Reciprocating Engine Market Size, Share, Trends, Growth and Forecast 2032

Reciprocating Engine Market Insights

According to Zion Market Research, the global Reciprocating Engine Market was worth USD 74.05 Billion in 2023. The market is forecast to reach USD 114.87 Billion by 2032, growing at a compound annual growth rate (CAGR) of 5% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Reciprocating Engine Market industry over the next decade.

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Global Reciprocating Engine Market: Overview

Reciprocating engines are among the two types of combustion engines that convert the pressure and heat that is been released during the combustion of fuel to generate energy. They are also referred to as piston engines and are the most widely used and popular type of combustion engines in power plants. The reciprocating engine performs the job of intake, compression, ignition, or exhaust within a single cylinder. In addition to power plants, the mature technology of reciprocating engines is also used in the field of transportation and for several other purposes.

The expansion of the reciprocating engine market is primarily spurred by increasing demand for reliable and efficient power generation solutions. Key sectors such as industrial manufacturing, power utilities, and marine transportation are significant contributors to this demand. Additionally, the shift toward reducing carbon emissions is fostering innovation in fuel-efficient and environmentally-friendly engine technologies.

The rise in decentralized power generation and combined heat and power (CHP) systems further bolsters market growth. Furthermore, the expanding infrastructure in emerging economies and the need for backup power systems in developed regions stimulate market expansion. The versatility and adaptability of reciprocating engines to various fuels, including natural gas and renewable options, further enhance their market appeal.

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Global Reciprocating Engine Market: Growth Factors

The global reciprocating engine market is growing at a substantial rate. Rise in demand for Combined Heat and Power (CHP) from the industrial & commercial sector, growing need for stability from the grid operators, and increase in the use of co-generation technologies are the major factors that are driving the growth of the global reciprocating engine market. For several distributed generation applications as well as commercial, institutional, and industrial facilities for power generation, reciprocating engines are best suited. Some of the common applications for reciprocating engine CHP systems are water treatment facilities, hospitals, universities, multi-family dwellings, commercial buildings, and industrial facilities. In addition to this, high electrical efficiency, low-pressure gas fuel, quick start-up capabilities, better part-load efficiency, and great option for producing hot water are some of the benefits of the reciprocating engine. Due to its wide application and several benefits, reciprocating engines are in huge demand. This is propelling the growth of the market. Moreover, the increase in focus for combined cycle generation and growing automotive industries are also the factors that are contributing to the growth of the market. Furthermore, advancement in the technology for power generation may lead to several opportunities for the growth of the global reciprocating engine market over the forecast period. However, relatively high maintenance cost and the need to cool the engine when the heat is not been used are the factors that are restraining the growth of the global market.

The Covid-19 pandemic has severely hit the growth of the global reciprocating engine market. Restriction on movements, complete lockdown in cities across several countries, and social distancing rules enforced by the government resulted in disruption of the supply chain. The manufacturing units of the industries were closed temporarily. Thus, the electricity demand dropped down from the commercial and industrial sectors. In addition to this, the automotive sector is also been affected by the Covid-19 pandemic due to limitations on personnel movement and the unavailability of raw materials. However, the industrial and commercial sectors are changing their business strategies to overcome the long-term impact of the pandemic and thus, will support the growth of the global market in the forthcoming years.

Global Reciprocating Engine Market: Segmentation

The global reciprocating engine market is categorized based on rated power, fuel type, application, and region. Based on the rated power, the global reciprocating engine market is divided into below 2MW, 2-5MW, and above 5MW. Based on the fuel type, the global market is bifurcated into dual fuel, diesel, gas, and others. The application segment is fragmented into energy & utility, industrial, landfill & biogas, CHP, and others.

Global Reciprocating Engine Market: Regional Analysis

Regionally, Asia Pacific is anticipated to dominate the global reciprocating engine market during the forecast period. Factors such as growing economies, rise in the industrial sector, government initiatives, increase in commercial & residential projects with facilities for hot water, and growing incidences of natural disasters are contributing to the growth of the market in this region. On the other hand, North America and Europe are also expected to account for a significant share to the global market. In North America, the growth in the market is attributed to advanced technologies, growing demand for the reciprocating engine from grid operators for stability, and heavy investments in power generation plants. In Europe, supporting government policies for power generation, expanding use of the reciprocating engine in the automotive industry, and growing demand for electricity from the industrial sector are the factors that are boosting the growth of the market.

Reciprocating Engine Market: Report Scope

Global Reciprocating Engine Market: Competitive Players

• Kirloskar Oil Engines Limited
• MTU Onsite Energy
• Ashok Leyland
• Mitsubishi Heavy Industries
• Escorts Group
• Kawasaki Heavy Industries Ltd.
• MAN Energy Solutions
• Briggs & Stratton
• John Deere
• Siemens AG
• Wartsila.

The Global Reciprocating Engine market is segmented as follows:

By Rated Power

• Below 2MW
• 2-5MW
• Above 5MW

By Fuel Type

• Dual Fuel
• Diesel
• Gas
• Others

By Application

• Energy & Utility
• Industrial
• Landfill & Biogas
• CHP
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa