Reciprocating Power Generating Engine Global Market Report 2024

Reciprocating power generation engines are engines that generate heat and utilize one or more pistons to convert pressure into rotary motion. These engines operate by harnessing the expansion of gases to produce power.

The primary types of fuel used in reciprocating power generating engines include gas-fired, diesel-fired, dual fuel, and others. Gas-fired reciprocating power generating engines are employed as fuel for igniting the fire within the engines. While these engines have lower efficiency compared to diesel-fired ones due to their very low compression rates, they offer advantages such as lower initial costs and significant heat recovery potential. Reciprocating power generating engines are categorized by rated power into below 2MW, 2MW–5MW, and above 5MW. These engines find applications in various sectors, including industrial, combined heat and power (CHP), energy and utility, landfill and biogas, among others.

The reciprocating power generation engines market research report is one of a series of new reports that provides reciprocating power generation engines market statistics, including reciprocating power generation engines industry global market size, regional shares, competitors with reciprocating power generation engines market share, detailed reciprocating power generation engines market segments, market trends and opportunities, and any further data you may need to thrive in the reciprocating power generation engines industry. This reciprocating power generation engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The reciprocating power generating engine market size has grown steadily in recent years. It will grow from $52.81 billion in 2023 to $53.87 billion in 2024 at a compound annual growth rate (CAGR) of 2.0%. The growth observed in the historical period can be attributed to the process of industrialization and the consequent demand for mechanical power, advancements in internal combustion engine technology, expansion in the automotive and transportation sector, the need for reliable backup and auxiliary power sources, and the overall growth in electrical generation and power plant infrastructure.

The reciprocating power generating engine market size is expected to see marginal growth in the next few years. It will grow to $57.28 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%. The anticipated growth in the forecast period can be attributed to the development of customized reciprocating engines tailored for specific applications, the integration of hybrid and electric power solutions, the adoption of sustainable and eco-friendly engine designs, the expansion of distributed energy generation, and the increased utilization of reciprocating engines in microgrids. Key trends expected in the forecast period encompass advancements in combustion and emissions control technology, a focus on regulatory compliance in engine emissions and safety, the emergence of smart and connected reciprocating engines, the provision of personalized power generation solutions, and an emphasis on transparency in engine fuel sourcing and efficiency.

The growth in electricity demand within the commercial and industrial sectors is playing a significant role in the expansion of the reciprocating power generating engine market. This demand for electricity in commercial and industrial settings, utilized for lighting and various manufacturing processes, has witnessed an upsurge. The surge in electricity usage is attributed to the expansion of cogeneration plants, increased private consumption, and the rise of small industries. As indicated by the U.S. Energy Information Administration's 2022 report, each energy-consuming sector saw a rise in energy usage in 2021. Notably, the transportation sector experienced the most substantial annual increase at around 10.2%, constituting about 97 quadrillion British thermal units (quads) of the total U.S. energy consumption, marking an approximately 4.7% increase from 2020. This surge in electricity demand across commercial and industrial sectors is expected to present opportunities for players in the reciprocating power-generating engines market.

The escalating global demand for energy and its consumption is anticipated to be a driving force behind the reciprocating power generating engine market's growth. With countries worldwide striving to meet expanding energy needs, reciprocating engines are gaining prominence due to their efficiency, reliability, and adaptability across various applications, particularly in power generation. These engines are well-suited for providing a reliable source of electricity, particularly in remote or off-grid areas where a consistent power supply is vital. For instance, a report from the Energy Institute (EI) in June 2023 highlighted a 1% increase in total primary energy consumption in 2022, reaching approximately 3% above the pre-COVID level in 2019. Concurrently, global electricity generation experienced a 2.3% increase during the same period. Thus, the upward trajectory of energy demand and consumption has driven the reciprocating power generating engine market's growth.

A prominent trend in the reciprocating power generation engine market is the strategic collaboration between companies. Manufacturers of reciprocating power generating engines are increasingly engaging in collaborations to foster the development of new technologies and products. For example, in January 2022, WEC Energy Group and Electric Power Research Institute (EPRI) joined forces for research and development in electricity generation, distribution, and utilization, culminating in a hydrogen blending pilot project at a reciprocating engine. This collaboration underscores the evolving nature of reciprocating engines and their evolving role in the energy sector.

Major companies operating in the reciprocating power generation engine market are dedicated to developing innovative products that offer efficient and environmentally friendly electricity generation solutions across diverse applications, ranging from residential to industrial. In August 2022, Kirloskar Oil Engines Limited (KOEL) launched the Gas-Fired Generator Range, equipped with IoT-enabled features for remote monitoring, lower emissions, and reduced noise levels, catering to a variety of environmental conditions.

In August 2022, Baker Hughes Company acquired Brush Group, enhancing its turbomachinery portfolio and capabilities in decarbonization solutions. Brush Group, a UK-based manufacturer of electrical generators, including reciprocating power generation engines, became part of Baker Hughes Company through this acquisition.

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., 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

North America was the largest region in the reciprocating power generation engine market in 2023. 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 generation engines market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the reciprocating power generating engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The reciprocating power generation engines market consists of sales of crankshaft, exhaust camshaft, intake camshaft, piston. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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