(MENAFNEditorial) Global Stirling Engines Market Information Report by Type (Alpha, Beta, Gamma and Others), by Application (Heating and Cooling, Solar Power Generation, Marine Engines and Others), by End User (Residential, Commercial and Utility) and By Regions - Global Forecast to 2023. Stirling Engine Global Market - Overview
A Stirling Engine basically produces mechanical energy by generating heat in its combustion compartment. The heat further moved to the working gas, operating in a closed system where the gas pushes engine's piston to get it moved therefore the mechanical energy is generated. The required heat is generated from sun's radiation or by burning oil, diesel, petrol or gas. For the flexibility the Stirling Engine demonstrates in terms of fuel choices; it is considered as ‘Flexible'. Moreover they are discreet and virtually vibration free. Owing to these characteristics; Stirling Engine finds a vast area of applications for power/ energy generation.
Accrediting the prominence Stirling Engine is gaining in the current scenario projecting the potential traction, Market Research Future, recently published a distinctive study report according to which the global Stirling Engine market is forecasted to accrue exponentially by 2027, registering a CAGR of 7.5% during the period 2017 to 2023.
Utility market is expected to grow at the highest rate.
The growing utilization of Stirling engine in utility segment is due to the ability of Stirling engines to run directly on any available heat source, and not just one produced by combustion. So, they can run on heat from solar, geothermal, biological, nuclear sources or waste heat from industrial processes. As non-renewable resources such as coal, natural gas and petroleum are exhaustible, Stirling engines, on utility scale will prove to be instrumental in a utility scale power generation, and heating & cooling applications.
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Key Players
The major players operating in Stirling engine market are
Qnergy. (U.S.), United Sun Systems International Ltd (Sweden), Sunpower Inc. (U.S.), Genoastirling S.r.l. (Italy), Microgen Engine Corporation (Netherlands), ÖkoFEN Forschungs- und Entwicklungs Ges.m.b.H. (Austria), Cool Energy, Inc (U.S) ADI Thermal Power Corp. (U.S). Stirling Engine Market - Competitive Analysis
The market appears to be fragmented owing to the presence of several large and small key players accounting for a substantial market share. The competitive nature of this market is envisaged to intensify with new entrants in the mass market, which is inevitable in the wake of increasing government regulations and consumer demand for safety and advanced features. These players emphasis upon new product development initiatives, and geographical expansion. The global Stirling Engine market is anticipated to witness relentless innovations and development of new products that will eventually result in intense competition among the Stirling Engine manufacturers. These Players invest heavily in the R & D to develop a technology that is completely on a different level compared to their competition. These Key players strive to develop products with the adept technologies, unrivalled design and features. Players compete against each other based on factors such as the product and technology launch, quality, reliability, and cost. Marketers are tapping the growing markets for expansions.
Industry/ Innovation/ Related News
January 10, 2018 Masen (Moroccan Agency for Sustainable Energy) and the Swedish solar technology Company Cleanergy partnered for a cooperation framework agreement to jointly develop a system for Thermal Energy Storage (TES) using the Cleanergy CSP¬‐Stirling-based solar electricity technology. Renewable energy solutions that can deliver on-demand electricity and store energy when renewable resources are available is the key component for transition to a fossil free power generation.
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