What Has Been the Growth Trajectory for the Reciprocating Power Generating Engine Market in Recent Years?
The reciprocating power generating engine market has seen considerable growth due to a variety of factors.
• In recent times, there has been a slight increase in the size of the reciprocating power generating engine market. This market is projected to expand from $52.92 billion in 2024 to $53.55 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 1.2%.
This growth era is considered historic due to contributions from factors like industrialization, the requirement for mechanical power, advancements in the technology of internal combustion engines, the expanding automotive and transportation sector, the demand for dependable backup and supplementary power, and the growth of electrical generation and power plants.
How Does the Forecast Look for the Reciprocating Power Generating Engine Market?
The reciprocating power generating engine market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the reciprocating power generating engine market is expected to experience a slight increase in size. By 2029, the market is projected to reach a total value of $56.53 billion, at a Compound Annual Growth Rate (CAGR) of 1.4%.
This projected growth during the forecast period is attributable to factors such as tailored reciprocating engines for specific uses, hybrid and electric power solutions integration, environmentally friendly engine designs, distributed energy generation expansion, and the use of these engines in microgrids. Other key trends projected for this period include advanced combustion and technology for controlling emissions, regulatory compliance concerning engine emissions and safety, intelligent and connected reciprocating engines, custom power generation solutions, and transparency in sourcing and efficiency of engine fuel.
What Main Forces Are Fueling Expansion In The Reciprocating Power Generating Engine Market?
The surge in electrical requirements in both industry and commercial sectors is making a meaningful contribution to the development of the reciprocating power generating engine market. The power that is primarily used for lighting in manufacturing and various other industries is electricity. The growth of this market is largely propelled by the rise in electricity usage due to the expansion of cogeneration plants, private consumption, and growth in small-scale industries. As an example, the International Energy Agency, a France-based governmental energy entity, predicted in July 2024 that global electricity demand would rise by around 4% in 2024, a substantial leap from 2.5% in 2023. Therefore, the growing electricity needs in industrial and commercial sectors are anticipated to present numerous opportunities for the different stakeholders in the reciprocating power-generating engines market.
What Are The Primary Segments In The Global Reciprocating Power Generating Engine Market?
The 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
Subsegments:
1) By Gas-fired: Natural Gas, Biogas, Other Gas Types
2) By Diesel-fired: Standard Diesel, Bio-Diesel, Ultra-Low Sulfur Diesel (ULSD)
3) By Dual fuel: Gas Or Diesel Combination, Biogas Or Diesel Combination
4) By Other Fuel: Heavy Fuel Oil (HFO), Renewable Fuels, Waste Oil
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Which Key Trends Are Driving Changes In The Reciprocating Power Generating Engine Market?
A significant trend gaining momentum in the reciprocating power generation engine market is strategic cooperation between companies. Firms that produce reciprocating power generating engines are entering into various partnerships to create new products and technologies. For example, in January 2022, the US public electric and natural gas utility holding company, WEC Energy Group, and the independent, America-based non-profit organization Electric Power Research Institute (EPRI), united to announce the culmination of a hydrogen blending pilot initiative at a reciprocating engine. This collaboration provides strategic expansion for both entities, accompanied by the introduction of a fresh array of generator products. It exemplifies the changing dynamics of reciprocating engines and their importance in the energy industry.
Who Are the Key Players in the Reciprocating Power Generating Engine Market?
Major companies operating in the reciprocating power generating engine market include:
• Rolls-Royce Limited
• Mitsubishi Motors North America Inc.
• MAN Energy Solutions SE
• Kohler Co.
• Kirloskar Oil Engines Limited.
• Kawasaki Heavy Industries Ltd.
• Deere & Company.
• 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
What Is The Most Dominant Region In The Reciprocating Power Generating Engine Market?
North America was the largest region in the reciprocating power generation engine market in 2024. Asia-Pacific is 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.
