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Reciprocating Power Generating Engine Market Size, Share, Trends, Insights And Forecast To 2033
Reciprocating Power Generating Engine Market Share
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According to The Business Research Company's, 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 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 $57.28 billion in 2028 at a compound annual growth rate (CAGR) of 1.5%. 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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Market Drivers and Trends:
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.
Strategic collaboration between companies is a key trend gaining popularity in the reciprocating power generation engine market. Companies manufacturing reciprocating power generating engines are undergoing various collaborations to develop new technologies and products. For instance, In January 2022, WEC Energy Group, a US-based publicly traded electric and natural gas utility holding company, and Electric Power Research Institute (EPRI), an independent, non-profit organization based in the United States, will conduct research and development related to electricity generation, distribution, and utilization. They partnered to announce the completion of a hydrogen blending pilot project at a reciprocating engine. The partnership allows strategic growth for both companies along with the installation of a new range of generator products. This development demonstrates the evolving nature of reciprocating engines and their role in the energy sector.
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Major Key Players of the Market:
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
Reciprocating Power Generating Engine Market 2024 Key Insights:
• 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%.
• Rising Electricity Demand Fuels Growth Of Reciprocating Power Generating Engine Market
• Strategic Collaboration Drives Evolution Of Reciprocating Engines In The Energy Sector
• North America was the largest region in the reciprocating power generation engine market in 2023
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