Home > Energy & Power > Electrical Equipment > Engines > Reciprocating Power Generating Engine Market
Reciprocating Power Generating Engine Market Size
Reciprocating Power Generating Engine Market size surpassed USD 36.9 billion in 2023 and is anticipated to expand at 4.5% CAGR from 2024 to 2032.
The industry will witness an appreciable momentum owing to accelerating investments toward generation capacity expansion along with growing utilization of cogeneration technologies. These engines have extensive applications in distributed power generation, serving institutional and industrial sectors for combined heat and power (CHP) and electricity production.
Report Attributes | Details |
---|---|
Base Year: | 2023 |
Market Size in 2023: | USD 36.9 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 4.5% |
2032 Value Projection: | USD 54.8 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 1,500 |
Tables, Charts & Figures: | 4,435 |
Segments covered: | Fuel Type, Rated Power, Application, End Use |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
COVID– 19 Impact
The COVID- 19 pandemic has had a significant impact on the global reciprocating power generating engine market. Shortage of labor along with the potential supply chain bottlenecks of equipment & raw material has affected the worldwide trade. However, respective government actions to resume the operations across major industries, manufacturing facilities and infrastructure projects has complemented the industry growth. Moreover, the various geographies have witnessed installation of large-scale power projects which is aligned with the ongoing pandemic situation.
Reciprocating Power Generating Engine Market Trends
The ongoing shift from traditional fuels to cleaner alternatives, driven by the need to comply with stricter government regulations, has fueled the demand for these engines. Moreover, favorable economic conditions and a positive outlook towards improved fuel efficiency, increased power density, and reduced emissions will contribute to the widespread adoption of the product. Furthermore, ongoing government initiatives to electrify remote regions, coupled with a growing emphasis on utilizing non-conventional energy sources, will positively impact the reciprocating engine market.
Reciprocating Power Generating Engine Market Analysis
The industrial application was valued at over USD 12 billion in 2022. The demand for combined heat & power systems is expected to increase due to reciprocating power generating engine market expansion driven by technological advancements and the growing reliance on electricity. Moreover, there is a trend of refurbishing existing power plants with highly efficiency renewable power systems in the manufacturing and industrial sectors, which in turn will drive the business development. The increasing dependence on advanced and sustainable power generation solutions will further create a favorable industry outlook.
The gas-fired reciprocating power generating engine industry will witness growth rate of 5.5% between 2023 and 2032. Stringent emission regulations are compelling businesses to adopt cleaner energy solutions, creating additional growth opportunities for these systems. Ongoing gas resource explorations are expected to accelerate the commercialization of gas-fueled engines, driving the overall business expansion. The industry has experienced a significant shift due to the global trend of increasing renewable capacity, which has resulted in the robust deployment of these engines.
The > 1MW - 2 MW rated reciprocating power generating engine market captured a share of over 35% in 2022. These engines offer key advantages including stable & efficient combustion, high compression ratio, reduced maintenance costs and low knocking capacity, driving the business potential. The industry will be further driven by the rapid growth of cogeneration plants, private utilities and small industries as well as the rising demand for electricity in the energy, industrial, and utility sectors.
The industry size will be supported by flourishing industrial activities and the rise in construction projects primarily across the developing nations. In addition, the implementation of environmental and emission compliances and introduction of the EU Stage V limits will positively sway the market growth. Increasing applicability of these units across remote locations including oil & gas facilities, mines, and on- construction sites, that lack access to the public grid will foster the business landscape.
The Asia Pacific reciprocating power generating engine market is estimated to amass USD 15 billion by 2032. The rapid expansion of telecommunication infrastructure along with increasing power demand will contribute to increased deployment of backup power solutions. The implementation of electrical networks in rural & remote areas coupled with robust industrial growth will fuel the product penetration. Additionally, stringent government policies aimed at reducing emissions, improving fuel efficiency, and enhancing power density will institute a favorable industry scenario. The growing manufacturing industry along with the ongoing expansion of power generation plants will further augment the market statistics.
Reciprocating Power Generating Market Share
The major players operating in the industry’s competitive landscape include:
- Wärtsilä
- Caterpillar
- Cummins
- Rolls-Royce plc
- MAN Energy Solutions
- General Electric
- Guascor Energy
- TRITON DURO
- Continental Control Corporation
- Mitsubishi Heavy Industries, Ltd
- Deere & Company
- YANMAR HOLDINGS CO
- Kirloskar Oil Engines Limited
- Briggs & Stratton
- Kawasaki Heavy Industries Ltd
- Ashok Leyland
- Escorts Limited
- Deutz AG
- Kohler Co. and Scania.
Reciprocating Power Generating Engine Industry News
- In August 2022, Cummins, announced partnership with Grupel, a manufacturer of generators in Europe with over 45 years of experience in the power market. The partnership allows strategic growth of both the companies along with the installation of new range of generator products. The partnership will benefit revenue of both the companies and help them to boost their growth in European Market.
- In August 2021, Wärtsilä signed a contract to deliver fuel gas supply systems and engines with multi-fuel engine technology for two new Australian Ro-Pax ferries. The ongoing construction of these vessels at the RMC yard, Finland, is for TT-Line Company Pty Ltd, an Australian ferry fleet operator and owner. This contract includes two Wärtsilä LNG Pac fuel supply, storage, and control systems, three Wärtsilä 20DF dual-fuel engines, and four Wärtsilä 46DF dual-fuel main engines for each ship. These engines are secured to operate on different green fuels as the availability evolves. The contract is aimed to reduce the impact on the environment.
This 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:
Click here to Buy Section of this Report
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
Market, By End Use
- Backup
- Prime Power
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
Frequently Asked Questions (FAQ) :