High-Speed Engine Market is Booming Worldwide | Caterpillar, Cummins, Rolls Royce Holdings, Volvo Penta, and MAN SE
The global high-speed engine market is projected to reach USD 27.1 billion by 2026 from an estimated USD 21.1 billion in 2021, at a CAGR of 5.1% during 2021–2026. 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. Increased demand for backup power solutions are expected to be the major factor driving the growth of high-speed engines market.
A few major players with large global presence dominate the High-Speed Engine Market along with a large number of local players. The leading players in the high-speed engine market include Caterpillar (US), Cummins (US), Rolls Royce Holdings (UK), Volvo Penta (Sweden), and MAN SE (Germany).
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Rising demand for high-speed engines in China, and India are expected to drive the high-speed engine market in Asia Pacific. Increasing electricity demand and industrialization projects in countries such as China, India, and Japan are the main reasons spurring the growth of the high-speed engine market in the region. According to Asia Pacific Economic Cooperation Forum’s Energy Demand and Supply Outlook, energy demand in APAC is expected to grow by 21% to reach 6,562 Mtoe in 2050 due to the population growth in Southeast Asia. Thriving manufacturing sector in this region is expected to creaste demand for backup power solutions thereby contributing to demand for high-speed engines.
North America is estimated to be the fastest growing high-speed engine market from 2021 to 2026. 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.
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Recent Developments
- In November 2020, Rolls Royce announced investments of up to USD 13.9 million in its Power Systems business unit for the addition of new research and development building and multi-phase expansion of its mtu power generation manufacturing facility in Mankato, Minnesota, US.
- In November 2020, Rolls Royce has signed agreements for the delivery of up to 1000 engines along with two strategic partnerships at the China International Import Expo (CIIE) held in Shanghai. Six Chinese companies have signed agreements for the delivery of up to 1000 mtu 2000 series and 4000 series engines and systems. A few of the Chinese companies include Cooltech, Tellhow, Pauway, UNPower, and SUMEC. The strategic cooperation agreements were signed with Jianglong Shipyard, Aulong Shipyard, VPower, and SUMEC.
- In May 2020, Telia (Sweden), a telecommunications company operating in the Nordic and Baltic regions, selected CAT dealer Witraktor (Finland) to deploy 12 CAT diesel generator sets to provide standby power capabilities at its new 24-MW data center in Helsinki (Finland).
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