Reciprocating Power Generating Engine Market Size 2022 Demand, And Growth Analysis Report By 2028
The reciprocating power generating engine market is expected to amass substantial gains by 2028 due to increasing investments towards the expansion of power generation capacity across key regions.
Reciprocating engines offer several advantages in power generation, including high scalability, better reliability, swift operation, and greater fuel flexibility, which has augmented industry uptake in recent years.
The reciprocating power generating engine market has been segmented based on end use, fuel type, application, rated power, and region. In terms of fuel type, the market has further been divided into diesel-fired, gas-fired, dual fuel, and others. Under gas-fired, the market has been bifurcated into > 5 MW - 7.5 MW, > 1 MW - 2 MW, 0.5 MW - 1 MW, > 3.5 MW - 5 MW, > 2 MW - 3.5 MW, and > 7.5 MW.
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The 0.5 MW- 1 MV segment held a valuation of nearly USD 1 billion in 2021 and is expected to witness solid growth through the assessment period. The > 1 MW - 2 MW segment is slated to showcase considerable expansion through the forecast timeline owing to growing investments towards sustainable technology. The > 2 MW - 3.5 MW segment is projected to garner a significant valuation by the end of 2028 due to its high efficiency and effective load operations.
The > 3.5 MW - 5 MW segment is expected to develop at a growth rate of around 9% over the stipulated timeframe. The > 5 MW - 7.5 MW segment is set to showcase optimistic growth over 2022-2028 on account of its fast start-up performance and proven reliability. Meanwhile, the >7.5 MV segment is likely to progress at a sturdy pace through 2028 driven by ongoing technological advancements.
Under diesel-fired, the reciprocating power generating engine market has been segregated into > 5 MW - 7.5 MW, > 2 MW - 3.5 MW, > 1 MW - 2 MW, 0.5 MW - 1 MW, > 3.5 MW - 5 MW, and > 7.5 MW. The 0.5 MW - 1 MW segment is speculated to expand at a rate of approximately 2% over the study timeline. The > 1 MW - 2 MW segment is primed to amass sizable gains by 2028. This growth is attributed to soaring demand for continuous and consistent power supply. The > 2 MW - 3.5 MW segment is anticipated to observe robust expansion, recording an annual installation of more than 6 GW by the end of 2028.
The > 3.5 MW- 5 MW segment is projected to grow substantially through the analysis timeframe due to rapid industrial growth. The > 5 MW - 7.5 MW segment is anticipated to attain a notable revenue by 2028 owing to favorable government norms for electrification of rural areas across developing economies. In 2021, the > 7.5 MW segment was valued at about USD 1 billion and is speculated to expand at a steady pace over 2022-2028.
Under dual fuel, the market has been categorized into > 1 MW - 2 MW, 0.5 MW - 1 MW, > 2 MW - 3.5 MW, > 5 MW - 7.5 MW, > 3.5 MW - 5 MW, and > 7.5 MW.
The reciprocating power generating engine market from the 0.5 MW - 1 MW segment is expected to exhibit a solid growth trajectory over the review timeframe propelled by the rapid expansion of cogeneration technology. The > 1 MW - 2 MW segment is slated to expand at a sturdy pace through 2028 owing to its significant heat recovery potential. The > 2 MW - 3.5 MW segment is speculated to attain a considerable revenue share by 2028 due to rising investments for power generation capacity expansion.
The > 3.5 MW - 5 MW segment is foreseen to gain substantial traction over the estimated timeline on account of environmental considerations regarding weather calamities. The > 5 MW - 7.5 MW segment is poised to progress at a steady growth rate over 2022-2028 supported by extensive utilization of cogeneration solutions. The > 7.5 MW segment is set to expand at a growth rate of more than 9% over the forecast timeframe.
Under others, the market has been classified into > 1 MW - 2 MW, > 5 MW - 7.5 MW, > 2 MW - 3.5 MW, 0.5 MW - 1 MW, > 3.5 MW - 5 MW, and > 7.5 MW. The 0.5 MW - 1 MW segment is likely to observe considerable progress over the study period owing to its low initial costs. The > 1 MW - 2 MW segment is projected to register a sizable valuation by 2028 due to its high efficiency and reliability. The > 2 MW - 3.5 MW segment is poised to witness significant growth by 2028 driven by the widespread expansion of power utilities and small-scale industries.
