India Power Generation Engines Market is expected to grow at a robust CAGR of 5.73%
India
Power Generation Engines Market is expected to grow owing to increasing
awareness of environmental issues and regulations related to emissions and
pollution control throughout the forecast period.
According
to TechSci Research report, “India
Power Generation Engines Market –
By Region, Competition, Forecast and Opportunities, 2019-2029F”, the
India Power Generation Engines Market is expected to register robust
growth during the forecast period. The
Indian government has implemented several initiatives aimed at promoting
renewable energy sources and mitigating carbon emissions. These include
providing incentives and subsidies for power generation engines that utilize
cleaner fuels or renewable energy sources.
India's
strong dedication to renewable energy sources, specifically solar and wind
power, presents significant prospects for power generation engines. These
engines play a crucial role in seamlessly integrating intermittent renewable
sources into the grid with utmost efficiency. Hybrid power generation systems,
which combine renewables with backup engines, provide a dependable and stable
energy supply, particularly in regions where renewable energy generation is
inconsistent.
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Based
on fuel type, the
Gas segment is expected to dominate the market during the forecast period. Gas-based
power generation engines offer numerous advantages, including high efficiency,
lower greenhouse gas emissions, and rapid start-up capabilities. These engines
effectively respond to fluctuations in electricity demand, making them
well-suited for peaking power generation and balancing intermittent renewable
energy sources. Gas-based power generation is widely recognized as a cleaner
alternative to coal-based power plants due to its lower carbon dioxide
emissions and reduced air pollution. This aligns with India's commitment to
reducing its carbon footprint and addressing environmental concerns. Government
policies and incentives that promote the use of natural gas in power generation
create a favorable environment for the growth of the gas segment. Initiatives
such as the "Gas for Growth" program and policies encouraging the
utilization of LNG for power generation strongly support the industry. The
pricing and supply of natural gas play a crucial role in the economics of
gas-based power generation. Fluctuations in gas prices can impact the
cost-effectiveness of gas-based power plants. Ensuring a stable and reliable
supply of natural gas is imperative for the segment's growth. The integration
of gas-based power generation with renewable energy sources is an emerging
trend. Hybrid power generation systems that combine gas engines with solar or
wind power can provide reliable and cleaner energy solutions.
Based
on End Use, the Residential segment is projected to dominate the market
throughout the forecast period. Backup power solutions are crucial in the
residential segment. Diesel generators, inverter-battery systems, and standby
generators are commonly utilized to provide backup power during grid failures.
These systems ensure that households can sustain essential functions during
outages. Residential consumers in India are displaying an increasing interest
in renewable energy solutions. Solar PV systems, in particular, are witnessing
heightened adoption due to the declining costs of solar panels, government incentives,
and a desire to reduce reliance on fossil fuels. Government initiatives, such
as subsidies and net metering policies, bolster the adoption of residential
solar power generation systems. These incentives render renewable energy
systems more financially appealing to homeowners. Residential customers
necessitate power generation systems that are easy to maintain and reliable.
Manufacturers and service providers must offer maintenance services and ensure
the longevity of these systems. In conclusion, the Residential Segment in the
India Power Generation Engines Market is driven by the requirement for
dependable power supply, growing interest in renewable energy, government
incentives, and environmental concerns. As technology continues to progress and
costs decrease, residential power generation engines, particularly solar and
battery systems, are expected to garner further popularity as homeowners seek
sustainable and efficient solutions to meet their electricity needs.
Key
market players in the India Power Generation Engines Market are:-
- Bharat
Heavy Electricals Limited (BHEL)
- Siemens
Limited
- Larsen
& Toubro (L&T)
- Kirloskar
Oil Engines Limited
- Cummins
India Limited
- Tata
Power
- Thermax
Limited
- Bhagwan
Group
- Triveni
Turbine Limited
- Waaree
Energies
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“The
India Power Generation Engines Market in South India is poised to be the
dominant force in the industry. The incorporation of renewable energy into the
grid serves as a significant catalyst for the Power Generation Engines Market
in South India. Power generation engines, such as gas turbines and backup
generators, play a vital role in addressing the intermittent nature of
renewable sources. Hybrid power generation systems, which combine renewable
energy with engines, ensure a reliable and uninterrupted power supply.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“India
Power Generation Engines Market Segmented By Fuel Type (Diesel, Petrol and
Gas), By End Use (Industrial, Commercial and Residential), By Engine Power (5 –
75 HP, 76 – 350 HP, 351 – 750 HP and Above 751 HP), By Region, and By
Competition, 2019-2029F,”
has evaluated the future
growth potential of India Power Generation Engines Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India Power Generation Engines Market.
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