WASHINGTON, Sept. 14, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global High Speed Engine Market finds that the increased need for uninterrupted power supply is anticipated to augment the growth of the Global High Speed Engine Market during the forecast period. The Global Market revenue was valued at USD 20.7 Billion in 2021.
The Global High Speed Engine Market size is forecast to reach USD 27.2 Billion by 2028 and is expected to grow to exhibit a CAGR (Compound Annual Growth Rate) of 4.7% during the forecast period; states Vantage Market Research, in a report, titled “High Speed Engine Market Size, Share & Trends Analysis Report by Speed (1000–1500 rpm, 1500–1800 rpm, Above 1800 rpm), by Power Output (0.5–1 MW, 1–2 MW, 2–4 MW, Above 4 MW), by End User (Power Generation, Marine, Mining, Oil & Gas, Railway, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Industry Findings & Insights from the report:
- The global High Speed Engine Market was valued USD 20.7 Billion in 2021 and is all set to surpass USD 27.2 Billion by 2028, exhibiting a CAGR of 4.7% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of High Speed Engine industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in High Speed Engine Market:
- Caterpillar (US)
- Cummins (US)
- Rolls Royce Holdings (UK)
- Volvo Penta (Sweden)
- Man SE (Germany)
- Weichai Power (2002)
- Wartsila (Finland)
- Mitsubishi Heavy Industries Engine & Turbochargers (Japan)
- Doosan Infracore (South Korea)
- Yanmar Holdings (Japan)
Rise in Need for Uninterrupted Power Supply to Drive the Market Growth
The rising demand for an uninterruptible power supply and the need for a reliable power supply is rapidly increasing. Seeing that the need for uninterrupted electricity rises, the demand for backup power generation is increased to ensure that people access electricity even in outages. Therefore, the High Speed Engine Market are usually employed in the power sector for backup power solutions as they are more effective and dependable. As a result, the Global High Speed Engine Market is anticipated to develop in the coming years.
Furthermore, power outages and blackouts are more common in developing regions such as India, China, Australia, and others. In contrast, voltage fluctuations are more common in developed areas such as the United States. Besides, water transportation is less expensive to maintain than other transportation modes. Therefore, transportation worldwide is growing and transitioning towards maritime transportation. In addition, maritime transport is becoming more popular globally because it is low-priced and lets heavy commodities be delivered rapidly. Hence, there is a high requirement for water transportation in different parts of the world, which will likely fuel the need for High Speed Engine Market more in the future.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide, and the Global High Speed Engine Market is no exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The High Speed Engine Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the High Speed Engine Market industry were directly affected due to the epidemic. Furthermore, the rollout for the High Speed Engine Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global High Speed Engine Market has considered the impact of COVID-19 on the High Speed Engine Market globally and the subsidiaries for the High Speed Engine Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global High Speed Engine Market industry for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
c. Asia Pacific
d. Latin America
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long-Term Dynamics
5. Short-Term Dynamics
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The report on High Speed Engine Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Asia Pacific Dominated the Global High Speed Engine Market
Asia Pacific is leading the Global High Speed Engine Market and is expected to continue the same during the estimated period. The region’s development is due to the increase in the U.S. region, which is one of Asia Pacific important business sectors for the High Speed Engine Market. Moreover, the power infrastructure in Asia Pacific is aging, which could raise the risk of widespread blackouts and power outages. Furthermore, the recent large-scale outage in other states like Texas will likely lead to augmented investments in backup power solutions. Additionally, the shale gas advancements are projected further to support the market’s growth in this region.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on “High Speed Engine Market Size, Share & Trends Analysis Report by Speed (1000–1500 rpm, 1500–1800 rpm, Above 1800 rpm), by Power Output (0.5–1 MW, 1–2 MW, 2–4 MW, Above 4 MW), by End User (Power Generation, Marine, Mining, Oil & Gas, Railway, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
November 2021: Svitzer and Caterpillar signed a global service agreement to augment vessel uptime, drive service efficiency, and increase Svitzer’s complete expertise with Caterpillar. Being the world’s largest tug operator, Svitzer offers towage and sustainable marine solutions to customers in 30-plus countries across four regions.
November 2020: Rolls-Royce Power Systems business signed agreements to deliver a record number of MTU products and two strategic partnership agreements at the third China International Import Expo (CIIE) held in Shanghai. The six Chinese companies have signed frame agreements to deliver about 1000 MTU engines and systems of Series 2000 and 4000 for power generation and mining applications. Moreover, Rolls-Royce signed strategic cooperation agreements with marine, power generation, and mining partners.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the High Speed Engine Market for the base year and forecast period?
This market titled “High Speed Engine Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Speed
° 1000–1500 rpm
° 1500–1800 rpm
° Above 1800 rpm
• Power Output
° 0.5–1 MW
° 1–2 MW
° 2–4 MW
° Above 4 MW
• End User
° Power Generation
° Oil & Gas
° Other End Users
° North America
° Asia Pacific
° Latin America
° Middle East & Africa
|Region & Counties Covered||• North America
° Rest Of Europe
• Asia Pacific
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Rest Of Latin America
• Middle East & Africa
° GCC countries
° South Africa
° Rest Of Middle East & Africa
|Companies Covered||• Caterpillar (US)
• Cummins (US)
• Rolls Royce Holdings (UK)
• Volvo Penta (Sweden)
• Man SE (Germany)
• Weichai Power (2002)
• Wartsila (Finland)
• Mitsubishi Heavy Industries Engine & Turbochargers (Japan)
• Doosan Infracore (South Korea)
• Yanmar Holdings (Japan)
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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