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Stirling Engines Market Trends

ID: MRFR//2536-HCR | 113 Pages | Author: Priya Nagrale| July 2024

Global Stirling Engines Market Overview:

Stirling Engines Market Size was valued at USD 1.18 Billion in 2023. The Stirling Engines market industry is projected to grow from USD 1.27 Billion in 2024 to USD 2.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2024 - 2032). Low temperature differentials compared to the majority of other engines and an external heat source derived from a renewable or nonrenewable resource are the key market drivers enhancing the market growth.

Global Stirling Engines Market Overview1

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Stirling Engines Market Trends

  • Growing demand for a low-emissions alternative to IC engines will driving the market growth

Market CAGR for stirling engine is being driven by the increasing demand for a low-emissions alternative to engines. The fact that Stirling engines have a low-temperature difference that no other heat engine has is one of the primary factors contributing to the market value increase for these engines. Traditional internal combustion engines cause air pollution and glasshouse gas emissions that impair the environment and human health. Internal combustion (IC) engine alternatives are now in the research, development, and demonstration stages. The Stirling engine is a very clean alternative to IC engines. Stirling engines, despite being invented over 200 years ago, were not commercially viable due to technological restrictions. Concentrated solar electricity is more effective when powered by a Stirling engine powered by the sun's temperature gradient, which may operate with a minor temperature gradient.

Additionally, according to the Statistical Review of Energy 2022, solar energy capacity expanded by 226 GW in 2021, nearly matching the record increase of 236 GW in 2020. Solar energy generation has also grown from 846.2 TWH in 2020 to 1033 TWH in 2021. This demonstrates that the demand for low-emission options and the usage of renewable energy sources for the sterling engine will move the sterling engine market forwards.

Moreover, the rise in oil costs is likely to assist the Stirling engine business. Crude prices have also risen dramatically, from 41.3$/bbl. in 2020 to 97.1$/bbl. in 2022, due to peak oil and climate change, or a spike in the price of conventional fuels, according to the World Bank Commodities Price Data 2023. During the review period, these factors are expected to drive increase the market for Stirling engines. According to the IEA, the average price of oil in 2021 will be $70.91 per barrel, the second-highest level since 2015. energy prices will skyrocket in 2021.

For instance, oil prices soared by more than 70% between 2021 and 2020, with Brent or West Texas Intermediate completing the year at almost $70 per barrel. The price increase will cause a move away from fossil fuels and towards renewable energy sources for engines, accelerating the market growth of sterling engines. Hence, resulting in driving the Stirling Engines market revenue.

Stirling Engines Market Segment Insights:

Stirling Engines Type Insights

The stirling engines market segmentation, based on type includes alpha, beta, gamma, and others. In 2022, the alpha category dominated the market. The fundamental goal of this technique is to minimise the size and weight of traditional IC engines, allowing them to be put in previously inconceivable devices/equipment due to their huge and heavy dimensions. Furthermore, Alpha Stirling engines are a type of internal combustion engine that converts energy from any source (including gasoline, diesel, and solar power) into usable working energy. The main purpose of this technology is to reduce the size and weight of conventional IC engines, allowing them to be used in a variety of devices and equipment that were previously impracticable due to their massive and heavy proportions.

Stirling Engines Application Insights

The stirling engines market segmentation, based on application, includes heating and cooling, solar power generation, marine engines, and others. The heating and cooling category generated the most income in 2022.  The increasing use of cryogenic refrigeration systems in various regions and in various industries has driven the demand for stirling engines market.

Stirling Engines End Use Insights

The stirling engines market segmentation, based on end use, includes residential, commercial, and utility. The utility category generated the most income in 2022. Increasing demand for energy-efficient and eco-friendly products is anticipated to be the primary force propelling product demand in this application segment. Residential application is also anticipated to experience significant growth during the forecast period due to consumers' growing awareness of energy conservation. Due to the rising adoption of furnaces and other heating devices in commercial establishments such as hotels, restaurants, and hospitals, among others, commercial applications are expected to grow steadily over the forecast period.

