Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "High-Speed Engine Market by Speed (1000-1500, 1500-1800, Above 1800 rpm), Power Output (0.50-0.56, 0.50-1, 1-2, 2-4, Above 4 MW), End User (Power Generation, Marine, Railway, Mining and Oil & Gas, Construction) & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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.
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 Attributes:
| Report Attribute | Details |
| No. of Pages | 235 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $23.6 Billion |
| Forecasted Market Value (USD) by 2028 | $29.9 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 High-Speed Engine Market, by Speed
6.1 Introduction
6.2 1000-1500 Rpm
6.3 1500-1800 Rpm
6.4 Above 1800 Rpm
7 High-Speed Engine Market, by Power Output
7.1 Introduction
7.2 0.50-0.56 Mw
7.3 0.56-1 Mw
7.4 1-2 Mw
7.5 2-4 Mw
7.6 Above 4 Mw
8 High-Speed Engine Market, by End-user
8.1 Introduction
8.2 Power Generation
8.3 Marine
8.4 Railway
8.5 Mining and Oil & Gas
8.6 Construction
8.7 Others
9 High-Speed Engine Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Anglo Belgian Corporation Nv
- Caterpillar
- Cummins Inc.
- Deutz AG
- Doosan Infracore
- Fpt Industrial
- Honda Motor Company
- Hyundai Heavy Industries Co. Ltd.
- Ihi Power Systems Co. Ltd.
- Isotta Fraschini Motori S.P.A.
- John Deere
- Kirloskar Oil Engines
- Kohler
- Man Energy Solutions
- Mitsubishi Heavy Industries Engine & Turbochargers, Ltd.
- Rolls-Royce Holdings PLC
- Volvo Penta
- Weichai Power Co. Ltd.
- Wartsila
- Yanmar Holdings Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/98gsls
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