during the forecast period. Rising demand for reliable and uninterrupted power, growth in international marine freight transport, and growth in maritime tourism are the major drivers of the high-speed engine markets.
New York, March 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High-Speed Engine Market by Speed, Power Output, End User, & Region - Global Forecast to 2026" - https://www.reportlinker.com/p06036843/?utm_source=GNW
Increased demand for backup power solutions are expected to be the major factor driving the growth of high-speed engines market during forecast period. However, Due to the COVID-19 pandemic, local currencies of many countries have depreciated. There is a misalignment of supply and demand, leading to financial losses for components/parts manufacturers. Key components used in manufacturing high-speed engines are procured typically in US dollars, which results in increased component cost, which is likely to hamper the growth of the high-speed engine market.
The 1–2 MW segment, by power output, is expected to be the largest market from 2021 to 2026.
The high-speed engine market by power output is categorized into 4 segments namely 0.5–1 MW, 1–2 MW, 2–4 MW, and Above 4 MW. The 1–2 MW segment is projected to lead the high-speed engine market during the forecast period. The demand for high-speed engines under this range comes from medium- to large-scale commercial facilities, small- to medium-sized industrial facilities, large office complexes, and shopping malls. High-speed engine generator sets in this range are also popular prime power supply sources for small-scale industrial loads and remote applications, especially in emerging economies. The demand for these engines is huge due to the increased demand for emergency backup generators for industrial and data center applications across the world.
The power generation segment, by the end user, is expected to be the fastest-growing market from 2021 to 2026.
The end user segments are categorized as Power Generation, Marine, Railway, Mining and Oil & Gas and others. Others include agriculture, defense, and industrial end users.
In the power generation sector, the demand for high-speed engines is prominent due to their use in diesel and gas generator sets.To provide standby or continuous power supply to critical loads, the end users rely on high-speed diesel or gas engines.
High-priority loads such as hospitals, data centers, and industries require a continuous uninterrupted source of power supply.Diesel and gas generator sets are used by these end users as an emergency backup in the event of loss of supply from the grid.
Many industries and commercial establishments use generator sets with high-speed engines for standby backup power. In regions with poor electrification rates such as sub-Saharan and a few south Asian countries, these generator sets are used for continuous or prime power supply as well.
North America: The fastest-growing region in the high-speed engine market.
North America is expected to be the fastest growing high-speed engine market during the forecast period.North America comprises US, Canada, and Mexico.
US is the major high-speed engine markets in North America.The country is also the world largest market for high-speed engines.
The power infrastructure in North America is aging, and this may increase the risk of widespread blackouts and power outages. Recent large-scale outages in various states, such as in Texas, are expected to lead to increased investments in backup power solutions. In addition, shale gas developments are expected to further aid the growth of the high-speed engine market in this region
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 30%, Tier 2- 30%, and Tier 3- 40%
• By Designation: C-Level- 15%, Director Level- 20%, and Others- 65%
By Region: Asia Pacific- 60%, North America- 10%, Europe- 15%, Middle East & Africa– 10%, and South America- 5%
*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 a large number of local players. The leading players in the high-speed engine market are Caterpillar (US), Cummins (US), Rolls Royce Holdings (UK), Volvo Penta (Sweden), and Man SE (Germany)
The report defines, describes, and forecasts the high-speed engine market by type, application, end user, voltage, class, 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 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.
Read the full report: https://www.reportlinker.com/p06036843/?utm_source=GNW
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