High Speed Engine Market Report 2024

The high-speed engine market size has grown strongly in recent years. It will grow from $22.56 billion in 2023 to $24.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be credited to rising demand for reduced emissions, increasing interest in high-performance vehicles, improvements in fuel efficiency, economic expansion, and heightened international trade.

The high-speed engine market size is expected to see strong growth in the next few years. It will grow to $31.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the shift towards hybrid and electric engines, stricter emission regulations, expansion in emerging markets, the shift towards renewable energy sources, and advancements in engine efficiency. Key trends anticipated during this period include advancements in manufacturing techniques, adoption of alternative fuels, integration of IoT (Internet of Things), enhanced performance monitoring, and utilization of data analytics.

The anticipated rise in demand for maritime vessels is set to drive growth in the high-speed engine market in the coming years. Maritime vessels, which include ships and boats designed for ocean and sea navigation, fulfill various roles such as transporting cargo, facilitating passenger travel, and supporting naval operations. This demand is spurred by the global increase in trade volumes and the necessity for efficient and economical transportation of goods across international waters. High-speed engines play a crucial role in these vessels by enhancing propulsion efficiency, reducing travel times, and optimizing overall performance, making them particularly suited for applications where speed and reliability are paramount. For instance, according to data from the European Commission in 2022, the gross tonnage (GT) of vessels arriving at EU ports was projected to reach 16.4 billion GT, marking a 14% increase from the previous year. Italy and Spain reported the highest gross tonnage of vessels calling at primary ports in 2022, each totaling 2.7 billion GT. Therefore, the growing demand for maritime vessels is expected to bolster expansion in the high-speed engine market.

Leading companies in the high-speed engine market are concentrating on electrification and hybridization strategies, such as incorporating turbogenerator technology, to enhance efficiency and reduce environmental impact through innovative power solutions. Turbogenerator technology utilizes turbines to generate electricity, often in conjunction with high-speed engines, thereby ensuring efficient and reliable power generation. For example, in June 2022, Rolls-Royce Holdings plc, a UK-based multinational in aerospace and defense, introduced a new turbogenerator system designed as an onboard power source for hybrid-electric aircraft. This system, scalable from 500 kW to 1200 kW, complements Rolls-Royce's existing electric propulsion offerings, enabling extended flight ranges using sustainable aviation fuels and future hydrogen combustion technologies. These advancements are aimed at enabling longer-distance travel with reduced or net-zero emissions, accommodating more passengers aboard aircraft.

In April 2022, Cummins Inc., an American engine manufacturer, acquired Jacobs Vehicle Systems (JVS) from Altra Industrial Motion Corp. The transaction amount was not disclosed. This acquisition enables Cummins to enhance the integration of these technologies into its medium- and heavy-duty engines, strengthening its ability to comply with present and future emissions regulations. Jacobs Vehicle Systems, Inc., based in the United States, specializes in the manufacturing of heavy-duty engines and related components.

Major companies operating in the high speed engine market are Caterpillar Inc., Deere & Company, AB Volvo, Mitsubishi Heavy Industries Ltd., Cummins Inc., Isuzu Motors Limited, Kubota Corporation, Rolls-Royce Holdings plc, Doosan Corporation, Hino Motors Ltd., Scania AB, Kawasaki Heavy Industries Ltd., Kohler Co., Navistar International Corporation, Hyundai Heavy Industries Co. Ltd, Yanmar Co. Ltd., Wärtsilä Corporation, Ashok Leyland Limited, MAN Energy Solutions SE, Deutz AG, Motorenfabrik Hatz GmbH & Co. KG, Perkins Engines Company Limited, Fairbanks Morse Engine, Anglo Belgian Corporation NV, Weichai Heavy Machinery Co. Ltd.

Asia-Pacific was the largest region in the high-speed engine market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the high speed engine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the high speed engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A high-speed engine is designed for operation at high rotational speeds, typically involving a high revolutions per minute (RPM). These engines are engineered to enhance power output and efficiency, making them well-suited for applications demanding rapid acceleration and superior performance, such as high-speed trains, performance vehicles, and specific industrial machinery.

High-speed engines are classified into different RPM ranges 1,000-1,500 RPM, 1,500-1,800 RPM, and above 1,800 RPM. Engines in the lower range operate at speeds from 1,000 to 1,500 RPM and are utilized in applications requiring moderate power output, noted for their efficiency in sectors such as agriculture and construction. Power output is categorized into ranges of 0.5-1 MW, 1-2 MW, 2-4 MW, and above 4 MW, with end users spanning industries such as railways, marine, power generation, oil and gas, among others.

The high speed engine market research report is one of a series of new reports that provides high speed engine market statistics, including high speed engine industry global market size, regional shares, competitors with an high speed engine market share, detailed high speed engine market segments, market trends and opportunities, and any further data you may need to thrive in the high speed engine industry. This high speed engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The high-speed engine market consists of sales of gasoline engines, diesel engines, turbine engines, and fuel cell engines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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