Figure1: Stirling Engines Market, by End-Use, 2022 & 2032 (USD Billion)

Stirling Engines Market, by End-Use

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Stirling Engines Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Stirling Engines market area will dominate this market, owing to increased demand from residential and commercial applications. Moreover, China’s Stirling Engines market held the largest market share, and the Indian Stirling Engines market was the fastest growing market in the Asia-Pacific region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: Stirling Engines Market Share By Region 2022 (USD Billion)

Stirling Engines Market Share By Region

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Stirling Engines market accounts for the second-largest market share because the demand for a pure and emission-free alternative to conventional internal combustion engines is growing.. Further, the German Stirling Engines market held the largest market share, and the UK Stirling Engines market was the fastest growing market in the European region

The North America Stirling Engines Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because stirling engines are gaining a great deal of attention due to their superior thermodynamic efficiency when compared to most other cycles, low-temperature inconsistencies compared to most other engines, and their adaptability to any external heat source from a non-renewable or renewable resource. These factors are anticipated to boost the stirling engines market in this region.

Stirling Engines Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Stirling Engines market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Stirling Engines industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Stirling Engines industry to benefit clients and increase the market sector. In recent years, the Stirling Engines industry has offered some of the most significant advantages to engine industry. Major players in the Stirling Engines market, including Qnergy. (U.S.), United Sun Systems, International (Sweden), Sunpower Inc. (U.S.), Genoastirling S.r.l. (Italy), Microgen-Engine Corporation (Netherlands), ÖkoFEN Forschungs, and others, are attempting to increase market demand by investing in research and development operations.

SunPower Corporation is an American company that primarily sells photovoltaic solar energy generation systems and battery energy storage devices to residential consumers. Richard Swanson, a Stanford University electrical engineering professor, created the corporation in 1985 in San Jose, California. Cypress Semiconductor acquired a majority stake in SunPower in 2002 and helped it develop rapidly until it went public in 2005. TotalEnergies, a French energy and oil firm, paid $1.37 billion for a majority stake in SunPower. In 2019, SunPower announced plans to spin off its manufacturing operations into a new company called Maxeon Solar Technologies in Singapore.

Analogue Devices, Inc. (ADI) is a multinational semiconductor business headquartered in Wilmington, Massachusetts that specialises in data conversion, signal processing, and power management technology. The firm creates analogue, mixed-signal, and digital signal processing (DSP) integrated circuits (ICs) for use in electronic devices. These technologies are used to convert, condition, and process electrical signals from real-world phenomena such as light, sound, temperature, motion, and pressure. In July 2020, Analogue decided to purchase Maxim Integrated in an all-stock transaction valued at $68 billion.

Key Companies in the Stirling Engines market include

  • United Sun Systems

  • International (Sweden)

  • Sunpower Inc. (U.S.)

  • Genoastirling S.r.l. (Italy)

  • Microgen-Engine Corporation (Netherlands)

  • ÖkoFEN Forschungs

  • Entwicklungs Ges.m.b.H. (Austria)

  • Cool Energy Inc (U.S)

  • ADI Thermal Power Corp. (US)

Stirling Engines Industry Developments

September 2019: Azelio, Abu Dhabi Future Energy Company (Masdar), and Khalifa University of Science and Technology have formed a partnership to test, demonstrate, and evaluate Azelio's Stirling engine system and integrated thermal energy storage (Tes) for renewable energy production using photovoltaic (PV) and concentrated solar power (CSP), and wind energy, as well as off-grid networ.

June 2019: Saab Kockums and the Swedish Defence Materiel Administration (FMV) are preparing to test a prototype of the 'Double-Stirling air-independent propulsion system for the embryonic Swedish future submarine programme..

June 2019: The engineering team at NASA Glenn's Thermal Energy Conversion Branch established a new record for the maximum runtime of a free-piston Stirling engine. Since 2003, Technology Demonstration Converter (TDC) #13, an experimental device, has operated for more than 110,000 hours cumulatively without incident or obvious wear.   

Stirling Engines Market Segmentation

Stirling Engines Type Outlook

  • Alpha

  • Beta

  • Gamma

  • Others

Stirling Engines Application Outlook

  • Heating and Cooling

  • Solar Power Generation

  • Marine Engines

  • Others

Stirling Engines End Use Outlook

  • Residential

  • Commercial

  • Utility

Stirling Engines Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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