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Prime Power Reciprocating Power Generating Engine Market Size
Prime Power Reciprocating Power Generating Engine Market size surpassed USD 16.1 billion in 2023 and is expected to register 4.7% CAGR from 2024 to 2032.
The market for reciprocating power generating engine will cross a valuation of USD 54.9 billion by 2032. The industry is set to witness an appreciable momentum owing to increasing demand for reliable and continuous power supply across industrial facilities, data centers, hospitals, and remote off-grid locations. These engines offer key benefits including high efficiency, durability, and ability to handle heavy loads, stimulating the business potential.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 16.1 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4.7% |
| 2032 Value Projection: | USD 24.5 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 600 |
| Tables, Charts & Figures: | 1,445 |
| Segments covered: | Fuel Type, Rated Power, Application, End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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COVID– 19 Impact
The novel corona virus outbreak represents an unprecedented disturbance in the overall trade and economy as consumption and production are scaled back globally. Shortage of man power coupled with disturbance in supply has affected the prime power reciprocating power generating engine market. On the other hand, the measures taken by respective governments to resume operations across major industries, manufacturing facilities, and infrastructure projects has driven the industry growth.
Prime Power Reciprocating Power Generating Engine Industry Trends
The prime power reciprocating engines will witness an upsurge due to increasing regulatory measures aimed at expanding the grid in rural areas. Furthermore, the growing importance of emergency preparedness solutions across different end-user sectors will contribute to the industry development. The ongoing efforts to electrify remote areas, particularly in the Asia Pacific and Africa regions, will further drive the demand for these engines.
Prime Power Reciprocating Power Generating Engine Application Segmentation
The energy & utility application was valued at over USD 6 billion in 2022. Increasing applicability of these units as prime movers owing to its capability to deliver single electrical efficiency in excess of 50% in a single cycle and up to 70% in combined cycle will augment the business landscape. In addition, increasing infrastructure investments along with ongoing government electrification programs will foster the prime power reciprocating power generating engine market statistics.
Prime Power Reciprocating Power Generating Engine Market Analysis
The gas fired prime power reciprocating power generating engine industry size will witness growth rate of 5.7% during 2023 to 2032. The demand for these engines has witnessed a substantial increase due to technological advancements, improved operational efficiency, and the need to comply with environmental regulations. The global trend of expanding renewable capacity has brought about a shift in the industry, leading to the business growth.
The > 2 MW - 3.5 MW prime power reciprocating power generating engine market captured 15% share in 2022. These rated engines provide vital advantages including high displacement, efficient and stable combustion, optimized materials, and low maintenance requirements, which in turn will fuel the product penetration. Moreover, they offer excellent performance for cogeneration applications.
The North America prime power reciprocating power generating engine industry is estimated to amass USD 3.5 billion by 2032. Increasing need for uninterrupted and reliable power supply coupled with occurrence of weather-related disasters resulting into extended power outages will accelerate the business potential. The electrical grids' inability to withstand increased demand loads along with occurrences of severe hurricane events, has further underscored the importance of these engines. Increase in data center outages in line surging consumer awareness about the need for reliable backup power solutions will further drive the product deployment.
Prime Power Reciprocating Power Generating Engine Market Share
The key prime power reciprocating power generating engine market participants include:
- Cummins Inc.
- Wärtsilä
- Rolls-Royce Plc
- Kohler Co.
- YANMAR HOLDINGS CO.
- MITSUBISHI HEAVY INDUSTRIES
- DEUTZ AG
- Kirloskar
- KUBOTA Corporation
- Perkins Engines Company Limited
- Deere & Company
- AB Volvo Penta
- CATERPILLAR ENERGY SOLUTIONS GMBH
- Sulzer Ltd
- Yuchai International Imp & Exp (Beijing) Co.
Prime Power Reciprocating Power Generating Engine Industry News
- In November 2022, Kohler Co. inaugurated its manufacturing unit in Mosel, Wisconsin, which encompasses various facilities to support its growth in key strategic markets. The facility comprises 155,000 square feet warehousing and testing space, along with a customer support center spanning 10,000 square feet. This expansion of the production plant is aimed at facilitating Kohler's ongoing expansion in critical sectors like power data centers and healthcare.
- In May 2022, Caterpillar announced the acquisition of Tangent Energy, an energy solutions provider based in U.S. Tangent Energy specializes in offering smart energy solutions that deliver significant value to its customers. The addition of Tangent's Energy-as-a-Service (EaaS) products perfectly complements Caterpillar's existing portfolio of electric power products. This acquisition allows Caterpillar to enhance its customer services by providing reliable, efficient, sustainable, and connected power solutions that not only support business operations but also generate new revenue streams.
This prime power reciprocating power generating engine market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units”, “MW” & “USD” from 2019 to 2032, for the following segments:
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Market, By Fuel Type
- Gas-Fired
- Diesel-Fired
- Dual Fired
- Others
Market, By Rated Power
- 0.5 MW - 1 MW
- > 1 MW - 2 MW
- > 2 MW - 3.5 MW
- > 3.5 MW - 5 MW
- > 5 MW - 7.5 MW
- > 7.5 MW
Market, By Application
- Industrial
- CHP
- Energy & Utility
- Landfill & Biogas
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Germany
- Russia
- Italy
- Spain
- Netherlands
- Denmark
- Norway
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Thailand
- Singapore
- Indonesia
- Malaysia
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- Oman
- Kuwait
- Iran
- Egypt
- Turkey
- Jordan
- South Africa
- Latin America
- Brazil
- Argentina
- Chile
- Peru
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