Global Reciprocating Power Generating Engine market research 2024, Forecast To 2033
8 Feb, 2024
The reciprocating power generating engine market has witnessed steady growth, increasing from $52.81 billion in 2023 to $53.87 billion in 2024, representing a compound annual growth rate (CAGR) of 2.0% in the historic period. This growth is attributed to industrialization and the need for mechanical power, advancements in internal combustion engine technology, growth in the automotive and transportation sector, the demand for reliable backup and auxiliary power, and the expansion of electrical generation and power plants. Expecting marginal growth in the next few years, the market is projected to reach $57.28 billion in 2028 at a minimal CAGR of 1.5%. Key trends in this period include advanced combustion and emissions control technology, regulatory compliance in engine emissions and safety, smart and connected reciprocating engines, personalized power generation solutions, and transparency in engine fuel sourcing and efficiency.
Global Reciprocating Power Generating Engine Market Key Driver
The reciprocating power generating engine market is expanding with the increase in electricity demand across commercial and industrial sectors. In 2021, the transportation sector in the US witnessed the biggest annual rise in energy consumption, with a 10.2% increase. The rising demand for electricity is creating opportunities for players in the reciprocating power-generating engines market.
Get A Free Sample Of The Global Reciprocating Power Generating Engine Market ReportGlobal Reciprocating Power Generating Engine Market Segments
The global reciprocating power generating engine market covered in this report is segmented –
1) By Fuel: Gas-fired, Diesel-fired, Duel fuel, Other Fuel
2) By Rated Power: Below 2MW, 2MW-5MW, Above 5MW
3) By Application: Industrial, CHP, Energy and Utility, Landfill and Biogas, Other Applications
By Geography: The regions covered in the Reciprocating Power Generating Engine market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North Americawas the largest region in the reciprocating power generation engine market in 2023. Asia-Pacificis expected to be the fastest-growing region in the reciprocating power generation engine market share during the forecast period. The regions covered in the reciprocating power generating engine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Reciprocating Power Generating Engine Industry Players
Rolls-Royce Limited, Mitsubishi Motors North America Inc., MAN Energy Solutions SE, Kohler Co., Kirloskar Oil Engines Limited., Kawasaki Heavy Industries Ltd., Deere & Company., hinduja automotive limited, Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Deutz AG, Escorts Kubota Limited., Siemens Energy AG, Wärtsilä Oyj Abp, Yanmar Co. Ltd., J C Bamford Excavators Ltd., General Electric Company, Motorenfabrik Hatz GmbH & Co. KG, Perkins Engines Company Limited, MTU Onsite Energy Corp., Doosan Engine Co. Ltd., HD Hyundai Heavy Industries Co. Ltd., INNIO Jenbacher GmbH & Co., Liebherr-International Deutschland GmbH, Cooper Corporation., Mahindra & Mahindra Limited
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Reciprocating Power Generating Engine Market Overview
The reciprocating power generation engines 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.
Reciprocating Power Generating Engine Global Market Report 2023 provides data on the global reciprocating power generating engine market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The reciprocating power generating engine market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.