CHICAGO, Feb. 20, 2023 /PRNewswire/ — High-Speed Engine Market is projected to reach USD 29.9 billion in 2028 from USD 23.6 billion in 2022 at a CAGR of 4.0% according to a new report by MarketsandMarkets™. Rising demand for reliable and uninterrupted power, growth in maritime tourism and international marine freight transport, and increasing urbanization and industrialization are amongst the major drivers of the High-Speed Engine Markets.
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Browse in-depth TOC on “High-Speed Engine Market”
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High-Speed Engine Market Scope:
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Report Coverage |
Details |
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Market Size |
USD 29.9 billion in 2028 |
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Growth Rate |
4.0% of CAGR |
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Largest Market |
Asia Pacific |
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Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
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Forecast Period |
2022-2028 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
by type, component, application, sales type, pressure and region |
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Geographies Covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Growth in hybrid power generation in rural and remote locations |
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Key Market Drivers |
Rising demand for backup power generation |
1000–1500 rpm is expected to hold the largest share of the High-Speed Engine Market, by speed
The market for high-speed engines in the 1000–1500 rpm range is expected to be the largest during the forecast period. Power generation and marine end users are the major consumers for high-speed engines in this speed range. In marine, these engines are suitable for propelling workboats, fishing vessels, fast commercial craft, and patrol boats. In power generation, they are primarily utilized for standby power generation as well as prime power generation in large industrial plants. Increased demand from utility-scale projects in developing countries is expected to drive the growth of this segment during the forecast period.
By end user, power generation is expected to be the fastest growing segment of the High-Speed Engine Market during the forecast period
The power generation segment, by end user, is expected to grow at the highest CAGR from 2022 to 2028. The power generated by renewable sources is often intermittent and non-dispatchable. High-speed engines complement the power generated from renewable sources by ensuring the continuity of power supply. solutions in developing economies. The demand for high-speed engines for power generation from industrial companies, IPPs, and utilities is increasing as result, driving the fast growth of the power generation segment.
Asia Pacific is expected to dominate the High-Speed Engine Market
Rising demand for high-speed engines in rapidly growing economies like China and India is expected to drive the High-Speed Engine Market in the region. Moreover, increasing electricity demand due to population rise and industrialization is spurring the growth of the High-Speed Engine Market in the region. The region also has a large and thriving manufacturing sector which is contributing to the demand for high-speed engines.
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High-Speed Engine Market Dynamics:
Drivers:
Rising demand for backup power generation
Growing maritime tourism and international marine freight transportation
Increasing urbanization and industrialization
Restraints:
High operation and maintenance costs of high-speed engines
Dependence on heavy fuels as primary fuel
Opportunities:
Growth in hybrid power generation in rural and remote locations
Challenges:
Stringent environmental and governmental regulations on emissions
Increasing focus on renewable energy generation
Key Market Players:
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players, such as Cummins (US), Rolls Royce Holdings (UK), Volvo Penta (Sweden), Caterpillar (US), and MAN Energy Solutions (Germany) along with other prominent manufacturers of high-speed engines.
Recent Developments
In November 2022, Rolls-Royce helped the Royal Air Force (RAF) and industry partners by providing the Trent 700 high-speed engine to carry out a 100% sustainable fuel flight using a military aircraft of its size and the first of any aircraft type in the UK—an RAF Voyager, the military variant of an Airbus A330.
In February 2022, Cummins acquired Jacobs Vehicle Systems (JVS), a subsidiary of Altra Industrial Motion Corp., and a supplier of engine braking, cylinder deactivation, start and stop, and thermal management technologies. The acquisition will help Cummins develop new technologies to provide growth in current and advanced diesel engine platforms.
In January 2022, Caterpillar launched a range of drop-in engines. The new Cat C2.8 and C3.6 industrial power units (IPU) feature highly integrated designs that save time on engineering and installation. The engines are offered in ratings ranging up to 55 kW (74 hp) at 2400 rpm for the C2.8 and up to 100 kW (134 hp) at 2200 rpm for the C3.6.
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Marine Engines Market – Global Forecast to 2027
Gas Engines Market – Global Forecast to 2027
Diesel Power Engine Market – Global Forecast to 2025
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