Overview and Scope
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.
Sizing and Forecast
The reciprocating power generating engine market size has grown steadily in recent years. It will grow from <b>$52.81 billion in 2023 to $53.87 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. </b> The growth in the historic period can be attributed to industrialization and the need for mechanical power, advancements in internal combustion engine technology, growth in the automotive and transportation sector, demand for reliable backup and auxiliary power, expansion of electrical generation and power plants..
The reciprocating power generating engine market size is expected to see marginal growth in the next few years. It will grow to <b>$57.28 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%. </b> The growth in the forecast period can be attributed to customized reciprocating engines for specific applications, integration of hybrid and electric power solutions, sustainable and eco-friendly engine designs, expansion in distributed energy generation, adoption of reciprocating engines in microgrids.. Major trends in the forecast period include advanced combustion and emissions control technology, regulatory compliance in engine emissions and safety, smart and connected reciprocating engines, personalized power generation solutions, transparency in engine fuel sourcing and efficiency..
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Segmentation & Regional Insights
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
<b>North America</b> was the largest region in the reciprocating power generation engine market in 2023. <b>Asia-Pacific</b> 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.
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Major Driver Impacting Market Growth
The increase in electricity demand across commercial and industrial sectors is significantly contributing to the growth of the reciprocating power generating engine market. Electricity is the power that is used in the commercial and industrial sectors for lighting in manufacturing and other industries. The increase in the usage of electricity due to the increase in the expansion of cogeneration plants, private consumption, as well as a rise in small industries, is the major driving force for the growth of this market. For instance, according the U.S. Energy Information Administration’s report published in 2022, a US-based federal agency for energy, each of the energy-consuming sectors used more energy in 2021, with the transportation sector witnessing the biggest annual rise in energy consumption at approximately 10.2%, making up about 97 quads of the total U.S. energy consumption, an increase of roughly 4.7% from 2020. Therefore, the increase in electricity demand across commercial and industrial sectors is expected to create opportunities for various players involved in the reciprocating power-generating engines market.
Key Industry Players
Major companies operating in the reciprocating power generating engine market include <b> 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 </b>
The reciprocating power generating engine market report table of contents includes:
1. Executive Summary
2.Reciprocating Power Generating Engine Market Characteristics
3.Reciprocating Power Generating Engine Market Trends And Strategies
4.Reciprocating Power Generating Engine market analysis
5.Reciprocating Power Generating Engine Market Size And Growth
6. Reciprocating Power Generating Engine Segmentation
7. Reciprocating Power Generating Engine Regional And Country Analysis
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27.Reciprocating Power Generating Engine Competitive Landscape And Company Profiles
28.Reciprocating Power Generating Engine Key Mergers And Acquisitions
29.Reciprocating Power Generating Engine Future Outlook and Potential Analysis
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