The > 3.5 MW - 5 MW segment is speculated to develop at a stable rate over the analysis period as these engines generate a low carbon footprint. The > 5 MW - 7.5 MW segment is slated to showcase sturdy expansion through the assessment timeline owing to growing investments towards technological enhancements. The > 7.5 MW segment is seen to progress at a growth rate of 9% through the review period.
From the rated power perspective, the reciprocating power generating engine market has been segmented into > 1 MW - 2 MW, 0.5 MW - 1 MW, > 2 MW - 3.5 MW, > 5 MW - 7.5 MW, > 3.5 MW - 5 MW, and > 7.5 MW.
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The 0.5 MW - 1 MW segment is poised to grow considerably by 2028 fueled by intensifying natural disasters as well as aging network infrastructure. The > 2 MW - 3.5 MW segment was valued at around USD 5 billion in 2021 and is expected to observe exponential growth through the projected period.
The > 5 MW - 7.5 MW segment is likely to witness a significant annual installation by 2028 on account of the low carbon-emitting properties of these engines. The > 7.5 MW segment is expected to garner a prominent valuation by the end of 2028 due to ongoing improvements for the development of effective cogeneration plants.
Based on application, the reciprocating power generating engine market has been divided into landfill & biogas, industrial, energy & utility, CHP, and others. The industrial segment is projected to showcase robust expansion over the study period. Extensive deployment of smart heating networks is slated to propel segmental development.
In 2021, the energy & utility segment was worth over USD 8 billion and is speculated to rise at a noteworthy pace through the stipulated timeframe. The others segment is estimated to register steady growth at a rate of above 2% over the analysis period.
With respect to end use, the reciprocating power generating engine market has been classified into prime power and back up. Under back up, the market has further been bifurcated into > 3.5 MW - 5 MW, > 1 MW - 2 MW, 0.5 MW - 1 MW, > 2 MW - 3.5 MW, > 5 MW - 7.5 MW, and > 7.5 MW.
The 0.5 MW - 1 MW segment is set to grow at a staggering pace over the forecast period owing to its ability to provide a high compression ratio. The > 1 MW - 2 MW segment is foreseen to be worth around USD 6 billion by the end of 2028. The > 2 MW - 3.5 MW segment held a revenue of almost USD 3 billion and is slated to develop substantially through the review period.
The > 3.5 MW - 5 MW segment is likely to witness optimistic growth in the next few years due to the ongoing integration of thermal and electrical power plants. The > 5 MW - 7.5 MW segment is seen to progress at a rate of approximately 15% over the study period. The > 7.5 MW segment is estimated to record a sizable market share, expanding at a growth rate of about 4% over the review time span.
Under prime power, the market has been categorized into > 1 MW - 2 MW, > 3.5 MW - 5 MW, > 2 MW - 3.5 MW, 0.5 MW - 1 MW, > 5 MW - 7.5 MW, and > 7.5 MW.
The 0.5 MW - 1 MW segment is anticipated to record substantial installations by the end of 2028 as these engines provides high efficiency along with versatile configuration. In 2021, the > 1 MW - 2 MW segment held around USD 4 billion valuation and is projected to gain robust traction over 2022-2028. The > 2 MW - 3.5 MW segment is estimated to account for a notable share in the overall market due to its effective design and efficiency.
The > 3.5 MW - 5 MW segment is likely to amass exponential gains by 2028, registering a CAGR of above 6% over the study timeframe. The > 5 MW - 7.5 MW segment is seen to exhibit solid expansion on account of stringent government standards for reducing GHG emissions. The > 7.5 MW segment is anticipated to reach installations of over 1 GW by 2028.
On the regional front, the MEA reciprocating power generating engine market is poised to attain a significant market size by the end of 2028. This growth is attributed to the booming domestic industrial sector. The LATAM reciprocating power generating engine market is speculated to expand at a sturdy pace over the estimated time span. Growing emphasis on combined cycle generations is set to foster regional market development.
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