PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1227549
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1227549
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The high-speed engine market is projected to rise from an estimated USD 23.6 billion in 2022 to reach USD 29.9 billion by 2028, at a CAGR of 4.0% during the forecast period. Increasing urbanization and industrialization naturally leads to an increase in power demand. Regions like North America, South America, and Europe are the most urbanized regions, while rapid urbanization is expected in Africa and Asia Pacific. Industries like construction, chemical & petrochemical, oil and gas, and utility sectors are also growing as a result in these regions. High-speed engines aid in achieving power reliability which is crucial in supporting urbanization and industrialization leading to the growth the market.
"The 1-2 MW segment, by power output, is expected to grow the fastest from 2022 to 2028."
The high-speed engine market by power output is categorized into 4 segments namely 0.50-0.56 MW,0.56-1 MW,1-2 MW, 2-4 MW, and Above 4 MW. The 1-2 MW segment is projected to be the largest as well as the fastest growing segments of the high-speed engine market during the forecast period. The 1-2 MW high-speed engine generator sets are popular prime power supply sources for small-scale industrial loads and remote applications, especially in emerging economies. Also, large hospitals, data centers, and commercial facilities install multiple 1-2 MW units operating in parallel to support their large, connected loads. The demand for these engines is large due to the increased demand for emergency backup generators from these sectors. This may drive the fast growth of this segment.
"By speed, the 1000-1500 rpm segment, is expected to dominate the market."
The 1000-1500 rpm segment, by speed, of the high-speed engine market is expected to hold the largest market share of the high-speed engine market during the forecast period. In industrialized countries with 60 Hz frequency power networks like US, Canada, and South Korea, 1500-1800 rpm is the common speed rating for engines used in power generation. Also, these engines are commonly utilized in boats, ships, and other sea applications for propulsion as well as auxiliary purposed. Hence, increased demand from the both the marine and power generation sectors is expected to drive the demand for these engines.
"The power generation segment, by end user, is expected to be the fastest-growing market from 2022 to 2028."
The end user segments are categorized as Power Generation, Marine, Railway, Mining and Oil & Gas, Construction, and others. Others include agriculture, defense, and industrial end users. The power generation segment is expected to grow at the highest CAGR in the high-speed engine market. In the power generation sector, the demand for high-speed engines is prominent due to their use in diesel and gas generator sets which provide standby or continuous power supply to critical loads. They act as emergency backup in the event of loss of supply from the grid, whilst also complimenting the intermittent renewable power. An increase in demand from utilities, hence, is expected to lead to the fast growth of this segment.
"Asia Pacific: The fastest-growing region in the high-speed engine market."
Asia Pacific, driven by countries like China, India, Japan, Bangladesh, and Australia amongst others is expected to be the largest regional high-speed engine market during the forecast period. Asia Pacific is a leading shipbuilding region and accounts to approximately 40% of world exports. The region has also witnessed rapid economic development and urbanization, as well as the growth of the manufacturing and energy sectors. This had led to an increase in power generation capacity and maritime trade. These factors fostered the growth of the high-speed engine market in the region.
By Company Type: Tier 1- 35%, Tier 2- 40%, and Tier 3- 25%
By Designation: C-Level- 25%, Director Level- 30%, and Others- 45%
By Region: Asia Pacific- 45%, North America- 22%, Europe- 15%, Middle East & Africa- 12%, and South America- 6%
Others include sales managers, engineers, and regional managers.
Note: Tier 1 Company-Revenue > USD 5 billion, Tier 2 Company-Revenue between USD 50 million and USD 5 billion, and Tier 3 Company-Revenue < USD 50 million
The global high-speed engine market is dominated by a few major players with an extensive regional presence and many local players. The leading players in the high-speed engine market are Rolls Royce Holdings (UK), Volvo Penta (Sweden), Caterpillar (US), Cummins (US), and Man Energy Solutions (Germany)
The report defines, describes, and forecasts the high-speed engine market by speed, power output, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, including the analysis of the competitive landscape, market dynamics, market estimates in terms of value and volume, and future trends in the high-speed engine market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for high-speed engine sales, which would help equipment manufacturers and service providers review the demand growth.
2. The report helps system providers understand the market's pulse and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand their competitors' strategies better and help them make better strategic decisions.
(Business overview, Products/Services/Solutions offered, Recent developments, Product launches, Deals, MnM view, Key strengths/Right to win, Strategic choices, and Weaknesses/Competitive threats)**