Development of power machinery sector towards realization potential of renewable energy and sustainability

The article deals with the formation of effective power machinery sector in Ukraine integrating and coordinating development and production of power equipment for the needs of Ukraine's energy sector, and also for the needs of inter-branch and branch industrial development and technical renovation, which could enhance the scientific and technical potential and the innovational development of the economy. The possibility to increase the domestic accessories ratio in energy equipment production for simultaneous development of RES and power machinery with the aim to maintain the potential growth of RES in the context of energy sustainability is investigated. The authors assess the capacity of power machinery market, conditioned by European Union requirements in relation to RES, energy efficiency and ecology in the segment of small and middle power sector. The localization of production, growth points and supply structure of the power machinery market is presented. It is proven that the major part of energy equipment production for most energy sub-sectors is possible to supply by means of the domestic power machinery, taking into account the prevalent price parity between domestic and foreign power machinery equipment. The authors consider the directions and mechanisms of regulatory policy with the aim to encourage the power machinery development in Ukraine and to raise the presence of its products for higher energy sustainability, in particular, for a higher level of decarbonization, ecologization and energy efficiency enhancement. It is established that the intensification of power machinery sector carries out high multiplicative effects, hence the sector's development should be considered as one of economic growth drivers. The cross-sector influence of the power machinery sector growth on the national economy is estimated.