Global Reciprocating Engines Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Reciprocating Engines Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A reciprocating engine, also often known as a piston engine, is typically a heat engine (although there are also pneumatic and hydraulic reciprocating engines) that uses one or more reciprocating pistons to convert pressure into a rotating motion. Reciprocating engines operate by converting the heat and pressure released during combustion of fuel mixed with air into mechanical energy. Moreover, reciprocating engines are usually fueled by natural gas, diesel, propane, or even gasoline.

Market Overview:

The latest research study on the global Reciprocating Engines market finds that the global Reciprocating Engines market reached a value of USD 8276.84 million in 2022. It’s expected that the market will achieve USD 10801.69 million by 2028, exhibiting a CAGR of 4.54% during the forecast period.

Influence of COVID-19 Outbreak on Reciprocating Engines Industry Development

The outbreak of COVID-19 is affecting almost every region in the world. Each region has been affected by a significant growth and demotion. East Asia and the Pacific will grow by only 0.5%. South Asia will contract by 2.7%, Sub-Saharan Africa will contract by 2.8%, the Middle East and North Africa will contract by 4.2%, Europe and Central Asia will contract by 4.7%, and Latin America will contract by 7.2%. These downturns are expected to reverse years of progress towards achieving development goals and plunge thousands of people into extreme poverty. Emerging markets and developing economies will be hit by economic resistance from multiple quarters: a weak medical system, losses in trade and tourism, reduced remittances, insufficient capital flows, and increasing debt pressures that have led to tight financial conditions. Developed economies are expected to reduce 7%. This crisis has exceeded the speed of the global economy, and a global recession has become inevitable.
Due to the pandemic of COVID-19, the global economy is expected to lose nearly US$8.5 trillion in output value in the next two years, which will erase almost all the gains of the previous four years. The sharp economic contraction marked the worst contraction since the Great Depression in the 1930s, while the economic downturn at the beginning of the year was only 2.1%. And the outbreak of COVID-19 will aggravate the phenomenon of poverty and inequality. By 2030, 130 million people may join the ranks of the extremely poor, which has hit the global efforts to eliminate extreme poverty and hunger. This epidemic has greatly damaged low-skilled and low-paying jobs, while at the same time making high-skilled jobs less affected, which will further increase income inequality within and between countries.

Limitations

With major manufacturers and suppliers in the Reciprocating Engines industry competing at globally, the intensity of competition within the Reciprocating Engines industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a Reciprocating Engines business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established Reciprocating Engines manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes.
What’s more, one of the major challenges likely to impact the global market growth includes high initial investment cost.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Cummins, Caterpillar, Rolls-Royce with the revenue market share of 16.18%, 12.09%, 10.76% in 2020.

Cummins is an American multinational corporation that designs, manufactures, and distributes engines, filtration, and power generation products. Cummins also services engines and related equipment, including fuel systems, controls, air handling, filtration, emission control, electrical power generation systems, and trucks.

Caterpillar Inc. designs, manufactures, and markets construction, mining, and forestry machinery. The Company also manufactures engines and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

Segmentation Overview:

Among different product types, Diesel segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Power Generation segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Reciprocating Engines market covered in Chapter 3:

Caterpillar
INNIO
Rolls-Royce
Siemens
Cummins
Kawasaki Heavy Industries
Mitsubishi Heavy Industries
Wärtsilä
Fairbanks Morse
MAN Energy Solutions

In Chapter 4 and Chapter 14.2, on the basis of types, the Reciprocating Engines market from 2018 to 2029 is primarily split into:

Diesel
Dual fuel
Gas

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Reciprocating Engines market from 2018 to 2029 covers:

Mining
Power Generation
Marine
Oil and Gas

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)