Reciprocating Engines Market Report Overview
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The global reciprocating engines market size was USD 298730 million in 2022 and market is expected to reach USD 383012 million in 2031, exhibiting a CAGR of 2.8% during the forecast period.
An engine that can operate in either the four-stroke cycle or the two-stroke cycle is referred to as a reciprocating engine, often known as a piston engine or an internal combustion engine (ICE). The number of rotations each cylinder does through a single full stroke during the inflow and compression strokes will determine how different each internal combustion engine is from the next. One turning every revolution, for instance, would qualify as a single cylinder, while six turns per revolution would rank as a multi-cylinder.
These engines are used for combined heat and power (CHP) and power generation in institutional, industrial, and commercial settings. They are widely applicable across a variety of distributed applications. The future for the industry will also be influenced by ongoing government initiatives for the electrification of rural areas and a change in emphasis toward the use of non-conventional energy sources.
COVID-19 Impact: Decrease in Demand from End-User Industries Stunted the Growth of this Market during the Lockdown
The COVID-19 epidemic had an effect on the market for these engines and slowed market expansion. Due to the restrictions placed on material movement, the supply chain was disrupted and the availability of raw materials was hampered. This had an impact on and reduced the reciprocating engine's production capacity. Due to the lockdown restrictions put in place by the government, all vehicle industries were shut down during the epidemic, which decreased demand from those industries for these engines. Countries had a downturn in their economies during this time, and no new construction or investments were made. Due to the closure of all sectors, there was a decrease in the need for energy, which also affected the market for engines in the power industry.
Latest Trends
"Stand-Alone Power Supply System Developed to Stabilize the Fluctuating Production of Renewable Energy "
The "Triple Hybrid" stand-alone power supply system was developed on June 24 in Tokyo by Mitsubishi Heavy Industries Engine and Turbocharger, Ltd (MHIET), a member of the Mitsubishi Heavy Industries, Ltd (MHI) Group. It combines a reciprocating engine generator, a battery bank, and sources of renewable energy like solar power for the finest stabilization control. Incorporating three different power sources into the system stabilizes the fluctuating production of renewable energy, providing a high-efficiency, decreased supply of electricity from an environmentally conscious, multi-purpose dispersed energy system.
Reciprocating Engines Market Segmentations
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- By Type Analysis
According to type, the market can be segmented into Below 100 KW, 100-300 KW and Above 300 KW
In terms of type, 100-300 KW holds the largest segment.
- By Application Analysis
Based on application, the market can be divided into Transportation, Energy, Oil & Gas and Others.
In terms of application, transportation holds the largest segment.
Driving Factors
"Growing Motor Vehicle Output has Propelled the Market Growth of Reciprocating Industry"
One of the key drivers propelling the reciprocating engines market growth is the steadily rising global motor vehicle output, which has increased annually since 2010. Countries all over the world are eager to mechanize their agricultural industry in order to increase production. This has a favorable effect on the market expansion for engines. Therefore, during the forecast period, these factors are anticipated to fuel demand for this product.
"Reciprocating Engines Offer More and Better Advantages than Rotary Engines making them Suitable to be used in Motor Vehicles"
The more advanced of the two combustion engines, these engines have frequently shown to be more effective. Although rotary engines still have a role in the market, those uses are far more constrained. For instance, because they provide larger torque values, which in turn enable maximum acceleration, they are incorporated into many race cars. Rotary engines, on the other hand, are more challenging to seal and frequently experience pressure leakage and lubrication issues. The most prevalent kind of engine used in modern vehicles is the piston engine, which can be built in a variety of ways to match particular machines or jobs.
Restraining Factors
"Increase in Sales of Electric Vehicles is Hindering the Expansion of the Market of Piston Engines"
The market for reciprocating engines is struggling to grow due to the increase in sales of electric vehicles. Sales have increased as a result of stricter regulations being implemented by various organizations and governments to reduce emissions and promote zero-emission automobiles. Due to the fact that these engines require gasoline to operate, this issue will not only have an impact on the manufacturers' businesses but will also drastically reduce demand for them.
Reciprocating Engines Market Regional Insights
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"Asia Pacific to Hold the Largest Share due to Emerging Market and Mechanization of Agriculture in the Region"
With a 40% market share in 2017 and projections for significant growth over the next few years, Asia Pacific has appeared as the most profitable region for the global market for engines. Reciprocal engine sales have become quite important in emerging markets like China and India because of factors including the consolidation of large automakers, rising consumer income, and mechanization of agriculture. The expansion of the overall reciprocating engines market share is therefore anticipated to be supported by the agriculture sector's steady growth in Asia Pacific nations.
The second-largest market for piston engines is in Europe, which is closely behind Asia Pacific. The primary reason for this is the heavy dependency on internal combustion engines, particularly in commercial vehicles used in European locations. Even though there is a sizable market for traditional IC engines in the area, this market is anticipated to be driven by these engines because of their growth potential. Despite the region's growing preference for electric vehicles, these engines have a lot of room for expansion.
Key Industry Players
"Emphasis on Organic and Inorganic Growth Strategies are Methods Adopted by Competitors to Stay Ahead in the Market "
Many businesses are emphasizing on organic growth strategies, including new launches, product approvals, and others like patents and events. Acquisitions, partnerships, and collaborations were examples of inorganic growth strategies that were observed in the market. These actions have opened the door for the growth of companies and the clientele of market participants. With the rapid growth of piston engines in the worldwide market, market participants in the engines market are predicted to benefit from lucrative growth prospects in the future.
List of Market Players Profiled
- Volkswagen AG (Germany)
- Toyota Motor Corporation (Japan)
- Honda (Japan)
- Renault (France)
- General Motors (U.S.)
- Daimler (Germany)
- Stellantis (Netherlands)
- Hyundai Motor Company (South Korea)
- BMW (Germany)
- Cummins (U.S.)
- Weichai (China)
- Yanmar (Japan)
- Caterpillar (U.S.)
- VOLVO (Sweden)
- Yamaha (Japan)
- Kubota (Japan)
- Mitsubishi Heavy Industries (Japan)
Report Coverage
This report covers the reciprocating engines market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 298730 Million in 2022 |
Market Size Value By |
US$ 383012 Million by 2031 |
Growth Rate |
CAGR of 2.8% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value are the global reciprocating engines expected to touch by 2031?
The global reciprocating engine is expected to touch USD 383012 million by 2031.
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What CAGR is the reciprocating engines expected to exhibit during 2031?
The reciprocating engines market is expected to exhibit a CAGR of 2.8% over 2031.
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Which are the driving factors of the reciprocating engines market?
Growing motor vehicle output has propelled the reciprocating engines market growth of engines industry and reciprocating engines offer more and better advantages then rotary engines making them suitable to be used in motor vehicles are the driving factors of this market.
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Which are the top companies operating in the reciprocating engines market?
Volkswagen AG, Toyota Motor Corporation, Honda, Renault and General Motors are the top companies operating in the reciprocating engines market.