Reciprocating Engines Market By Fuel Type (Petrol, Diesel, LPG & CNG, and Hybrid), By Number of Cylinders (Single Cylinder and Multi-cylinders), By Application (Automotive, Aircrafts, Marine, Combined Heat and Power, Industrial Manufacturing & Processing, Energy and Utilities, Landfill and Biogas, Agriculture) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

The continuously growing automotive sector worldwide is helping the reciprocating engines market grow. It registered a global market value of US$ 197,803.5 million in 2017 and is anticipated to exhibit growth with a CAGR of 6.5% from 2018 to 2026. Although the automotive industry is the biggest contributor to the overall reciprocating engine market, these engines also find their applications across industrial, institutional, and commercial facilities for power generation. The various advantages of these engines include quick starts, good load following, good part-load efficiency, and high reliability. Moreover, the use of multiple reciprocating engines can significantly increase the overall capacity of a plant. Reciprocating engines are usually fueled by natural gas, diesel, propane, or even gasoline. Increasing motor vehicle production worldwide is one of the most prominent factors contributing to the growth in demand for reciprocating engines. An increase in the production of motor vehicles impacts the reciprocating engine market's growth positively. However, the cyclical nature of the automotive industry is one of the factors restraining the reciprocating engine market's growth.

Market Synopsis

Diesel engines will propel the global reciprocating engines market from 2018 to 2026.

In 2017, the global reciprocating engines market was dominated by the diesel segment, which is expected to maintain its dominance throughout the forecast period from 2018 to 2026. One of the most prominent factors aiding the diesel engine segment's growth is the fact that these engines offer a high degree of efficiency and fuel economy. Primarily, these engines mostly find application in passenger cars and light commercial vehicles, heavy commercial vehicles, fixed-installation engines, construction and agricultural equipment, railway locomotives, and ships, among others. On account of increasing gasoline fuel prices and growing environmental awareness for emission control, the LPG and CNG engines segment is expected to be the fastest-growing segment during the forecast period.

Application across several end-use industries made multi-cylinder engines dominate the segment in 2017.

In 2017, the multi-cylinder engine segment held the largest share of the overall market across the globe. The suitability of these engines for heavy-duty applications is a major factor in their growing popularity. Furthermore, as emission policies become more stringent, as well as public awareness of pollution control, the multi-cylinder engine segment is expected to grow in the coming years. Thereby, the multi-cylinder engine segment is expected to maintain its dominance throughout the forecast period from 2018 to 2026.

Developing economies, including China and India in Asia Pacific, will set the stage for reciprocating engine market growth.

Asia Pacific, on account of its huge automobile industry, is the largest segment in terms of geography. Moreover, the fact that some of the large automobile manufacturers, such as Toyota, Hyundai, and Tata, among others, have headquarters in the region further supports market growth. Countries such as China and India, on account of their expanding middle-class populations, have witnessed considerable growth in the demand for automobiles in recent years. Furthermore, the modernization of the agricultural sector across the region is also one of the important factors driving the reciprocating engine market growth in the region.

Stiff competition will keep major tractor manufacturers on their toes.

Overall, the reciprocating engines market is highly fragmented, as characterized by some of the major players across the globe, including GE Power, Siemens Energy, Caterpillar, Inc., Wärtsilä, and Rolls-Royce Plc, among others. New product development and product innovation are the major strategies adopted by the leading players in the global reciprocating engine market. In order to expand their product offerings and keep themselves ahead of the competition, leading players in the industry are investing in research and development activities. For instance, GE Power is focusing on developing innovative reciprocating engines by understanding the distinct needs and requirements of its customers. The company has recently introduced the Jenbacher Type 9 Gas Engine, which enables users to achieve 50% electrical efficiency. Siemens is also focusing on product portfolio expansion and recently added two models of reciprocating engines for distributed power generation applications. This gas engine model is available with a power output of 2 MW and is based on its E-series engines. This engine is available in two versions, including the SGE-86EM for 50 Hz applications and the SGE-100EM for 60 Hz applications.

Frequently Asked Questions:

The market for Reciprocating Engines is expected to reach US$ 197,803.5 Mn in 2026.

The Reciprocating Engines market is expected to see significant CAGR growth over the coming years,at 6.5%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

GE Power,Siemens Energy,Rolls-Royce plc,ABB Group,Wärtsilä Corporation are some of the major players in the global market.

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Published Date:  May 2018
Category:  Automotive & Transportation
Report ID:   59167
Report Format:   PDF
Pages:   120
Rating:    4.4 (65)
Delivery Time: 24 Hours to 48 Hours   
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