Stirling Engine Market Size Worth $1,632.05 Million By 2032 | CAGR: 7.3%

Stirling Engine Market Size Worth $1,632.05 Million By 2032 | CAGR: 7.3%


The global stirling engine market size is expected to reach USD 1,632.05 million by 2032, according to a new study by Polaris Market Research. The report “Stirling Engine Market Share, Size, Trends, Industry Analysis Report, By Configuration (Alpha, Beta, and Gamma); By Application; By End-User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rising demand for distributed power generation worldwide and continuous surge in focus on consumers on energy efficiency and low emissions coupled with the rising government support through offering incentives and subsidies for adopting renewable energy sources, fueling the market growth.

Moreover, the growing penetration of product usage in the aerospace industry as a power source of various types of unmanned vehicles and other space applications due to its high reliability and ability to operate in extreme conditions is further projected to create lucrative growth opportunities for the market. For instance, in April 2023, China National Space Agency announced they had tested a Stirling engine in orbit. The Shenzhou-15 mission crew performed the test abroad, the Tiangong-3, which was the first completely successful verification of technology in space.

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Micro-Stirling Engines are gaining significant traction and popularity in recent years, as they can be used for various applications, including powering electronic devices and cooling computer processors. Besides this, the growing use of engines across waste heat recovery systems to capture waste heat from industrial processes and convert it into electricity can help companies reduce their energy costs while reducing their carbon footprint.

Increasing development and introduction in computational fluids dynamics (CFD) allows engineers to design more efficient Stirling Engines by predicting the flow of fluids within the engine and can help to optimize the design of these engines to improve their performance and efficiency. These engines are highly desirable for a wide range of space power applications as they operate at the highest efficiency of any heat engine.

Stirling Engine Market Report Highlights

  • Beta configuration segment is projected to hold a substantial market share in 2022, mainly due to its rising prevalence across several heat sources and eco-friendliness
  • Solar power generation segment accounted for the largest market share in 2022, which is mainly driven by growing demand for sustainable and renewable energy sources
  • Power & energy segment is anticipated to grow over the projected period on account of its high effectiveness and capabilities to perform in off-grid locations easily
  • North America dominated the market with significant revenue share in 2022, owing to the growing R&D investments to develop more sustainable solutions and improvements in efficiency
  • The global key market players include Cool Energy, LTD Stirling Technologies, United Sun Systems International, ADI Thermal Power Corporation, and Microgen Engine Corporation

Polaris Market Research has segmented the Stirling Engine market report based on configuration, application, end-user, and region:

Stirling Engine, Configuration Outlook (Revenue - USD Million, 2019 - 2032)

  • Alpha
  • Beta
  • Gamma

Stirling Engine, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Submarines
  • Solar Power Generation
  • Nuclear Power Plants
  • Others

Stirling Engine, End-User Outlook (Revenue - USD Million, 2019 - 2032)

  • Marine
  • Power & Energy
  • Others

Stirling Engine, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Stirling Engine Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 864.92 million

Revenue forecast in 2032

USD 1,632.05 million

CAGR

7.3% from 2023– 2032

Base year

2022

Historical data

2019– 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2032

Segments covered

By Configuration, By Application, By End-User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

United Sun Systems International Ltd., Qnergy, Sunpower Inc., Microgen Engine Corporation, Cool Energy Inc., ADI Thermal Power Corporation, Genoastirling S.r.l., Shanghai MicroPowers Ltd., AMETEK Inc., Swedish Stirling Company, American Stirling Company, Whisper Tech Limited, LTD Stirling Technologies, and LTD Kockums Industries.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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