.Electricity is the power that is used in the commercial and industrial sectors for lighting in manufacturing and other industries.
The increase in the usage of electricity due to the increase in the expansion of cogeneration plants, private consumption, as well as a rise in small industries, is the major driving force for the growth of this market. For instance, according to the U.S. energy information administration, global electricity consumption is increasing faster than the world population. Net electricity consumption has increased from 13,282 billion kWh in 2020 to 23,845 billion kWh in 2019. Therefore, the increase in electricity demand across commercial and industrial sectors is expected to create opportunities for various players involved in the reciprocating power-generating engines market.
Strategic collaboration between companies is a key trend gaining popularity in the reciprocating power generation engine market.Companies manufacturing reciprocating power generating engines are undergoing various collaborations to develop new technologies and products.
For instance, in 2020, Deutz AG, a Germany-based internal combustion engine manufacturer, signed an agreement with Sany, a Chinese multinational heavy equipment manufacturing company, for joint engine production in the heavy truck sector in China. This agreement aims to produce 75,000 new engines by 2022.
In 2019, Wartsila, a global leader in providing innovative technologies in the energy market, acquired Ships Electronic Services Ltd. for an undisclosed amount. This acquisition helps Wartsila to strengthen its service offerings in the UK. Ships Electronic Services is a UK-based company that offers communication electronics, maintenance, and repair services for commercial and leisure vessels based in Northumberland.
The countries covered in the reciprocating power generating engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06284120/?utm_source=GNW
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