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 Bn in 2017 and is estimated to grow with a CAGR of 6.5% .
The reciprocating engines market was valued at US$ 197,803.5 Mn in 2017 and expected to reach US$ 271,508.6 Mn in 2026, growing at a compounded annual growth rate (CAGR) of 6.5% from 2018 to 2026. Continuously increasing motor vehicle production globally, which has witnessed a year-on-year growth continuously since 2010 is one of the most prominent factors driving the reciprocating engines market growth. Moreover, the fact that most of the automobiles manufactured currently have reciprocating engines installed further aids the market growth. Countries around the world are in a zest to mechanize it farming sector in order to improve the production. This impacts the market growth for reciprocating engines positively. Therefore, these factors are expected to drive the demand for reciprocating engines during the forecast period 2018 – 2026.
Asia Pacific has emerged as the most lucrative region for overall reciprocating engines market claiming market share of 40% in 2017 and expected to grow at a considerable pace throughout the forecast period from 2018 to 2026. Factors such as high concentration of major automotive manufacturers, growing disposable income, and mechanization of farming have made emerging economies such as China and India major marketplaces for reciprocating engines. Therefore, reliable growth in the agriculture sector in Asia Pacific countries is expected to support the growth of overall reciprocating engines market.
Continuously growing demand for reciprocating engines is keeping major reciprocating engines manufacturers on their toes to face the cut-throat competition. Research and development for product innovation is one of the key strategies adopted by the leading players in the global reciprocating engines market. Companies including GE power and Wärtsilä Corporation are involved in developing engines that are capable to cater the different needs of their customers. Inorganic expansion partnerships, mergers, and joint ventures are also highly observed by the 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.
Read Report Full Overview: http://www.credenceresearch.com/report/reciprocating-engines-market
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.