According to a new market research report published by Credence Research “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, and Competitive Landscape, 2018-2026”, the reciprocating engines market was valued US$ 197,803.5 Mn in 2017 and is estimated to grow with a CAGR of 6.5% .
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The demand for reciprocating engines was estimated at US$ 197,803.5 million in 2017 and is expected to reach US$ 271,508.6 million in 2026, rising at a compound annual growth rate (CAGR) of 6.5 per cent from 2018 to 2026. Constantly increasing the production of motor vehicles globally, which has witnessed a continuous year-on-year growth since 2010, is one of the most important factors driving the growth of the engine market. Moreover, the fact that most of the automobiles currently manufactured have reciprocating engines installed further contributes to the growth of the market. Countries around the world are eager to mechanize the farming sector in order to improve production. This has a positive impact on the market growth of the reciprocating engines. Such factors are therefore expected to drive demand for reciprocating engines during the 2018-2026 forecast period.
Asia Pacific has emerged as the most lucrative region for the global reciprocating engine market with a market share of 40% in 2017 and is expected to grow at a significant pace over the forecast period from 2018 to 2026. Factors such as a high concentration of major automotive manufacturers, growing disposable incomes, and mechanization of agriculture have made emerging economies such as China and India major markets for reciprocating engines. As a result, stable growth in the agricultural sector in Asia-Pacific countries is expected to support the development of the reciprocating engine market as a whole.
The ever-increasing demand for reciprocating engines holds big reciprocating engine manufacturers on their toes to face competition. Product innovation research and development is one of the key strategies adopted by leading players in the global engine-reciprocating market. Companies including GE Power and Wärtsilä Corporation are involved in the development of engines capable of meeting the different needs of their customers. Inorganic growth alliances, mergers and joint ventures are also highly regarded by companies to expand their business. For instance, Rolls-Royce Plc entered into a strategic venture with Force Motors Limited (India) in order to manufacture high-power diesel engine to gain low-cost production benefit.
Major players in the reciprocating engines market include GE Energy, Siemens Energy, Rolls-Royce Plc., ABB Group, Wärtsilä Corporation, IHI Corporation, Mitsubishi Heavy Industries Ltd., Cooper Corporation, Arrow Engine Company, Caterpillar, Inc., MAN Engines, and Mitsui & Co. Ltd.
Key Analysis Covered:
Latest trends in reciproccating engines market and growth opportunities for reciprocating engine manufacturers
Government policies regulating the overall reciprocating engines market
Different range of products offered by leading manufacturers for several end-use applications
Largest and fastest growing segments in terms of fuel, number of cyclinders and applications
Most prominent geographical regions/ countries for the reciprocating engine market
Introduction of autonomous reciprocating engines equipped with state-of-art electronics and energy efficient systems such as ECU.