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Global High-Speed Engine Market to Reach USD 51.38 Billion by 2028; Rising Demand for Backup Power Generation to Fuel Market Growth: Fortune Business InsightsTM
Prominent Key Market Players included in High-speed Engine Market are Caterpillar (U.S.), Cummins (U.S.), Rolls Royce (U.K.), Volvo Penta (Sweden), MAN SE (Germany), Weichai Power (China), Wartsila (Finland), Mitsubishi Heavy Industries (Japan), Doosan Infracore (South Korea), Yanmar Holdings (Japan), Kohler (U.S.), Deutz (Germany), Anglo Belgian Corporation (Belgium)
Pune, Feb. 28, 2022 (GLOBE NEWSWIRE) -- The global High-speed Engine Market size is anticipated to reach USD 51.38 billion by 2028 and exhibit a CAGR of 5.2% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Global High-Speed Engine Market, 2021-2028”. Engines with a wide range of uses in the maritime, power generation, and other industries are known as high-speed engines. They're mostly seen in small craft like high-speed ferries, tugboats, and fishing boats. The rated power of these engines is said to be between 900 and 1800 revolutions per minute.
Lockdowns and Travel Restrictions to Hamper Market Expansion
The COVID-19 pandemic spread to almost every country around the world. The pandemic has affected power generating, manufacturing, oil and gas, mining, railways, construction, and other industries. Due to the pandemic breakout, many countries' governments were forced to institute nationwide lockdowns and other restrictions.
The supply was severely disrupted, which had a negative impact on the production of the global high-speed engines. Industries are experiencing significant raw material shortages worldwide, delaying the delivery of equipment to end-user industries. Most companies were shut down during the lockdown; there was a drop in demand for new engines in those industries. The manufacturing and end-user industries have also had difficulty finding qualified workers.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
On the basis of type, the market is divided into 1,000 – 1,500 RPM, 1,500 – 1,800 RPM, and above 1,800 RPM. On the basis of power output, the market is fragmented into 0.5-1 MW, 1-2 MW, 2-4 MW, and above 4 MW. On the basis of end-user, the market is segmented into railways, marine, power generation, oil & gas, and others. Geographically, the market is classified into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.
Report Scope and Segmentation-
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
5.2%
2028 Value Projection
USD 51.38 Billion
Base Year
2020
Market Size in 2020
USD 34.60 Billion
Historical Data for
2017 to 2019
No. of Pages
190
Segments covered
By Speed, By Power Output, By End-user, By Region
Growth Drivers
Rising Demand for Backup Power Generation to Augment Market Growth
Rising International Marine Freight Transportation to Propel Market Growth
Pitfalls & Challenges
High Operation Costs & Maintenance of High Speed Engines May Hinder the High Speed Engine Market Growth
Report Coverage-
The report covers a detailed analysis of the global high-speed engine industry, which focuses on major areas such as leading businesses, power output, and prominent end-users of the product. Aside from that, the research provides information on market trends and important industry developments. The study includes various drivers that have helped the advanced market's rise in recent years, in addition to the variables listed above.
Increasing Need for Uninterrupted Power Supply to Augment Market Growth
The need for an uninterruptible power supply and the demand for a reliable power supply are growing rapidly. As the demand for uninterrupted electricity grows, so does the need for backup power generation to ensure that people access electricity even during outages.
Power outages and blackouts are more common in developing countries like Australia, China, India, the Gulf Cooperation Council, and others, whereas voltage fluctuations are more common in developed countries like the U.S. High-speed engines are commonly employed in the power sector for backup power solutions since they are more reliable and effective. As a result, the global high-speed engine industry is expected to grow throughout the forecast period.
Because water transportation is less expensive to maintain than other modes of transportation, transportation around the world is evolving and transitioning towards maritime transportation. Maritime transportation is becoming more popular worldwide since it is inexpensive and allows heavy commodities to be delivered quickly and cheaply. As a result, there is a greater need for water transportation in many parts of the world, which will drive up demand for high-speed engines even more during the projection period. However, the high costs of operation and maintenance of high-speed may hinder the global high-speed engine market growth.
Regional Insights-
Asia Pacific to Dominate the Global Market Owing to Rapid Increase of Power Supply
In 2020, the Asia Pacific region dominated the worldwide global high-speed engine industry. Within the region, the demand for uninterrupted power supply is rapidly expanding, industrialization and urbanization are driving up the demand for power backup in the power industry. Power outages and blackouts are common in developing countries like Thailand, South Korea, India, China, and others, necessitating backup power. The marine sector is developing in nations like Japan, South Korea, and China, increasing the use of these engines.
Because of the increasing replacement of aging power infrastructure, North America is the second-largest region for the high-speed engine market. This region's shale gas exploration and production operations are also rising, fueling market expansion over the projection period, due to increased demand from numerous end-user industries like railways, oil & gas, and power generation.
Europe is another significant area for the global high-speed engine market share. This region's electricity infrastructure is outdated, resulting in voltage fluctuations and blackouts. As a result, there is a higher demand for such engines on the market. The market in Latin America is expected to increase at a high rate during the projected period. There is a strong demand for reliable and uninterrupted power in this region, and demand from railways and the oil and gas industry is also on the rise. This region's growth is predicted to be fueled by these reasons.
The Middle East and Africa region are expected to increase at a considerable CAGR during the projection period. The region is growing its investment in the power generation business to address the outages and blackouts; additionally, the region is undergoing rapid development, which raises the demand for power backup. In this region, the oil and gas industry is implementing efficient technologies. These factors are resulting in the market's expansion in the region.
The Market is Highly Fragmented Due to the Existence of Several Prominent Players
Due to many players in both developed and emerging nations, the worldwide high-speed engine market is fragmented. The market is currently led by Rolls Royce, Cummins, Mitsubishi Heavy Industries, Volvo Penta, Caterpillar, and Wartsila Industries. These businesses are broadening their horizons and concentrating on acquiring new contracts. Cummins, for example, stated in May 2019 that it would invest around USD 68 million in the expansion of its Columbus engine plant, as well as projects in Indianapolis and Greenwood.
Industry Developments-
November 2021: At the China International Import Expo in Shanghai, Rolls Royce said that it had inked agreements to deliver up to 1000 engines and strategic alliances. In addition, the company has inked deals with six other Chinese enterprises to deliver up to 1000 MTU 2000 and 4000 series engines.
November 2021: Svitzer has signed a global service agreement with Caterpillar to maximize vessel uptime, improve service efficiency, and expand Svitzer's entire expertise with Caterpillar. More than 100 Svitzer tugs powered by Cat Marine Engines will be covered under this agreement.
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the High Speed Engine Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global High Speed Engine Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Speed
1,000 – 1,500 RPM
1,500 – 1,800 RPM
Above 1,800 RPM
Market Analysis, Insights and Forecast – By Power Output
0.5-1 MW
1-2 MW
2-4 MW
Above 4 MW
Market Analysis, Insights and Forecast – By End-user
Power Generation
Marine
Railway
Oil & Gas
Others
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America High Speed Engine Market Analysis (USD Billion), Insights and Forecast, 2017-2028
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